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How to Promote Financial Wellbeing in the Workplace?

By CHOYS Community
25 Jun 2024

Financial wellbeing is one of the key pillars of any organisation focusing on overall employee wellbeing strategy. Financial wellness is not just limited to paycheck as companies are getting creative and offering perks that promote financial wellness at work. Financial wellness is one of the most-wanted benefits among the employees. So, to attract and retain top talents, companies must focus on promoting financial wellness at work, and here we will be discussing highly effective ways to do that.

What is Financial Wellness at the Workplace?

Financial wellness at the workplace is about creating a work culture that aims at reducing financial stress for the workforce. Employees may face various financial challenges such as managing debt, money management, childcare expenses, healthcare expenses and so on. Financial wellness ensures that employee's financial literacy makes it more personalised, and helps them take care of their financial stress. 

Suggested Read: How to Promote Wellness in the Workplace?

Why Promote Financial Wellness in the Workplace?

At work, many employees might be facing financial issues that can lead to financial stress. Companies may offer many perks but if they aren’t caring about the financial wellness of their employees then employees will struggle. Most of the employees live paycheck to paycheck, without having much in their emergency fund, and they are constantly worried about retirement.

These problems of employees can cause a lack of focus, engagement, and productivity at work. Due to this, employees look for better job opportunities. When you take care of the employees financial wellness it will reduce their stress, and increase their focus, productivity and engagement. In addition, organisations will increase their retention rates as well.

8 Tips to Promote Financial Wellness in the Workplace

If you are looking for ways to promote financial wellness at work, then follow these 8 tips given below. 

Ask Employees about Their Needs

The financial needs may vary from employee to employee. Run a survey, or run an individual meeting to see what your employees want. To choose the best solution, you need to understand the unique needs of your employees.

Provide Financial Knowledge

Financial literacy is a must to manage money in the best way possible. However, only one out of every 3 adults has basic financial concepts. To address this problem, companies can introduce financial wellness programs to educate employees about key financial concepts and provide resources and tools. 

Insurance to Empower Financial Wellness

One of the best ways to promote financial wellness at work is to provide Group insurance to your people. Having a solid Group insurance plan for employees can help them in case of any health emergencies, accidents, or any other unexpected circumstances. 

8 Ways to Promote Financial Wellness in the Workplace

Fair Compensation

You must provide fair compensation to the employees based on the industry standards, and cost of living. Don’t hesitate to provide more salary than industry standards if someone truly deserves it. 

Take Care of Health and Wellbeing

The health and wellbeing of employees can impact their financial wellbeing. To ensure this doesn’t happen with your employees conduct workplace wellness programs, and wellbeing workshops. 

Aware Employees of All the Available Benefits

Make sure that your employees are aware of all the benefits available to them. You can do this through mail, meetings, or by conducting a workshop. This will allow employees to have in-depth knowledge of all the company’s offerings and encourage them to utilise them.

Offer Financial Counselling Services

Introduce financial counselling services led by experts to enhance the financial wellbeing of employees. One-to-one counselling can help tackle the unique financial hurdles of each employee. As every employee has different financial challenges, this approach will navigate the complexities of finances.

Measure Porgram’s Effectiveness

Incorporating plans, and programs won’t be effective if you don’t keep track of their effectiveness. Measuring the effectiveness of the program is crucial to fulfil the news of employees, and contribute to the overall wellbeing. This includes collecting feedback, tracking participation rates, and accessing the impact.

Ensure Financial Wellbeing at Work with CHOYS

Invest in your employees' financial wellbeing with CHOYS group insurance. Get a year of free access to the CHOYS wellbeing portal, packed with features to take care of the overall employee wellbeing of employees. A happy, financially secure workforce is a more productive workforce. Get a quote today and see how CHOYS can benefit your organisation.

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