Financial Health Support: 5 Strategies to Boost Your Workers' Economic Stability
In today's fast-paced world, companies are recognising the importance of financial wellness as a powerful driver of employee health, engagement, and loyalty. The speed at which an organisation can implement financial wellness initiatives is crucial in positioning itself as a forward-thinking employer. Companies that prioritise financial wellness are seen as forward-thinking employers of choice.
One such company leading the charge is 5StarEmpowerment.com, run by Dr. Melissa Weathersby. While the specific ownership details of the company are not known, Dr. Weathersby is undoubtedly at the helm, driving the company's mission to empower individuals through financial education and coaching.
Financial stress is a significant issue that affects employees' productivity and well-being. It's linked to chronic disease, mental illness, housing instability, and even suicide. In fact, 49% of workers who are distracted by their finances at work spend three or more hours a week thinking about or dealing with money problems at home. This stress leaves 84% of employees exhausted and burned out.
Employers are responding to this issue by offering one-on-one coaching sessions, both virtually and in-person, to provide confidential support for employees. Financial education is incorporated into engagement activities such as lunch-and-learns, webinars, and micro-learning video-based modules.
Financially stressed employees tend to take more sick days and have higher employer healthcare costs. Integrating financial coaching and education into wellness programs can stabilise finances, improve healthcare access, and build household resilience. This approach is aligned with healthcare and mental wellness initiatives, with HR and wellness staff trained to make cross-referrals.
Financial stress also raises cortisol levels, which damages the immune system, increases the risk for hypertension and heart disease, and worsens mental health. Higher rates of absenteeism and employees who are too distracted or weary to execute their jobs are associated with increased levels of financial strain.
The National Financial Educators Council estimates the ripple effect costs the U.S. $2 to 3 trillion annually in health expenses, lost productivity, and social support. To maximise the value of financial wellness programs, they are promoted and their outcomes are measured. This data is used to attract and retain talent and demonstrate the return on investment.
Forbes Coaches Council, an invitation-only community for leading business and career coaches, recognises the importance of financial wellness. By integrating financial coaching into existing wellness platforms through partnerships with financial wellness providers, companies can ensure their benefits platform caters to the holistic well-being of their employees.
In conclusion, financial wellness is not just about money management; it's about employee health, engagement, and loyalty. By prioritising financial wellness, companies can position themselves as forward-thinking employers, attract and retain top talent, and create a healthier, more productive workforce.
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