Corporate financial wellness program: is it worth it?

Corporate financial wellness program: is it worth it?

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The company's financial well-being program is a measure adopted internally with the objective of reducing employees' financial stress. As a result, when this strategy is properly applied, it can increase productivity, bring employees together and work on retaining and attracting talent.

Perhaps, you have already heard that a good company financial wellness program can bring a number of benefits for the development of your company.

And the most frequent question that human resources professionals can ask is why this type of project adds so much value to the organization. And the answer is simpler than they think: because the company's financial well-being program improves professionals as a whole.

If you still don't understand how relevant this is to all sectors of your business, we invite you to follow along with this reading. Over the next few topics, we'll highlight the differentiators of this type of strategy, and exactly where they contribute to the company. Check out!

What is an in-company financial wellness program?

In summary, we can highlight that these programs are designed to minimize the financial stress suffered by its employees.

After all, this kind of pressure is hard to disengage. She accompanies the professional before, during and after work, mastering her concentration, mood and even your physical and psychological health.

As a result, wellness solutions acquire more value internally. The report 2018 Global Human Capital Trends, for example, highlights that 43% of companies see benefits in implementing these strategies.

And what would a company financial wellness program? Basically, they are actions that guide, assist and contribute (directly or indirectly) with the reduction of these financial stress.

In addition, personalized actions according to the profile of employees help make them make smarter decisions to take care of their respective financial health.

Other benefits of investing in this idea:

  • employees become more focused on work, and less distracted in the exercise of their professions;
  • they become more motivated, also, considering the company's efforts to help them with their problems;
  • the stress is less, considering that they start to obtain the necessary tools and/or knowledge to get out of this situation;
  • productivity is compensated, and they get back to working hard;
  • absenteeism and presenteeism (recurrent absences) decrease, as professionals become less impacted by financial problems;
  • O company financial wellness program generates a differential capable of working both with talent retention and attraction of professionals from the market.

You saw how it is possible to add more value to the workflow considering well-being and quality of life of the collaborators?

What is the impact of financial stress on your employees?

If the above-mentioned practice can generate valuable aspects for the development of your organization, O financial stress accumulated proves to be an aggravating factor for achieving goals — whether small or large, immediate or long-term.

And, below, we've gathered some of the great losses felt in the day-to-day when your staff lives more with debt than with the achievement of their goals:

  • productivity is lower, influenced by the distraction of professionals with debts, but also by the low attention to the collaborative environment, generating more individualism in everyday life;
  • the impact on the company is also felt by the fact that employees seek more medical specialists due to financial stress (with physical and psychological symptoms);
  • The turnover in the company it tends to increase, as professionals look for other positions – in search of higher salaries – or the company turns off those who, continuously, lose the effectiveness of their performances;
  • internal conflicts can occur more often as people become more irritable;
  • profitability is lower, as there are direct and indirect costs resulting from this problem.

I.e: there is no lack of benefits for you to focus more on the well-being of your professionals. So let's see how to apply this type of solution to your business!

How to plan an in-company financial wellness program?

Before essentially focusing on solutions, HR and company management should meet in order to diagnose what are the most limiting factors that are inducing people to financial stress.

With this, any idealized alternative has a more positive impact, considering that they are solutions focused on the situations experienced by its employees.

Below, we rescue some key points for planning a company financial wellness program!

Do a survey of your employees

Start planning from your audience's needs. To do this, hold a meeting with the teams or even offer a survey so that everyone can expose your concernss.

The results are fundamental for the realization of a personalized project and entirely focused on the characteristics of its staff.

You can view an example of a satisfaction survey we conducted here at HR Consultant UK! So, you understand how to make and customize an ideal for your company: click here.

Provide clear, objective material about financial well-being

Spend time developing graphic, objective and clear materials about what professionals can do to reduce debt and, consequently, financial stress.

In addition, it is advisable to perform lectures, workshops and simulations so that those involved understand, in practice, how they got to this situation and how they can make better decisions.

Involve employees and encourage engagement

Make it clear to everyone the benefits of this work and what each one can achieve by engaging in financial well-being program in the company.

If possible, create rewards, value participation and do not make this measure a simple differential, but a true pillar of your organizational culture.

In this way, involvement is greater and, in addition to helping to solve financial problems, the program translates into the benefits we mentioned above for the company as well.

When to start?

With the steps mentioned above, you can prepare yourself with quality for the elaboration of a good company financial wellness program.

Therefore, the ideal time to start is, precisely, now! Start by gathering the information you need to make your plan assertive and personalized. Then it's time to assess which measures are all about solving your employees' problems.

So, did you have any questions about the company's financial well-being program? Take the opportunity to leave your opinion, in the comments field, and so we can expand this fruitful discussion!

Conclusion

HR Consultant UK can help if you have any questions about Corporate financial wellness program: is it worth it?
. Our HR consultant in London can assist you if you live in London. Suppose you live further afield thats not an issue! Visit our HR Consultants Near Me page to find the best consultancy nearest to you.
See you next time!

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