Tag: employee wellness programs benefits

Bolster Your Employees' Mental Health With Financial Wellbeing The pandemic and Great Resignation have both shone a spotlight on employee wellness, and in response, many employers have begun offering mental health benefits such as employee assistance programs. However, there may be a part of employee wellness that employers are missing, and that is financial well-being. Financial stress has been shown to hold a strong link with mental health, and a 2021 study by FINRA found that a large proportion of American workers suffered from financial anxiety before the COVID-19 pandemic even began. This has only become worse since the pandemic began; despite this, few organizations have taken steps to introduce new or improved financial well-being programs. Debt is an increasing problem for Americans. A Federal Reserve Bank of New York report found that Americans increased their debt by $333 billion in the fourth quarter of 2021. This is a large increase in debt, and now the total national household debt is $15.58 trillion. That kind of debt can be stressful. But, though many companies seem to be taking an interest in helping their employees with mental health issues, not many companies seem to be interested in helping their employees with their financial well-being. Those companies that do choose to provide financial wellness benefits may find it helps their recruiting. Unemployed people tend to appreciate financial wellness benefits more than those with jobs. So, these benefits could work as an incentive for individuals looking for a job. Some companies are starting to offer these programs not only to help recruit employees but to help improve the mental health of their current employees. Helping employees with financial planning can lower financial stress. This can decrease the chances of having problems, such as depression, anxiety, and other health problems that financial stress can lead to. How to Prevent Remote Employees From Overworking Many employees can benefit from financial planning, whether for issues like creating a budget, saving up for an emergency, paying off credit cards, or preparing for the future. There are a lot of ways to help employees with their finances and lower their stress levels. There are so many financial decisions for people to make, and many people were never taught how to handle these situations. So, they could use the help. It is not always easy for companies to offer help, though, since there are so many different age groups in the workforce with different needs. But, by finding a way to help workers lower their financial stress, employers can reduce absenteeism and help boost their employees' job performance. This is a winning combination for employers and employees alike. Pre-employ offers resources to help employers stay compliant and incorporate fair chance hiring practices. To learn more, download our free resource 5 Tips To Avoid FCRA Non-Compliance Source

Tag: employee wellness programs benefits

Bolster Your Employees’ Mental Health With Financial Wellbeing

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