Employee Financial Well-Being Becomes Part of The HR Agenda – MCDA CCG, Inc
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Employers are becoming increasingly concerned about employee financial health, once a taboo topic. HR professionals are key in spearheading health and wellbeing initiatives, because it’s a strategic HR priority. Employees are typically plagued by financial worries both at home and at work.
Although it is one of the primary reasons for stress among workers, financial wellbeing isn’t always considered when planning a workplace wellbeing program. Using this guide, HR professionals or managers of the workforce can gain a greater understanding of how their colleagues may be dealing with financial concerns in the workplace. With 62%of multinational companies vowing to introduce a Financial Wellbeing programme within 3 years, it’s important to be aware of the various elements of an effective and engaging programme.
WHAT IS EMPLOYEE WELL-BEING AND WHY DOES IT MATTER?
As employee well-being has evolved beyond physical health, employers have become more focused on building a culture that promotes quality of life across all aspects of the employee experience, including physical, emotional, financial, social, career, community, and purpose. Flexible working schedules, work locations, and times are the key to this.
To manage personal finances responsibly and securely, one must possess the skills and knowledge required. When people have a positive sense of financial wellbeing, they are more confident about their financial future, which has a positive effect on their mental health.
There is a high level of employer commitment to employee wellbeing and the majority of these programs have gained traction within organizations.
HOW CAN HR LEADERS PROMOTE EMPLOYEE WELL-BEING AND MENTAL HEALTH?
While HR leaders are emphasizing employee well-being and mental health due to remote working, the line between work and home is blurring. It is essential to foster workplace resilience to foster employee well-being.
Half of employees quit their job for their mental health in 2021. It’s up to HR leaders to curb the Great Resignation, and one of the ways to accomplish that is by offering mental health support to employees.
HOW CAN BUSINESS IMPROVE EMPLOYEE HEALTH AND WELLBEING?
In order to create the right culture, employers should work with their teams to ensure employee wellbeing is a priority, focusing on not only individual purpose, but also the overall growth and development of the company. Having employee health at the top of the list is a good sign for businesses.
Incorporating a workplace financial wellbeing programme can help organizations address these barriers.
One of the most effective ways of reducing workplace financial stress is to feel in control of one’s financial situation. As a result of an employer’s investment in financial wellbeing, the employee is provided with support and education that will allow him or her to take charge of how their money is managed. In addition to better managing their money, employees have access to impartial financial wellbeing experts who can help reduce any additional stress caused by their financial circumstances.
FINAL THOUGHTS:
The issue of properly securing a company’s workforce can be complicated if the knowledge on this topic has not always been widespread. MCDA CCG experts can help assess and implement crucial internal controls to protect your business.
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