Over the course of the last year, financial security has been disrupted for millions of workers. The impact of financial health on other aspects of mental and physical health has intensified. The stress of managing competing financial priorities can overwhelm employees to the point that it starts affecting their work performance. Financial stress can also lead to employees avoiding or delaying medical treatment because of cost worries. This creates more adverse health outcomes, increasing claims costs associated with your health care plan, ultimately increasing premiums.
Financial wellness should be a top priority. It not only provides employees with a sense of security and empathy, but also benefits employers by increased productivity, engagement, and loyalty. Improving employee financial well-being will improve your bottom line.
Financial stability boosts mental health and allows employees to better focus on their jobs and make meaningful contributions to your business. How do you help employees that are scared, confused, or struggling to make ends meet?
The link provided below has some great ideas to share with your employees to help restore their financial confidence. The better they become at managing short-term needs, the better prepared they will be in planning for the future.
Encourage employees to learn how to create a budget to break the cycle of living paycheck to paycheck
Connect them to advisors that can help them stay on course with their retirement plans
Utilize your 401k advisors and administrators – advertise their resources including any online tools
Help employees assess their financial health and provide suggestions for prioritizing actions to better prepare them to be in a position to handle unexpected expenses that can arise
Reinforce and educate employees regarding your health care plans and the financial security they provide
Reinforce any company benefits that can help manage expenses (i.e. Health Savings Accounts, Flexible Spending Accounts, Dependent Care Accounts)