You’ve probably heard the headlines, debt levels continue to rise and Canadians are stressed about their finances. Did you know that 44% of Albertans are living paycheque to paycheque and would struggle to meet their financial commitments if their pay was delayed even one week? What you may not realize is just how big of an impact that financial stress can have on employee productivity and morale in the workplace.
Nearly one third of employees have reported that personal financial issues have been a distraction at work, and of those employees, close to half (46%) say they spend three plus hours each week at the office stressing or dealing with finances. You don’t need a calculator to realize what a big productivity drain and cost this can be!
Some common areas these costs manifest are more sick days, increased use of health benefits (leading to higher premiums), higher turnover, and more time spent by HR dealing with employee issues.
The good news is, you can help! Although traditional employee benefits programs have focused on pensions or savings plans alone, more and more employers are waking up to the value a well rounded financial wellness program can bring to their organization. When looking for a new job, financial wellness programs are seen as a large deciding factor by around a third of Canadian workers.
Along with improving productivity and reducing stress, leading to a more profitable and happier workplace. A well-rounded financial wellness program that includes access to financial literacy workshops, one-on-one financial coaching, help with maximizing benefits and group savings can help make your company an employer of choice.
When searching for a financial wellness provider it is important to look for a firm that will actually listen to and help your employees, not just try to sell them expensive financial products.
Financial wellness is about so much more than investments. Always make sure to ask how any potential partner is compensated to ensure your people are truly getting unbiased advice, fee for service models are best.
Survey after survey has shown that employee retention is no longer just about the salary, it is about the whole package of benefits and programs available. That being said, employees often have no idea the true value of workplace benefits, they only focus on salary dollar value. Wouldn't it be great for them to find out they have a 25% boost on their total compensation package once benefits and wellness programs are factored in? Imagine what that would do to your retention and turnover!
Don’t get left in the dust when it comes to attracting and retaining today’s top talent, ensure financial wellness is a cornerstone of your employee offering!
Finovo Wealth Inc. is a fee only Financial Coaching business based in Calgary that focuses on helping employees and individuals reduce stress and increase happiness in their lives through better habits and behaviors around their finances. Visit finovo.ca or give them a call at 1-888-573-9995 to learn more about how financial wellness programs could help your organization.