Tuesday, April 9, 2024
Boosting Employee Engagement: How Financial Wellness Leads to Productivity. Learn how you can boost your employee engagement and why it should be a priority.
Money is a leading stressor for employees of all ages and income levels. About 60% of employees say that they are financially stressed, according to PwC’s 2023 Employee Financial Wellness survey, and for those earning $100,000+ annually, 1 in 2 employees report having financial stress.
Poor financial wellness among employees can lead to larger problems for employers, including negative impacts on employee engagement and workplace productivity. The same PWC survey found that 76% of all financially stressed workers felt their financial stress harmed their overall performance.
Learn more about how money worries may be impacting your workforce and how investing in a robust financial wellness program can help dial down employee financial stress, improve overall well-being and even boost workplace productivity.
3 ways financial wellness positively impacts employee engagement and productivity
1. Fewer sick days and lower absenteeism
The effects of financial stress go beyond the wallet and bank account. Over time, money worries can compound and lead to a wide range of physical and mental health issues, such as insomnia, anxiety, depression and more. Stress-induced health issues can lead to increased employee absenteeism, use of sick days and decreased productivity.
According to Gallup data, about 75% of employer medical costs are due to preventable conditions. For instance, prioritizing financial wellness can help companies address the root cause behind many employees’ physical and mental health issues: financial stress.
By addressing the root cause (and not just the symptoms of financial stress), companies can reduce employee absenteeism and the number of sick days used.
2. A less distracted workforce
Money worries aren’t only limited to the home — for many employees, financial stress also bleeds into the workplace, damaging day-to-day engagement. According to PwC’s survey, financially stressed employees are five times more likely to say their money worries are a distraction at work.
Moreover, 56% of financially stressed employees say they’ve spent at least 3 hours at work thinking about or tending to their finances. Over time, these money-driven distractions can add up and cost employers productivity. A quality financial wellness program helps dial down employees’ financial stress, minimize money-related distractions and ultimately boost company productivity and outcomes.
3. Increased job satisfaction and retention
Financially stressed employees are less likely to see a secure, stable future for themselves at their current employer, compared to employees who aren’t facing financial stress. For instance, financially stressed employees are twice as likely to look for a new job than their peers, according to PwC’s 2023 survey. They’re also more likely to lack a sense of belonging at their company. Together, these factors can lead to higher attrition and employee turnover.
Companies can demonstrate their commitment to improved employee well-being and reduced financial stress by adopting quality financial wellness benefits (e.g., money coaching, budgeting tools, etc.) Investing in financial wellness can lead to a more engaged workforce, increased job satisfaction and a higher likelihood of retention.
When it comes to employee engagement, the right financial wellness tool can make all the difference.
Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial well-being.
Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget.
Our dedicated resources, partner offerings and 1000+ article library make Best Money Moves a leading benefit in bettering employee financial wellness.
To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.
Ilyce R. Glink, Founder+CEO
O: 847-242-0550x100
C: 312-933-3450
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