Ask any employee in your company and you’ll likely find that money is the number one source of stress. Studies continue to point to financial challenges as a source of concern for employees, which makes it a top priority for employers. Productivity and quality of work diminishes as employees dwell on tough financial questions. Employers are now taking an initiative to reduce these distractions by including financial wellness tools and programs with other traditional benefits. Here are the top financial wellness topics to discuss with employees.
Top Financial Challenges for Employees
Financial woes are becoming quite commonplace in the workforce and it hurts businesses as much as it does employees. As financial challenges continue to stack up, employers are observing a decrease in productivity, poor retention rates and lost revenues. As their financial troubles grow, employees are crippled with depression and anxiety, which results in a loss of motivation and poor health (which then leads to increased healthcare costs). Some of the top financial challenges for employees include:
- Increase in credit card debt
- Student loan debt
- Unforeseen expenses
- Increase in the cost of living
- Sandwich generation – managing cost of children and caring for aging adults
- Lack of knowledge with financial planning
Employers Are Taking Action by Offering Financial Wellness Programs
Employees need piece of mind and you, in turn, want a productive, attentive employee. This is exactly why many employers are taking action by offering
Best Money Moves: When tackling financial challenges, it’s hard to know where to start.
PayActiv: Bills aren’t always timed with paydays. Early access to earned pay is sometimes necessary in an emergency or makes a better option when compared to late payments or predatory loans.
HOOPAYZ: Growing healthcare costs can quickly become a big burden to employees.
GotZoom: Student loan debt is becoming a common issue as more millennials enter the workforce. These loans often take years to pay off and are a distraction to employees trying to save for the future.
Tackle Financial Challenges Head On with Financial Wellness Programs
The financial anxiety facing employees today is affecting productivity, which is why employers are expanding benefit programs to include financial wellness support. Tackle financial challenges head on by adding financial wellness programs like