Why Financial Wellness is Important to Employees in a Post-COVID Workforce

Financial Wellness

23 February 2022

Why Financial Wellness is Important to Employees in a Post-COVID Workforce

Workplaces around the world are reopening as employees get vaccinated against the covid-19 virus. But while the masses are gradually returning to their normal lives, they’re doing this after facing a series of economic challenges due to the deadly virus. Many are still recovering financially after the global pandemic. Many employees faced pay cuts, for example, during the pandemic, which of course had an impact on their work productivity and mental health. As we return to the office, it’s time we recognise that financial wellness is crucial to reduce personal financial hardships in the post-covid era.

Financial Wellness Programs: Key to a Post-Covid World?

Financial wellness programs are a critical cog in the wheel for any organisation that seeks to provide tangible benefits to their employees for superior financial management and overall growth. They’re closely linked to superior job satisfaction, making financial wellness benefits an important part of every employer’s workspace experience. So, when it comes to the employees’ financial wellness in a post-covid workforce, employers need to rethink the financial wellness for employees for them to regain their financial stability. 

Most employers usually have financial wellness programs to assist the employees with regard to financial assistance and management of their finances. The employers either provide these financial wellness benefits directly or resort to third-party platforms like EarlySalary to provide financial assistance to their employees. 

Here are a few reasons why financial wellness is important to employees in a post-covid workforce. 

  • Employees need help rebuilding the savings post-pandemic 

The pandemic took a financial toll on every professional. For many, digging into the savings was the only way to go through the global pandemic. Spending the savings on medical bills, electricity bills, children’s education fees, and the list goes on when it comes to the employee’s financial exhaustion during the pandemic. Employees need to have financial security in a post-covid workforce to rebuild their savings for the future. 

  • Better mental health 

There’s certainly been a drastic decrease in professional mental health due to financial stress, with as many as 40-60% of youth citing it as a major concern according to the World Economic Forum. 

It’s obvious how financial wellness programs could go a long way in correcting this scenario.

  • Improved job satisfaction and work productivity

Another reason why financial wellness is important for employees in a post-pandemic workplace is because of increased productivity and job satisfaction. When employees are constantly worried about their finances, performance and productivity are naturally impacted. 

  • Loan assistance 

The employees can need personal loans for meeting unexpected expenses and emergencies. A comprehensive financial wellness program by the employers also involves making loans available to the employees at low-interest rates or even zero interest rates to reduce the financial burden. 

Loans at lower interest rates or zero interest rates will help the employees repay the loan amount in easy repayment EMIs making the repayment less stressful. Moreover, repayment of loans on time will allow the employees to improve their credit score, which is further going to increase their chances of easily getting loan approvals. 

It is clear that not only is financial wellness critical to employees, but also employers in a post covid workforce. However, setting up comprehensive financial programs can come with a few limitations, such as lack of knowledge about the employee’s financial health, lack of staff to enforce the programs, and taking care of every employee on an individual level. 

This is where EarlySalary plays an important role in providing financial assistance and can look into every employee at an individual level. Scores of leading organisations have picked EarlySalary’s expertise to deliver the goods on this front. Check out EarlySalary’s financial wellness programs here. 

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