24 November 2021
Highlight: Employee wellbeing is the direct consequence of a balance between sufficient income and affordable expenses.
We’ve often come across the saying, “Money can’t buy happiness.” Although true in certain aspects of life, access to material things can give a temporary rush of joy, if not a prolonged sense of fulfillment. With changing standards of living, the need to maintain a certain lifestyle has increased substantially. People love to spend money on their comfort and luxury. As such, the comforts and luxuries of yesterday have become today’s necessities.
A majority of the salaried class today owns a car, their children study in private schools, loves branded stuff such as watches, shoes, clothing, etc and plans to have vacations abroad. These upscaled changes in lifestyle preferences have also been fueled by the easy availability of credit cards, instant personal loans that could be customized to suit the borrower, and seamless virtual transactions across e-commerce platforms. Money might not be able to buy or sustain our happiness but spending it in the right way can surely earn memories, experiences, and satisfaction.
An increase in salary won’t hurt us but could be an extended means towards the happiness we deserve.
In the world we live in today, the cut-throat competition, the compulsion to maintain a certain lifestyle and have a particular social standing urges employees to move towards jobs offering better financial prospects both in terms of compensation and wellness programs. This fact further reiterates the sentiment that financial happiness induces personal happiness.
Employees’ mental and emotional well-being increases when they feel good about their financial decisions and are comfortable with their financial circumstances. Individuals addicted to shopping or reliant on material objects to lift their spirits may experience stress and feelings of inadequacy if they are not earning their potential salaries as per their expectations. For that, Companies can assist employees in improving their relationships with their finances by offering guidance on suitable spending patterns.
Financial health in a holistic wellness program is more than just retirement gains or a steady income; it must also address the employees’ connection with money, budget management, and everyday spending patterns that affect their entire lifestyle, physically and emotionally.
Financial wellness programs have always been a good idea to recenter the idea of productivity around employee happiness. A report by the Consumer Financial Protection Bureau states how wellness programs have always helped in enhancing the working environment and have resulted in happier employees. These employee wellness programs encompass the mental health and wellbeing of employees as well. Wellness programs which include educating the workforce in budgeting and saving goes a long way in reducing their stress levels. Introducing wellness schemes such as healthcare also boosts company morale.
Financial wellness and Stability are prime motivators for efficient employees. While hard skills are important for a company’s growth, mental health and overall wellbeing must also be given attention to ensure a fruitful working environment.
The goal of EarlySalary’s corporate employee benefits programme is simple: we want to change the way salaried professionals get credit by introducing the concept of an instant digital salary advance. Our corporate partnerships for employee wellness initiatives are among the most appealing on the market. To solve your money problems, visit EarlySalary today!
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