How a Good Financial Wellness Programme Can Impact Employees

by Spectrum Wellness

We have all felt unwell, be it a cold or a headache but have you felt the full brunt of being financially unwell? In this modern economic climate the worries of remaining financially sound can increase financial stress.

Financial stress can not only result in a decrease in productivity from employees, it can also affect their health and happiness. It is noted that as much as 40% of men lose sleep over financial stress. A good financial wellness program is designed to free employees from this unnecessary stress. This is done by implementing professional financial wellness advisors to assess an employees financial status. The financial wellness advisors will teach the employees to set reasonable and achievable financial goals. The employee can ask a variety of questions to increase the understanding of the subject. Teaching employees the importance of staying organised saving both time and money. Financial advisors can also make investment recommendations, provide objective advice and help clients weigh the financial consequences of life decisions.

There are several ways in which financial advisors design financial wellness programmes. These include

1 Behavioural Change

In a financial context, behaviour change means getting people to make positive changes in their spending and saving activities. If you are interested in financial wellness, you likely see a challenge, like financial stress, within your workforce that is also affecting business performance. Changing an employees outlook is a vital necessity to the success of your programme.

2 Comprehensive Review

Financial wellness must always be representing an individual’s full financial status. Whether it be debts, mortgages, loans, disposable income and financial goals.

3 Personal Employee Engagement

Employees expect guidance and communications that are specific to them and their particular circumstances or they fail to fully connect with the advisors. That is why it is essential that financial wellness programmes incorporate this strategy. To be effective financial guidance must be tailored to the employee and his or her specific needs, goals and situation.

4 Independence

Your employees and their best financial interests should be at the centre of a financial wellness programme. Therefore, for the results of the wellness programme to remain long-term, the employee must be taught the importance of independence. For employees to become independent they must fully comprehend on the solution to common financial issues. This will allow employees to balance their own long and short-term financial needs in the future.