Financial Wellbeing in the Workplace

financial wellbeing

How do you promote financial wellbeing in the workplace? Many employers may find themselves struggling to answer this question. Even if your company currently offers a wide range of employee benefits and has a healthy and supportive office culture, you may want to take another look at what your company could do to further promote financial health among your workers. If you’re wondering why is financial wellness important to employers, the short answer is that financially sound employees may be more invested in your company, more satisfied with their work and more motivated to do their best. If the concept of financial wellbeing in the workplace is new to you, here are a few rules of thumb to help your company adopt this important principle right away.

Provide Tax Benefits and Other Key Employee Perks

Tax-beneficial job perks and a wide range of attractive employee benefits are simple and effective ways employers can support their employees’ financial wellbeing. In addition to offering certain benefits, you may also want to hold informational sessions so employees can learn about the details and financial implications of the benefits. Some common financial perks that many employers give their workers include:

  • Health savings accounts, or HSAs
  • Health insurance coverage, including dental and vision
  • Retirement plans, such as 401(k) plans and matching
  • Pensions or other employee savings plans
  • Paid sick leave and paid vacation time

Give Your Employees Essential Company Discounts

Another easy way your business can support employees’ financial health is by offering company discounts as an additional employee benefit. This move saves your employees money and promotes healthy financial habits as well. Some discounts you could offer include:

  • Group vision and dental insurance plan discounts
  • Employee purchase programs via payroll deduction for school tuition and other important services
  • Discounts on company products and services
  • Discounts for local attractions or company-sponsored products

Support or Sponsor Additional Employee Financial Training

Last but not least, remember to help your employees grow in their financial knowledge by frequently offering training and educational sessions. For example, some companies choose to institute the following:

  • Financial incentives to meet with a financial planner
  • Employee financial training sessions or financial planning retreats
  • Raffles with prizes for those who attend local financial events

From employee benefits and regular training sessions to company perks and more, there are several straightforward yet potentially profound ways your company can support the financial wellbeing of your workers. Boosting your employees’ financial literacy and helping them get on solid financial ground can have widespread positive ramifications not only for individual employees but also for the company at large. If you’re searching for ways your company can promote employees’ financial health, look no further than this quick list to get you started.

About The Hilb Group

Deciding what coverage you need and what limits and deductibles make the most sense can be tricky. Founded in 2009, the Hilb Group has been helping clients to make sense of their options and make the smartest choices for their circumstances. Whether you need Warehouse Insurance or any other type of business or personal coverage, we encourage you to contact our friendly, experienced, and capable team today. Call us at (800) 776-3078 for a consultation.