This year has been all about wellness. People have been focused on their physical health, including how to avoid getting sick. Many people have revamped their fitness regimes. Mental health has been another hot topic. Remote work has proven challenging, and social isolation could take a big toll.
Another important topic has been financial wellness. In the last few years, it’s become more popular in workplaces, but the previous few months have emphasized how financial wellbeing is linked to other areas of employee health.
If you’re wondering about financial wellness in the workplace, this quick guide should be your first stop.
What Is Financial Wellness?
Financial wellness relates to how well someone is doing financially. Another way of seeing it is how stressed they are about their money situation. Many Canadians live paycheque to paycheque, which can cause undue worry and stress. Someone may be unsure if they can pay their bills this month. Another person may feel stressed about their current debt.
Even people who seem to be doing well can feel pressure from their finances. An older employee might be worried about their retirement savings or their kid’s college fund. Another may wonder what would happen if they couldn’t work due to injury or illness.
Why Should Employers Care?
Money is often considered a private matter, so employers have been reluctant to discuss financial wellbeing. Many people, employers and employees alike, may think it’s none of the employer’s business.
Financial wellness has a direct impact on people’s performance at work and their health. Financial stress causes people worry and often many restless nights. Employees may be tired, less engaged, and less productive. Over time, stress can lead to mental health issues and chronic illness.
Financial wellbeing is clearly a big deal! It can help your employees perform better at work, and it also safeguards their future health.
Steps to Better Financial Wellness in the Workplace
A successful financial wellness program starts with company culture. Many workplaces actively discourage discussion of finances, especially if it may relate to wages and salary. Even in an open workplace culture, employees might consider their financial wellbeing a private matter.
Encourage employees to be open if they have concerns about their financial wellness. An open-door policy and the right support tools can make all the difference.
The next step is to offer the right supports for your team members. Encourage employees to be more open if they’re financially stressed. If your employees don’t feel comfortable talking to you, or maybe you’re not sure what to say, you can set up supports like financial counselling, access to financial advisors, and even access to apps or educational courses. By providing resources, your employees will feel more supported, no matter what situation they’re facing.
Next, make sure employees feel empowered to take charge of their financial wellness. Many people are unsure of their options. As a result, employees might not feel like they can save more money or pay off their debts.
Taking a course can help them learn to manage their finances in a more productive way. It may teach them about tools and options they have to help them get out of debt or to save more for their retirement.
Encouraging employees to talk to someone about their concerns can also be empowering. Offer them access to credit counselling or a financial advisor, and encourage them to consult with these experts to make a plan.
The Right Technology Helps Create a Supportive Atmosphere
Financial wellness is a key part of your employees’ overall wellbeing. Better financial wellbeing can help people be more productive at work, and it safeguards their long-term health too.
The first step is often creating a company culture that supports employees in taking control of their finances and making changes. This kind of company culture can help people accomplish more in both their professional and personal lives. With the right tools, you can drive company culture forward and make your workplace healthier for everyone.