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Financial Wellness Plans for Employees
March 9, 2020
Financial Wellness Plans for Employees

Financial Wellness in the Workplace Makes Cents!

Let’s face it – understanding, let alone managing finances, is tough for most of us! According to the Canadian Payroll Association, 48% of people say they’ve even lost sleep because of financial worries. 

Why Financial Wellness in the Workplace is Important

Why is this a problem that the workplace should be concerned about? Worrying about money can distract employees and reduce their ability to focus on their work.

According to a study by Price Waterhouse Cooper, financially stressed employees are 5 times more likely to be distracted at work and 46% spend 3 hours or more a week dealing with financial issues. So based on a small business of 25 employees,  employee distraction due to financial stress could mean 75+ hours of lost productivity in a week and over 3,900 hours in one year. 

It affects your team and it affects your bottom line. If that is not enough, here are 3 reasons to provide financial guidance in your workplace.

Reasons to Provide Financial W in the Workplace

  1. Reduced Turnover - It shows employees you care about them.  Employees who feel their employer cares about their well being will perform better. They will have increased loyalty which means fewer turnover costs, and better quality and quantity of work.

  1. Alleviate Compensation Frustration - When an individual understands how to make their income work for them, they will start releasing the belief that the only way to financially get on the right track is with a raise. When they do receive a salary increase, they will be empowered to use the additional income to further feel financially empowered. An employee who doesn’t have an effective financial management lifestyle will spend the extra income of an increase and the additional income they receive will never feel like enough despite the amount or the frequency.

  2. Become an Employer of Choice – In today’s competitive recruiting environment, your brand as an employer is extremely important. By being known as an employer who values the well-being of your team members and invests in their employees, you will become an organization that people want to work at.  More interested recruits mean better quality candidates and that will add to your bottom line.

Regardless of what the motivation is, providing financial education makes cents for both employees and employers! 

You’re interested, now what?

How to Implement Financial Wellness in the Workplace

You can start with the basics by contacting a local financial advisor for a free seminar. It doesn’t have to be expensive or extravagant.  In fact, you can easily start on this path with zero investment. Or contact Money Smart Living. They have a proven program geared directly to workplace financial wellness!

You can find even more ideas to add to your employee appreciation programs and ideas here.  

If you would value the security of a team of HR rock stars in your corner, and on your speed dial (who can also guide you through employee engagement and management in the ever-changing world of employment legislation), give us a call.

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