6 Essential Financial Wellness Activities for Employees
According to the American Psychological Association in 2015, 22% of adults experienced financial stress. Stressed employees can affect the company's output. Additionally, Gallup studies find that financial wellbeing and engagement reinforce each other, and it often takes a 20% pay increase to attract highly engaged employees away from their current positions.
One of the best ways to deal with it is introducing financial wellness activities for employees. This blog will cover the most effective financial wellness activities that can be implemented at work.
But, What are Financial Wellness Activities?
Financial wellness activities encompass a variety of programs, resources, and initiatives designed to help individuals manage their finances effectively, reduce financial stress, and improve overall financial health. These activities are often provided by employers to support their employees' financial wellbeing, contributing to a more engaged, productive, and satisfied workforce.
Financial wellness activities can cover a wide range of topics, including budgeting, debt management, savings, retirement planning, and financial education. Financial wellness is important for employees as it helps them to be more financially stable.
Suggested Read: How to Promote Financial Wellbeing in the Workplace?
6 Essential Financial Wellness Activities for Employees
Here are the 6 essential financial wellness activities that organisations must consider:
Healthcare Insurance
Medical bills can significantly impact the financial status of employees, and to avoid this, healthcare insurance is one of the key financial benefits for employees. Providing group insurance to employees will help your organisation to retain the best employees, and have an edge over the competitors.
There are many healthcare options available in the market; however, make sure the plan you choose meets the requirements. Providing comprehensive healthcare insurance not only reduces financial stress but also ensures employees can focus on their work without worrying about potential medical expenses.
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Financial Wellness Training
One of the best financial wellness activities for employees would be conducting an event to offer financial wellness training led by industry experts. The experts can engage the audience with real-life examples, tips, and stories.
A skilled speaker has the ability to simplify the points so employees with less financial knowledge can understand concepts like debt management, investing, personal finance, and retirement planning.
Personalised Financial Program
Financial problems vary from person to person. That’s why it is a great idea to start
an employee financial health assessment. Data gathered from this survey will point out the financial issues you need to address. Based on the issues, come up with personalised solutions. It is better than providing one solution, as different people have different requirements.
Early Wage Access
Early waga access is a good example of a financial wellness activity. It allows the employees to have access to financial support during difficult times like health problems, family problems, home repair or natural disasters.
For this system, you need to establish a smooth application process. Make sure the process is simpler and quicker so it would be beneficial for employees.
Merit-based Pay
It is one of the best ways to align your business goal with the financial goals of your best employees. Reward your top performers with salary hikes, vacations, or bonuses. There is a correlation between high productivity and stress, and introducing merit-based pay would be the best way to release the stress of your most valued employees. It would surely build a sense of loyalty with your best people, and foster a sense of belonging in the workplace.
Introduce Financial Wellbeing into Your Programs
To take the financial wellbeing of employees to the next level, it’s important to think beyond traditional ways. Apart from workplace wellness programs, corporate fitness programs offer financial challenges within the workplace as well. Come up with an outline and reward the employees for their actions. Some of the financial wellness challenges are:
- Monthly savings goal challenge
- Attend financial workshop challenge
- Watch videos related to personal finance and investment challenge
Transform Employee Financial Wellness with CHOYS
For businesses looking to enhance their employee benefits package, partnering with CHOYS can make a significant difference. CHOYS offers comprehensive group insurance plans that not only provide essential healthcare coverage but also include one year of free access to our exclusive employee wellbeing platform. Employees can track their insurance plans through our app and stay updated about their coverage.
Want to know more about us? Schedule a demo today!
Frequently Asked Questions
Q: What are financial wellness activities?
A: Financial wellness activities are programs, resources, and initiatives designed to help individuals manage their finances effectively, reduce financial stress, and improve overall financial health
Q: How can financial wellness activities improve employee engagement?
A: Financial wellness activities are important for employees because they help reduce financial stress, improve financial literacy, and promote overall financial stability. It leads to increased productivity, job satisfaction, and retention.
Q: What are some examples of financial wellness activities?
A: Some examples of financial wellness activities include monthly savings goals, attending financial workshops, and watching educational videos on personal finance and investment.
Q: How can organisations implement financial wellness programs?
A: Organisations can implement financial wellness programs by first assessing the specific financial needs of their employees through surveys or assessments.
Q: What are the benefits of financial wellness programs for employees?
A: Financial wellness programs benefit employees by reducing financial stress, enhancing financial literacy, and promoting financial stability.
Q: How can companies measure the success of their financial wellness programs?
A: Companies can measure the success of their financial wellness programs through various metrics such as employee surveys, participation rates in wellness activities, and feedback on the usefulness of the programs.
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