Many adults living in the United States of America are living in a far more precarious financial situation than they would like to be. Even when the economy is thriving, many Americans lack long-term financial fortitude. With costs of living speedily increasing and the average amount of debt on the rise, this can leave many people with anxiety. As an employer, you can try to shrug this off as a personal problem, but these issues can bleed into the workplace, leaving you with a less motivated, focused, and confident workforce. If you want to harness the true talent of your employees, consider investing in developing their financial wellness so that they can thrive at home and at work.
Create Financial Stability Programs For Employees
Finances stress out many of individuals. Establishing financial flexibility-based programs will help encourage your employees to sustain and strive for financial wellness. This can help those struggling stop living paycheck to paycheck. Disability, Accident, Hospital Indemnity and Critical Illness insurance soften the financial burden that serious injury, illness, or hospitalization might cause. These products help reduce financial stress by providing coverage for the out-of-pocket expenses that health insurance does not cover. These expenses can be harmful for those employees who might live paycheck-to-paycheck. Once that financial burden is lifted, employees can focus on getting healthy and getting back to work. These types of voluntary programs allow employees to opt into the programs that work best for them and learn to become more fiscally responsible and financially autonomous.
Investing In Your Employees Will Make Your Company Stand Out
Finding a sense of purpose and an employer who will also invest in their employees are becoming increasingly influential factors in job searches. If you want to remain competitive in the job market, you need to find ways for your company to stand out and find ways to ensure that you are committed to employee wellness. Not only can the stress of unstable financial circumstances lead to staff who struggle at work, but long-term stress can also cause long-term health issues that can result in high impact and long-term healthcare and costs. You are more likely to acquire and retain key talent if you give them tools to address their own financial challenges.
When you commit yourself to your staff’s well-being and wellness, you show that you are interested in so much more than the profits. By investing in financial wellness for all and not just for your bottom line, you create a world where your staff can show up as their full selves. Additionally, you give them the autonomy to create bright, viable and stable futures for themselves. If you teach your team how their money can work for them, they can reduce the toll that financial stress has on their bandwidth at work and this will inevitably benefit your company.
Looking to invest in your employees further? Contact our e3 Team today to get started.