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08/25/2023
Posted by: Altura Benefits in Money
Many of your employees are worried about money. As a result, they’re losing sleep, they’re distracted at work, and they may even be looking for a better paying job. You can help your employees by building financial wellness into your employee benefits package.
Financial stress can impact many aspects of a person’s life. In a PwC survey, 56% of people said financial stress has negatively impacted their sleep, 55% said it has negatively impacted their mental health, and 44% said it has negatively impacted their physical health.
Financial stress also tends to impact work performance and productivity. A 2022 study from Ceridian found that 82% of North American workers think about their personal finances while they’re at work, which results in productivity losses of approximately $664 billion. The study also found that 61% of workers were more stressed about finances than they had been one year earlier. Likewise, a study from SoFi found that 75% of U.S. workers are under financial stress and 51% feel more stressed about finances than ever before. Each week, workers spend an average of 9.2 working hours dealing with their personal finances.
Financial stress can also drive people to quit jobs they like to search for higher pay. This means that financial stress isn’t just bad for employees – it’s also bad for employers. But your employee benefits package can help.
The most obvious way to build financial wellness into your employee benefits package is to offer benefits that directly target financial health.
According to CNBC, 53% of Americans say they don’t have any emergency savings. Workers who are surviving paycheck to paycheck may worry about how financial hardship could set them back. However, employers can help workers prepare – and give them peace of mind – by offering the right employee benefits.
What if you’re already offering all these benefits but your employees are still struggling financially? Apart from increasing their salaries – something that might not be feasible – you may be wondering if there’s anything you can do. The answer is to provide education to help employees make the most of their benefits.
Financial wellness is important for your employees – but it’s only one thing you need to keep in mind. In addition to focusing on ways to help your employees thrive, you need to think about your company’s bottom line while complying with federal and state regulations. Altura Benefits can help by providing benefit options that meet the needs of your company and employees. We also offer HR support and technology, compliance assistance, and payroll consulting. Learn more.