What You As an Employer Can Do to Help
How does employee financial wellness affect the employer?
The relationship between health and productivity is an issue that most employers have to contend with.
As an employer, you’ve probably struggled with the effect of sickness in the workplace but have you also thought about employee financial wellness?
Does their financial health also affect their productivity and if so, what can you do about it?
A recent study by Manulife Financial Corporation surveyed more than 200 employee assistance program counsellors. The study’s objective was to two-fold:
- To investigate how employees feel about their own financial struggles and how it affects their workplace productivity.
- And to find out what role employers can play in employee financial wellness.
Of the counselors surveyed, the results showed that:
- 93% believe employee financial wellness affects work and productivity.
- 99% think workplace pension and health plans play an important role in providing safety, security, and support to overall employee financial wellness.
- 46% feel it is difficult for employees who suffer from financial health issues.
- 74% feel personal finances have significant impact on the emotional and mental health of employees.
Only a third of the counsellors surveyed see people making this important connection between an employee’s personal finances and other problems.
As An Employer What Options Do You Have?
Are you aware of the employee financial wellness of your workforce? Are you wondering about strategies and how you can implement them to help improve productivity and the overall wellbeing of your employees?
Here are some suggestions that you might want to consider.
- Recognizethat the costs of an employee’s financial health are connected and similar to the costs of their physical and mental health.
- Help employees recognize how their financial health (along with physical and mental health) can affect their performance in the workplace.
- Provide resources such as employee financial wellness assessments that can help pinpoint potential causes of financial stress. (For example, your employees could be struggling with budgeting or debt, which can be huge stressors for an individual or household.)
- Incorporate employee benefits plans that could help alleviate financial stress such as health spending accounts that can take away the strain of a dental bill. You can also implement employee benefit plans that help employees start investing and saving for retirement.
- Break the stigma of financial health in the workplace. Over the last several years the movement to talk about mental health in the workplace has started to breakdown that stigma but it is equally as important to create a safe space for employees to talk about their finances, to ask questions and to get help finding the answers.
About Benefit Strategies Inc.
Benefit Strategies is based in Edmonton, Alberta and services business and corporate customers throughout Canada’s Western Provinces and the Northwest Territories. Let our experienced employee benefits brokers help you discover creative ways to reward your employees that will contribute to their financial wellbeing such as Group RRSPs and Pension Plans or Health Care Spending Accounts.
You might also be interested in these related blog articles:
- Survey Results on Employee Wellbeing in the Workplace
- Balancing Work, Life and Health Through Employee Benefits
- Creating a Workplace Culture That Motivates Employees