Financial Wellness Programs To Reduce Employee Stress

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.

Financial wellness programs to reduce employee stress. Employee financial wellness is designed to do one thing. Really a financial wellness program is only a little cost compared to big savings. Building talented teams and reducing employee turnover is key to a successful stress free work environment. The employee benefits research institute ebri noted that larger firms are more likely to offer financial wellness programs.

What is a financial wellness program. 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. During a recession helping them.

It is designed to relieve and reduce employee financial stress through education. These programs are gaining popularity as more organizations realize that healthy employees are happier more productive and cost less. The remaining and possibly most costly concern is their financial wellness. Competitive wellness benefits are paramount to retaining and attracting employees.

A growing number of companies are offering financial wellness programs to reduce stress and help employees optimize their benefits. Employee financial wellness programs are programs that help employees better manage their finances and reduce financial worries. 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. Offer a financial wellness program.

Although benefits have a cost the costs from presenteeism absenteeism and burnout will be substantially higher. Employers must choose wellness programs that suit their employee demographic and workplace lifestyle. 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. Here at enrich we strive to educate people on the latest news in retirement healthcare and personal finance.

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.