You corporate financial welfare benefits their main function is to reduce financial stress in the routine of employees. When the plan is well applied, the tendency is to increase motivation and productivity employees.
A study of the MetLife on Employee Benefit Trends showed that 37% of professionals assume that they spend a good part of their time at work thinking about their financial situation.
With this scenario, the focus on tasks decreases, worries take over the concentration and the results become unsatisfactory.
So that your company does not have to go through this situation, we have listed in this article some corporate financial welfare benefits that your organization can offer. Check out!
What are corporate financial benefits
A corporate financial welfare benefits program is strategic actions developed by companies to reduce the impacts of the financial stress.
Especially because with financial concerns, it is quite possible that the employee will not be able to fully engage with work, influencing your mood and performance.
Not only that, financial stress can cause physical and psychological illnesses. Knowing this, 82% of employers recognize the importance of investing in corporate financial welfare benefits, according to MetLife.
Advantages that somehow contribute to the decrease of the absenteeism and even from turnover rate. Do you want to know the main corporate benefits of financial well-being in the market?
We have listed some of them to help you contain job dissatisfaction.
What are the main corporate financial benefits
60 billion dollars, the amount that companies tend to lose due to the low productivity of their employees caused by stress research of The American Institute of Stress.
In many cases, financial stress is the main driver of this alarming number.
One report from Prudential pointed out that 45% of professionals who receive corporate financial well-being benefits declared themselves physically healthy. So, check out 7 benefits that can contribute to the satisfaction of your employees.
- On-demand salary;
- Special credit lines;
- Student financing;
- Food stamps;
- Fuel vouchers;
- Agreements with gyms;
- Lectures and courses on financial management.
Below you will find all the details of each of the corporate financial welfare benefits mentioned above.
Who has never had a squeeze at some point in the month when they found themselves without money to pay the bills? Yes, this is a very common reality in the lives of UK residents professionals.
To solve this problem of lack of money, which can generate financial stress, companies have been betting on a very effective novelty, the on-demand salary.
Within the corporate benefits of financial well-being, this advantage means that employees have greater autonomy over your salary.
With the salary on demand, the employee can take part of his payment at any time and will receive the amount for the days worked.
This reduces financial stress, as the employee will have part of his money throughout the entire month and increases, for example, his gratitude and motivation towards the company.
Special credit lines
According to Google Survey over 51% of UK citizens use loans to pay debts, taxes, card bills and so on. In view of this reality, payroll-deductible loans are one of the options within a corporate financial well-being plan.
Since, in addition to its low interest rates, it tends to reduce financial stress on the employee who is in need of money to solve personal problems.
Any private company can offer this type of loan to its employees, as long as they have an agreement with a financial institution. In the payroll loan, the amounts are deducted directly from the employee's salary.
So, the payroll loan can be an excellent possibility of benefit for those employees who need a fast credit line, with a low interest rate.
Professional improvement is part of the incessant search for the knowledge that talents have. However, education in the country costs the student, on average, monthly about £ 898.00 revealed the Map of Higher Education in Brazil.
It is not by chance that school dropout in Higher Education in 23% data from Quero Bolsa. Given this, it becomes almost impossible for a collaborator to decide to improve, organizing the expenses of home with studies, without being financially stressed.
Therefore, many companies are betting on education aid as a good attraction within the corporate benefits of financial well-being to reduce financial stress and retain talent.
With this support that the company offers, it becomes more feasible that employees continue to improve through courses, MBA and even higher education.
One survey of the Sodexo Study Center revealed that for 75% of UK citizens the food / meal voucher is one of the main benefits that a company can offer.
This is mainly due to the extra expenses with food that employees would have if they did not receive this extra amount in their salaries.
The same survey showed that more than 40% of employees said they would need to make a financial readjustment if they didn’t receive food stamps or snack.
Based on this data, it is possible to see that companies that give up these corporate financial well-being benefits tend to create a great concern in the employee in relation to their expenses with food.
For this reason, food stamps or meals can be a stimulus to motivate employees and reduce the financial stress caused by this type of expense.
It is even a determining factor in the motivation of employees and directly contributing to the retaining talent style=”font-weight: 400;”>.
O transportation vouchers it is the right of the employee who works under the CLT regime. However, many professionals choose to travel to the company with their own vehicle because they live far from bus stops, stations or even for comfort.
For this reason, many companies offer within a corporate financial welfare benefits program the worth fuel.
Giving this autonomy to the employee to choose the best way of commuting can contribute to their well-being, motivation and quality of life.
This, therefore, is a great competitive advantage to reduce the concern of employees in relation to personal expenses with commuting to the company. Thus allowing the employee to choose the best option for him.
Agreements with gyms
One Bristol University study, UK showed that physical exercise is linked to increased productivity and concentration. 41% of employees who did a day of exercise increased their motivation and 25% finished their work before.
In addition, these same professionals 21% its power of concentration. Thus, offering an agreement with gyms can be one of the corporate benefits of financial well-being.
This is so that those who want to create a gym to improve their personal satisfaction and professional performance do not have to worry about this expense in their accounts. Since the company itself will offer you this benefit, contributing to your income.
Lectures and courses on financial management
According to a survey by the Credit Protection Service (SPC) and the National Confederation of Shopkeepers (CNDL) 65.6% of people in default have a feeling of sadness, discouragement many see themselves depressed.
This is because six out of ten UK citizens do not set aside any, or little time, to plan their finances, according to Dice SPC and CNDL itself. The consequence of this is the lack of productivity at work, dissatisfaction and financial stress.
Many UK citizens have no idea of financial management and that is how many companies have been betting on lectures and courses to help employees manage their finances.
These corporate financial welfare benefits, through lectures and courses, can help raise awareness of conscientious use of wages, financial planning and account organization.
Lectures can encourage employees to take an interest in the subject. The courses, on the other hand, can create an environment for reflection, debate and search for solutions to problems related to indebtedness, investment, accounts and expenditure restraint.
Financial well-being and stress reduction
The corporate benefits of financial well-being have gained momentum as a major stimulus to alleviate the stress caused by money concerns.
For this reason, these advantages can increase productivity, performance and employee satisfaction. It is important that a corporate financial welfare benefit plan is organized according to the profile of employees.
And the operation of each benefit must have transparency, clarity and objectivity on the part of the company with its employees.
If necessary, make presentations and workshops to reiterate the importance of financial planning and how the company is thinking about contributing to this challenge.
Find out more benefits of financial well-being for employees by reading our other article on the topic, clicking here.