The happier your employees are the better work they’re going to do and the longer they’re likely to want to stay with your company. There are lots of things you can do to keep your employees happy but addressing their financial wellness is a great place to start. Did you know that over 70% of Americans told a recent survey they had felt stressed about money at some point in the previous month?
Financial stress is a huge issue affecting Americans today and if this is something you can potentially help your employees with then why wouldn’t you? To learn how to increase your employee satisfaction and improve their financial well-being, read on.
1. Offer Generous Benefits
While you’re always going to be worried about your company’s bottom line it is important that you’re paying your employees a satisfactory wage and offering what benefits you’re able to. Things like retirement plans, healthcare, seasonal bonuses, and share option plans can all greatly help to ease financial worries your employees may be having while also encouraging greater levels of employee satisfaction and loyalty at your company.
It is also a nice gesture to agree to revisit your employee’s wages on a regular basis. They might have earned a higher salary through hard work but you may also simply want to adjust for inflation.
2. Education Is Key
When you think about what causes financial stress, a lot of the time the answer is a lack of financial literacy. Some people were never given the tools to make smart financial choices and this puts them at an automatic disadvantage when it comes to financial management.
This is why it can be a nice gesture to offer some form of an educational seminar about money management or access to personalized financial guidance. These are the kinds of things that will really benefit your employees in the long run.
3. Offer Help When They Need It
Something else that can ease financial stress? Knowing that you have access to help when you need it. Living without a financial safety net can be an especially scary feeling.
But did you know there are ways that you can offer extra assistance to your employees at no extra cost to yourself? Things like earned wage access can be helpful to those employees who need money before payday. If you’re interested in further reading on this topic you’ll find more info here.
Promote Financial Wellness Among Your Employees
As the entity paying your employee’s wages, there is so much you can do to help improve their financial wellness. Start by implementing a few of the above tips. You might be surprised by how big an impact they can have.
If you’d like to read more about how you can help promote financial health within your organization, we’ve got lots of content on this very topic. Check out the rest of our site now.