Most employees in India belong to the millennial generation or generation X. One major problem faced by both these groups is a lack of sound financial planning, because of which they tend to have low financial security. This explains why so many individuals are facing issues such as credit card debts, lack of proper insurance, and poor investments. Add in family-related financial pressures to this mix of problems and the stress on these individuals can be tremendous.
If your employees are stressed because of their personal finances, they are bound to be distracted and unable to focus their attention during work. This is often referred to as presenteeism, where in an employee is physically present at work, but not fully productive due to stress related to issues outside of work. An interesting study by Willis Towers Watson suggested that employees lose 12.4 days of productivity per annum due to presenteeism. This can translate to significant losses for the organization.
Many organisations are therefore realising the value of implementing an effective financial wellness program. According to a recent report, 84% of 141 large- and mid-sized companies surveyed now have a financial wellness program, up from 76% a year ago. A financial wellness program will help educate employees about the right steps to effective financial planning. It will also show your employees that you care about their financial and personal well-being.
The organization will benefit from having financially sound employees, who are able to deliver their best at work in a stress-free manner. Here’s a summary of the all the benefits of having a good financial wellness program:
1) Increased productivity, because employees aren’t distracted by financial worries.
2) More predictable workforce flow throughout the organization.
3) Improved physical health of employees (high levels of financial stress are linked to sickness).
4) Increased employee engagement and retention.
5) More affordable retirement opportunities for older employees and career advancement opportunities for younger employees.
Ergos Life is India’s first holistic employee wellness initiative. We have a customisable financial wellness program which will help assess employees’ current financial health and improve their financial behavior, while also impacting business outcomes. If you want to know more about our financial wellness program, ask us for a FREE consultation. Contact us, TODAY!