Introduction to Financial Health
Research shows that employees who are less stressed perform better and add to a happier workplace. For this reason, many business owners and managers are incorporating wellness programs, including financial education and incentives, as part of the perks of the job. If you’re a business owner or manager interested in increasing productivity, reducing absenteeism, and creating a healthier work culture, read on for ways a wellness program with a financial component could help you and your employees.
Wellness Education and Seminars
Financial wellness is a big part of mental health. Where many companies are coming up with wellness activities like monthly wellness challenges or fitness challenges for remote employees, others are looking at the financial end of helping employees live happier lives and have peace of mind.
A partnership between an employee and employer works both ways. Employees who are motivated by company policies are more likely to meet and exceed expectations. Wellness programs aimed at a healthy lifestyle often include physical health, but they’re best when they incorporate mental health, too. Maybe an employee is coming to work stressed out because they can’t pay their mortgage or are late on monthly car payments. In offering that employee financial education, money management seminars, and skills to improve their credit score, your worksite wellness program could make a big difference in that employee’s overall performance.
Savvy companies are now offering wellness seminars on overall financial health, how to obtain lower premiums, renters rights and discounts or subsidy programs, saving smart, managing health care costs, and more.
Financial Incentives and Discount Programs
While educating employees about how to improve their financial health is one way to help employees in a workplace wellness program, other employers are offering direct cash financial incentives or discounts. For example, by teaming up for group rates on car insurance policies with local agents, some companies are saving employees money through group discounts.
Other companies are offering regular bonuses to employees who meet or exceed quotas. Offering regular cash bonuses or gift cards to grocery and retails stores is another way they’re helping employees out financially. Not only is this motivating employees, but it’s offering them a level of financial protection that they wouldn’t otherwise have, and in turn, increasing morale.
Regular Pay Increases and Reviews
Regular raises are the most straightforward way employers can help employees with their financial health. If you own a business or are in a position of power, consider looking over your review schedule. If you don’t have one now, think about starting an annual review program where managers are able to offer employees feedback on their work and can get the same in return.
Set up a ranking system employees can work toward that comes with specific and targeted financial incentives and goals. For example, if you run a business with sales, set up an income leveling system with automatic pay increases as employees reach each level.
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If regular raises are too expensive right now, think about other ways to get your employees equally invested in your business’s financial health. For example, profit sharing programs or stock options are two ways that larger corporations and small businesses alike work to protect financial health.
At the end of the day, helping your employees to reduce stress levels by giving them skills to make lifestyle changes to save money or identifying different ways to increase potential savings can all add up to money in your pocket as a business owner. From the benefits of fewer absences and higher productivity to an overall improved employee morale, a wellness program with a financial element could be a great way to help your business and its team.