16 July 2020
In the present evolving workforce, businesses are revaluating how they approach employee benefits. In the endeavors to draw in and hold top ability, organizations are meaning to make all the more engaging advantages programs. They are thinking about new, progressively extensive ways to deal with benefits. Considerably more significantly, they are pondering the make-up of their workforce and which benefits their employees’ worth most.
Millennial-age employees have various unique difficulties and are searching for specific advantages from their bosses. One of the worries of numerous millennial employees is financial wellness.
Financial wellbeing is about being in control of your day-to-day finances and having the financial freedom to make choices that allow you to enjoy life.
Some of the signs of financial wellness include:
Being able to pay monthly EMIs or rent
A feeling of control over the financial situation
Having money for necessities
Can afford to maintain a good standard of living
Feeling of secure employment in the current job
Being able to pay for healthcare costs
Saving enough for retirement
Low level of financial stress
Ability to handle three months unpaid without problem (under emergency crisis)
Confident in ability to afford healthcare-related payments
It is important to note that salary and financial wellness are not entirely dependent on one-and-other. A higher salary does not really bring about better financial wellness. Financial wellness is related to giving your employees the assistance and knowledge they need to smoothly manage their finances.
Millennials are the largest generation in the workforce, and they battle with financial wellness significantly more than prior generations.
How Does Financial Wellness Impact Your Workplace?
Failure to put resources into your workforce’s financial wellness can have an adverse impact on your bottom line. The first concern is the financial stress your employees face daily. Businesses with the workforce that are worried about their finances suffer from:
High attrition rate
Low working morale
How To Help Employees Become Financially Well?
There are some systems and programs an organization can put in place to help its employees become more financially well.
Providing employees access to financial literacy helps empower them to take control of their personal finances. For this assist them with a benefits package that includes financial advice, investment assistance, and help in financial management is highly desirable.
In today’s digital age, employers making work easy for them is accorded a higher priority rather than a higher salary, although good pay certainly remains desirable. Further, employees also like to be cared for, and attractive benefits packages show that the employers care. Employee benefits are, therefore, very important to attract and retain a skilled workforce. There are many instant loan apps available in the market which comes handy while managing the financial crisis.
In addition to all these if possible, get them access to some credible financial coaches. Offering access to a dedicated advisor can give employees peace of mind knowing they have a finance expert to turn to for advice.
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