Traditional approaches to employee wellness have encouraged increased physical activity and following a well-balanced diet to cut health costs. However, tracking daily walking steps, joining an exercise class, and eating healthy meals are just part of the holistic well-being lifestyle.
When we say well-being, we are not only referring to physical activity in the present day. We should also be considering the emotional, work, and financial well-being of the employee? It has become apparent that financial well-being and stress are correlated, ultimately affecting employees’ overall health.
Overall healthy well-being is incomplete when the burden of financial stress is looming over everyday activities. For example, when employees are anxious about bills, payments, and other financial commitments, their overall well-being slips; this trigger point may lead to physical health problems and workplace performance issues.
To demonstrate the points made above, let us look at the relationship between financial well-being and the workplace. Here are a few reasons why financial well-being a critical part of employee well-being is:
- Finances are a significant stressor
Work is not the only factor causing employees to stress out – money can be a huge source of anxiety. Employees experiencing financial stress tend to be in worse financial shape than their colleagues, becoming less productive.
In addition, employees undergoing extreme financial stress tend to engage in unhealthy behaviors to manage that stress. Think of watching TV for hours, binging on ice cream, and excessive drinking to manage stress. We know that chronic stress is unhealthy, but financial stress magnifies the impact on the body. People may avoid health investments (like a gym membership) when undergoing finical difficulties to save. - Managing finances takes time
Managing finances is not just stressful; it’s also time-consuming. How you manage stress and spend your money can directly impact your life and well-being. Without control of their financial health, employees bring their worries into the workplace. Most employees spend around three hours weekly dealing with their financial matters. Stress is distracting – and when employees worry about their financial well-being, they lose focus and are less productive in the office. - Employees want support
Employees feel the burden of all this stress, and they want their employers to help support their financial well-being. For example, a program that includes activities focused on setting a personal budget, handling regular and unexpected financial challenges, and establishing retirement planning.
To conclude, improving your employees’ work-life balance can benefit your organization. It helps to boost employees’ productivity and lower absenteeism. In addition, your happier, less stressed employees will be more loyal, motivated, and committed to their roles.
Investing in a corporate financial well-being program would positively change the employees’ financial status and impact their families and the economy at large.
