How Does Financial Health Affect Employee Morale?
Financial health affects employees’ overall well-being, including their physical and mental health. That’s why employers are constantly searching for ways to develop comprehensive employee wellness strategies.
Financial Stress
There are many possible causes of stress. Financial instability is one of the top reasons for stress. In fact, a FINRA Investor Education Foundation study found that around 60% of adults in the U.S. feel anxious when thinking about their personal finance.
Financial stress not only affects a person’s home life but also their work-life. It can also have a significant impact on both the physical and mental health of an individual.
Financial Health and Employee Morale
Financial related stress can negatively impact the organization. Since the physical health and mental health of the employee are affected, the level of productivity may be reduced. This can also result in a high level of absenteeism and employee turnover.
On the contrary, providing employee wellness programs can help to alleviate financial stress. This will also improve employee loyalty, retention, morale and productivity.
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What We Offer
Finding and recruiting the best talents can be difficult but to ensure that they remain engaged, satisfied, and happy with the organization can be even more challenging.
There are various ways that companies can help to improve the financial health of their employees. They can start by offering an employee benefits package that includes health insurance and paid time off.
Also, when it comes to financial matters, having an employee loan program can be your best option.
Getting started
Offering employee wellness programs can go a long way. In addition to providing mandatory benefits, such as Social Security contributions and worker’s compensation insurance, consider including other helpful benefits for example. Medical and health insurance, retirement income plan benefits, education assistance, and paid time off.
Another way to further help your employees with financial stress is to provide an employee loan program. Our loan products provide loan programs that can help with this endeavor. Contact us to find out more about employee loans.
