Using a Financial Wellness Service for Your Employees

Using financial wellness programs for your workforce can increase productivity and engagement. Financial worry impacts 70% of American workers and younger population segments the most. Companies lose billions of dollars each week because employees are stressed about their finances. By providing financial wellness services, businesses can improve employee engagement and productivity, as well as attract and retain top talent. Financial wellness programs include online tools, one-on-one coaching, clinically proven brief video modules, and personalized financial reports.

Managing finances is a serious distraction for most employees, costing organizations with 100 or more employees 22.5 days of productivity per year. Employees who aren't educated on financial matters are often making phone calls to lenders and ignoring important work. In addition to disrupting productivity, chronic financial stress can cause serious physical and mental health problems. Stress over money is linked to an increased risk of heart disease, migraines, and a host of other health problems. Check out this company website for more about financial wellness. 

A financial wellness service can help employees manage day-to-day finances and plan for emergencies. These services can teach employees how to budget, understand their credit score, automate paychecks, and create long-term strategies. They can also help employees save up for emergency situations and irregular expenses. While financial wellness is a holistic service, every individual's goals are unique. Using these services can help you improve your financial status and avoid debt. When using a financial wellness service for your employees, be sure to choose a provider who offers a comprehensive financial plan.

Once you've selected a financial wellness service for your organization, be sure to monitor employee engagement. You can measure how well employees use the program through a variety of metrics, including number of employees who use it, how often they access it, and how many times they contact advisers or coaches. An employee survey can also be an important measure of engagement. An employee survey can also reveal changes in employee morale, job satisfaction, and absenteeism. Education is a never ending process, so continue reading here: https://www.payactiv.com/paycard/.

A financial wellness service should help employees build habits that help them make informed decisions and achieve goals. Employees should know how to manage their money, including how to invest in a portfolio or save for retirement. Employees should have a realistic understanding of how their finances work and how they can avoid financial stress. The program should include information about tax breaks and deductions, as well as financial literacy. Financial wellness services are beneficial not just to employees, but also to management and other decision-makers.

Financial wellness programs for employees should address short-term financial needs as well as long-term goals, such as health, education, and legacy planning. Employees who are stressed out about money can't focus on work. Consequently, an effective financial wellness program helps employees build financial strength and make the necessary behavioral changes for long-term success. It can also have a positive impact on the remaining team members. And as a bonus, these programs are incredibly beneficial for companies, too. To get more knowledge about this post, visit: https://en.wikipedia.org/wiki/Financial_services.