Manage HR Magazine | Wednesday, November 17, 2021
It's no surprise that employees are concerned about their finances in the midst of the many changes taking place in today's work-life world. On the other hand, employers can help their employees get back on track with their financial goals, improve their work performance, and feel healthier overall if they have access to the right financial resources.
Fremont, CA: Many employees are still working to rebuild their financial security more than a year and a half after the pandemic began.
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While many employers provide financial resources to their employees, ranging from personal finance workshops to voluntary benefit offerings, few of these resources address the emotional and psychological aspects of money management. Employers should keep several factors in mind when deciding how to best implement employee support that addresses both financial and mental health.
Embracing Financial Planning Tools
Unfortunately, for some employees, employer-provided benefits can be a source of confusion and frustration. In fact, nearly one-third of employees believe their employer's benefits communications are difficult to understand. To reduce stress, make one's financial wellness resources as convenient and easy to access as possible.
Employers should consider tools like Upwise, which serve as a one-stop-shop for employees to prioritize their financial goals as well as budgeting-related stressors — all from their mobile phones. These integrated financial and mental health tools, which are easy for employees to use and access, can help ensure that employers' resources are addressing employees' concerns.
Financial Planning Tools Can Improve Both Employees' Health and Workplace Success
Prioritizing employees' financial and mental health can benefit employees and employers and their organizations as a whole. Employers should consider that more than a quarter of employees report being less productive at work as a result of financial concerns. Unfortunately, this can have a cascading effect on employees, as poor work performance can lead to a loss of promotions and salary increases in the future.
Employees are more able to focus on their careers and feel better about their performance at work when they are less financially and mentally strained. According to a recent study, financially and mentally healthy employees are 37 percent more likely to be productive than those who aren't.
It's no surprise that employees are concerned about their finances in the midst of the many changes taking place in today's work-life world. On the other hand, employers can help their employees get back on track with their financial goals, improve their work performance, and feel healthier overall if they have access to the right financial resources.
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