Organizations have taken this mantra to heart, implementing wellness programs to encourage healthy behaviors. Many of these programs, however, fall short in addressing one of the primary factors affecting employee health. Financial stress affects over 70% of the American workforce, creating a dramatic cost to organizational bottom-lines. It doesn’t show up as a line item on financial statements, but the effects of employee financial stress creep in through increased medical and turnover costs and decreased productivity.
Organizations are only beginning to understand and quantify the impact of employee financial stress. There’s a growing field of research on the topic that can assist in building the case for implementing a financial wellness initiative within your organization. Right here is a helpful place to get started.
When an organization commits to a financial wellness initiative, they gain employees who are less stressed, more financially savvy, and better prepared for retirement. Financial wellness becomes a proactive strategy for reducing benefit costs, and more significantly, it becomes a long-term investment in what matters most: your people.