How Financial Wellness Plans Improve Job Satisfaction
A financial wellness plan is an employee benefit program that offers workers financial education, advice, and tools to help them manage their finances and reduce financial stress. This type of program has gained popularity in recent years and with good reason. According to a study, financial stress is the number one contributor to employee stress, and it costs companies billions of dollars annually in lost productivity and employee turnover. Financial wellness plans contribute to better job satisfaction and employee retention.
Financial Wellness Leads to Reduced Stress
Workers struggling to manage their finances are more stressed and distracted at work. Economic stress can also affect an employee’s personal life, leading to absenteeism and reduced productivity. Financial wellness programs can help employees reduce stress by teaching them how to manage their finances better. These programs offer advice that covers topics such as budgeting, managing debt, and saving for retirement. By reducing financial stress, workers focus better on tasks and feel more satisfied with their jobs.
Financial Wellness Plans Help Employees Invest in Their Future
Employees seek ways to secure their financial future in today’s ever-changing economy. Financial wellness plans offer employees the tools and resources they need to invest wisely, plan for retirement, and save for a rainy day. This type of investment in their future gives employees peace of mind and encourages them to put money into their 401(k)s and HSAs. They are more likely to stay with a company long-term, reducing turnover and associated costs.
Financial Wellness Plans Increase Employee Loyalty
Employees who feel appreciated are likelier to be loyal and committed to their employer. Providing access to a financial wellness plan shows employees that management values their well-being beyond their work contribution. Employees who have access to a financial wellness plan are more likely to feel satisfied with their job. Employers are signaling that they care about their employees’ overall well-being by providing financial education, resources, and tools. This type of support can have a significant impact on employee morale.
Financial Wellness Plans are Cost-Effective for Employers
While financial wellness plans may seem like an added cost for employers, they can ultimately save companies money in the long run. When financially stressed, employees are more likely to take sick days, be absent, or quit. This results in a high turnover rate, costing companies time and money to replace and train new employees. Employers reduce turnover and the costs associated with it. The benefits of reducing employee turnover and fostering employee loyalty far outweigh any employer costs incurred with this benefit.
Countrywide Has the Answer
Countrywide Pre-Paid Legal Services provides one of the best financial wellness plans in the industry. A nationwide network of certified counselors stands ready to help plan members with everyday issues of managing personal expenses and issues.
The counselors offer advice on drafting a personal budget, performing an asset inventory, and how to plan for medical bills. The counselors are great at explaining college debt and have tips a plan member may use to lighten the higher education load.
Some plan members are in deep trouble. Countrywide has a Debt Management Plan to assist those going underwater financially. Everything is in addition to financial education and the tools needed to keep money issues from being emergencies.
In conclusion, financial wellness plans are an essential employee benefit contributing to job satisfaction and employee retention. Employers can create a more productive and engaged workforce by investing in their employees’ financial well-being through education and resources. Countrywide Pre-Paid Legal Services has an outstanding financial wellness program that puts plan members first. Employers decide the benefit options of their plan, and Countrywide handles the administration. It is the kind of benefit a broker can recommend without hesitation.
If you have any questions, please contact us at your convenience. We welcome and encourage your interest.
