The Importance of Incentives for Your Employee Financial Wellness Program
Financial wellness program provides freedom from financial crunch as well as success for the company and workers together. More than 80% of the companies have already implemented while the rest 20% of companies are planning to do in the near future.
Financial success is the goal of both employers and employees pursue. The financial wellness program is the key to the success of a company and the personal success of every worker. Over 80% of enterprises have already implemented such programs while the rest 20% of companies are planning to do this in the nearest future.
These figures prove that the wellness programs have a large number of benefits, being cost-effective. If you still think that it is just a waste of time and money, check whether you have a clear understanding of what the wellness program is and how it works. Believe, it will help to get each dollar spent on its implementation back faster than you can imagine!
Why is an Employee Wellness Program a Must for a Successful Company?
Have you noticed that the productivity level has decreased? Can you guess what the reason is? In most cases, the problem is that employees don't feel financially secure. Having a lot of problems, among which the number one is the necessity to repay the student loans for education, workers can't concentrate on their current responsibilities.
These employees spend not less than three or four hours weekly being puzzled about how to cope with financial problems.
However, the employee wellness program offers an effective business solution. If properly designed, it will help to organize the workers at the company, reducing workplace stress. The key idea is to design it so that every employee feels sound and secure.
The main task for the employer is to build trustworthy relationships with the employees demonstrating that he/she prioritizes employees' financial health.
The program may cover a lot of various incentives, which differ from employer to employer. However, to stand out, modern companies offer something beyond medical insurance. The essence of this program is much deeper, involving direct care at every stage of an employee's life.
Employers will benefit from these financial wellness programs if they provide their employees not only with the theoretical recommendations on how to manage their budget but offering the practical pieces of advice on how to achieve financial health.
Main Pros the Well-Designed Program Will Provide You With
Do you still hesitate whether a wellness program is the one you need or you can achieve success without spending money on it? Check the benefits it can offer employers and you'll definitely feel free of doubts. The well-designed wellness program will:
- Boost productivity by protecting workers from any kind of financial insecurity.
- Improve the health of employees, which in its turn, will help to avoid numerous delays in work due to health problems.
- Build better relationships between the employer and employees.
- Help to prevent the situation when workers prefer not to retire feeling financially unstable.
- Provide more career opportunities for the younger generation of professionals.
Why Do Employees Give Preference to Companies with a Wellness Program?
Today, more and more workers are looking for jobs where they can feel safe and secure in terms of finance. It is not surprising that most employees rather choose the employer who can offer wellness programs than one who isn't concerned about the financial worries of his/her subordinates.
According to the surveys, most workers find the financial program helpful, for example in budget management and debt repayment. The program is intended to give a helping hand to everyone in need, providing a person with the assistance in saving money, preparing for retirement, having all investments under control.
How to Create the Best Financial Wellness Program for Employees?
A lot of employers postpone the process of implementing wellness programs due to the reason that it seems to be time-consuming and not cost-effective. In order to create a program that will work well, an interaction between the employer and his/her employees is needed.
What is meant under "interaction" in this context? The most common mistake many employers make is offering their workers things they don't really need.
When planning the program itself, employers should inquire from their employees about their ideas and opinions regarding the program, and what they would like to include in it. The program should not offer tactical answers to all financial issues but to provide the real help employees expect from the company.
The best way to create successful employee wellness programs is to communicate with the employees discussing the program at the stage of its planning and when it yields results. Evaluating the achievements of the program makes it easier to improve it, changing or adding some vital options.
How to Encourage More People to Participate: Incentives Work Miracles!
If you want more people to participate in the program, then it is high time to think about attractive wellness incentives for employees. Brainstorm ideas on what to offer employees to encourage them to take part in the financial wellness program.
For example, you could offer workers a certain amount of money for visiting courses on wellness. You may wonder why you should provide any incentives to the workers if the program itself is aimed at the health of workers. It is really so but to understand this, employees need to pass from the stage of the external incentives to the internal ones.
If you want your employees to have the right financial behavior, stimulate them to adopt it using some effective tools. Believe, motivation is the most powerful device for obtaining what you want from the workers.
The task of the good employer is to explain to employees which benefits they will get from adopting a certain financial behavior. Include both short-term and long-term incentives, and you will see the results immediately!
Is there anyone who doesn't like rewards? Everyone does! That's why it is of the utmost importance to reward employees for making each step in the wellness program from joining your plan to performing the tasks and meeting requirements.
The well-designed wellness program will bring fruit in the form of more responsible employees, focused on the main tasks. Contribute to the well being of employees, and this will lessen their financial stress.
About the Author
Emily Watts is a talented essay writer from AustralianWritings. She loves constantly writing articles and describing a different topic, bringing useful and up-to-date information. She has her own blog where she describes nature, pets, IT topics, beauty, etc. She mostly likes to write about the latest trends and mention topics that have an impact on the world.
As well, she also makes essays for students as a professional. Her writing can also help to make the assignment on time and do not fear that you will delay a task. She also expresses her support towards internships and optimizing time schedule for students.