At this point, most human resources professionals have heard about corporate wellness programs that aim to improve employee health by inspiring healthy behavior. Strides have also been made in assisting employees with mental stress. But what about the stress that comes from one of life’s biggest challenges? Balancing and managing finances.
According to the American Psychological Association, money has been named the top source of stress since 2007. Millennials are at an increased risk, with over 35K in average debt after they graduate college. With so much time spent worrying about money troubles, it’s difficult to keep undivided concentration on tasks at work. In other words, financially stressed workers aren’t good for business. Employers should have a vested interest in helping employees improve their financial wellness and corporate financial wellness programs such as the one provided by GreenShield can be an easy way to introduce healthy saving and spending habits.
Employees can use financial wellness programs to reach pre-retirement goals using automated saving programs and improve their ability to save for unexpected expenditures such as car or home repairs. Employers can fold financial wellness into their corporate wellness plans easily, engaging employees on this very important topic. Employees will learn valuable tools for ensuring their futures, such as shopping for lower interest rates on loans, stopping frivolous spending and saving more from their paychecks. Online courses are offered through various financial wellness companies as well as incremental savings plans that automatically take small amounts from your checking account and move them into savings on a regular basis.
Half the battle in helping employees get a handle on their finances is education and financial wellness programs are a great way to do just that! Every human resource professional should be aware of this trend and evaluate how it can fit in with their corporate wellness plan.