Organizations across the globe are understanding the importance of keeping their employees happy and free of stress. This is why more and more of them have started offering all kinds of programs to their employees which pertain to health and wellness but lately also to financial wellness. In fact, as per a Forbes report, as many as 84% of companies now have financial wellness programs and the figure is only increasing with time.
The following are some of the reasons why businesses are helping their employees in becoming better at personal finance and investments.
Greater Employee Longevity
By offering financial wellness programs that cover topics like credit building, 401k rollover to IRA, retail investments, debt reduction, etc. organizations are able to teach their employees how to live more stable and financially secure lives. This results in greater longevity of the employees in the workplace as they are less vulnerable to financial risks that affect their personal and professional lives.
It’s no secret that poor financial planning can lead to all kinds of woes and increase general anxiety, but simple financial tips can change your life too. This is why organizations are helping their employees in leading a comfortable and financially secure life. When the employees are less worried about money, they can focus on their work with ease and be more productive. This way, both they and their employers win.
Fewer Payroll Advances
As employees learn better financial habits, they are able to reduce their debt and minimize dependence on credit. As a result, they require fewer payroll advances which is beneficial to not only them but also the organization as it saves HR time and boosts productivity.
Even if processing payroll advances isn’t that time consuming for an organization, it’s demotivating and embarrassing for the employees at the very least. So, by offering financial wellness programs, an organization can save the employees from shame and improve their self-esteem.
Attracting Top Talent
Employees, especially those who know their value and have a lot of experience have no dearth of options for employers. So, competitive organizations are rolling out attractive perks like health insurance, travel leaves, and employee wellness programs to attract some of the most skilled professionals from around the world.
Organizations understand the problems in recruitment and talent retainment. After all, it’s not easy to find top talent and keep it within the company for a long time unless the organization takes some measures on its own. Offering valuable programs for financial wellness is one of them and more and more companies are jumping on the bandwagon today.