Wellness programs — and the idea that investing in employees’ social, mental and physical health can deliver solid returns — have been a well-established talent acquisition and retention pillar for quite some time. As wellness continues to evolve from simply a health focus to incorporating a financial focus, many employers are considering how they can implement a financial wellness program that will be beneficial to their employees and cost-effective for their business.
There’s an increasing awareness that many employees still struggle with financial challenges stemming from the last recession. From dealing with debt to rebuilding retirement savings, many workers still feel financial stress in their personal lives that can spill into their professional lives, leading to lower levels of productivity and impacting the overall work environment. In fact, employees say they spend about three hours a week at work dealing with their finances, according to a PricewaterhouseCoopers study.
Implementing a financial wellness program can provide multiple benefits for employees and employers, which can include increased worker productivity, reduced absenteeism and lower healthcare costs. Employers have an opportunity to address these issues with comprehensive financial wellness programs that can help improve employees’ overall well being while also helping businesses attract and retain the best workers.
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