Financial wellness programs are the newest trend in employee benefits and for good reason. Recent surveys have found that financial wellness programs positively impact the mental and physical health of employees. This in turn makes them more productive, less lost work time due to illness and less burdened by stress, all of which boosts productivity for the employer.
If you still wonder whether this is something you should consider for your small business, consider these facts.
- One third of all workers admit to being distracted by their personal finances while at work
- Many employees lack knowledge of budgeting, saving, investing, taxes, getting a mortgage to buy a house and other personal financial issues. This creates uncertainty, which in turn creates stress that affects their physical and mental health.
- 26% of participants in financial wellness programs reported less stress
So what are some key aspects of a financial wellness program. Some basic components are Identity Theft Protection, financial coaching and advisory services and access to savings vehicles through payroll such as 401k plans and Health Savings Accounts. Of course just offering a financial wellness program does not guarantee success. There needs to be periodic follow up, a level of accountability and of course the availability of the appropriate financial tools to work through the process.
For more information on how you can implement a financial wellness program at your company, contact John Morlock at 800-836-9678, ext. 5, or email at firstname.lastname@example.org. For more than 30 years Total Team Solutions has been helping small businesses in Connecticut and New York save money while maintaining a high standard of human resource solutions for their employees. Payroll, employee benefits, regulatory compliance and employee relations services from an experienced team that is dedicated to your success.