Financial Wellness Programs To Reduce Employee Stress

During a recession helping them.

Financial wellness programs to reduce employee stress. Building talented teams and reducing employee turnover is key to a successful stress free work environment. Financially stressed employees need education on financial topics. Employee financial wellness is designed to do one thing. Really a financial wellness program is only a little cost compared to big savings.

A survey done by salary finance among more than 10 000 americans shows that us companies lose 500 billion a year due to their employees personal financial stress. Financial stress increases when employers decrease benefits. A growing number of companies are offering financial wellness programs to reduce stress and help employees optimize their benefits. Employers must choose wellness programs that suit their employee demographic and workplace lifestyle.

Here at enrich we strive to educate people on the latest news in retirement healthcare and personal finance. Employee financial wellness programs are programs that help employees better manage their finances and reduce financial worries. The employee benefits research institute ebri noted that larger firms are more likely to offer financial wellness programs. These programs are gaining popularity as more organizations realize that healthy employees are happier more productive and cost less.

Employers that don t measure the effectiveness of financial wellness programs won t know if they re meeting aims such as reducing employees money related stress. Both employees and employers realize gains when financial stress is reduced. If employees have no financial surprises in their financial futures life will be an awful lot easier and those unwanted financial stresses will be dealt with well before they arrive. Because financial fitness programs seek to reduce employee stress they may be a relevant expense under an existing wellness budget alternatively your organization may have a budget in place.

Competitive wellness benefits are paramount to retaining and attracting employees. Although benefits have a cost the costs from presenteeism absenteeism and burnout will be substantially higher. The remaining and possibly most costly concern is their financial wellness. Offer a financial wellness program.

When you look at the pros and cons financial wellness programs can reduce turnover lower healthcare costs decrease in stress related illness from financial predicaments and lower absenteeism.