If you’re an employer looking to take innovative steps to turn your employees into brand ambassadors, improving their financial wellness is a great place to start.
In a time where company culture and work-life balance are key aspects behind employee workplace satisfaction, it’s becoming increasingly difficult for traditional 9-5 jobs to stand out among the rest. In fact, 57% of people reported that benefits and perks were among their top considerations before accepting a job. Add to this the fact that 45% of millennials are planning to leave their jobs soon or within two years and the need to make your business a place where employees want to work becomes crystal clear.
And why wouldn’t you want your employees to be content and proud of where they work? After all, no one makes a better brand ambassador than an employee.
Your employees can make or break someone else’s opinion of your company simply by sharing their workplace experiences during general day-to-day conversations. So it only makes sense that by keeping your employees happy, your business will be more successful. In short, satisfied employees will not only result in a more productive workplace, they will also help you attract future customers – often without even realising they’re doing so.
Why should I worry about employee financial wellness?
The effects of low financial wellness costs Australian businesses an estimated $33 billion per annum. Sickness, lack of concentration, low productivity and stress are all symptoms of low financial wellness.
60% of employees’ report that their level of financial wellness dramatically improves once a Financial Wellness Program has been implemented – but whilst the majority of employers see these programs as extremely valuable, only 15.2% of Australian employers offer Financial Wellness Programs.
Financial Wellness Programs are more beneficial than monetary bonuses, as studies find that traditional financial rewards only provide short-term motivation, leaving no lasting effect on employees opinion of a company. Implementing a program that will improve an employee’s level of financial wellness equips them with knowledge that will last them a lifetime, as well as immediately reducing their financial stress, leaving them happier, healthier and more willing to share the great experiences they’ve had working for you.
What if my employees aren’t financially stressed?
The need for financial wellbeing affects all of us equally, with 85% of Aussies admitting that they’re always on the lookout to improve their financial situation.
53% of workers admit to feeling extremely stressed about their finances, meaning that most of your workforce is probably in this boat. But this doesn’t necessarily mean that the rest of your employees have high financial wellness – it just means that they aren’t currently stressed about money.
Most of the time, we don’t realise how low our level of financial wellness is until life throws us a curve-ball. Take for example, millennials. Only 34% of millennials are unsatisfied with their current financial situation, however nearly 50% don’t believe that they could come up with $2,000 if an unexpected need arose within the next month. That leaves 16% of people who thought their finances were in order suddenly unable to raise funds in an emergency!
Financial wellness is a growing trend among top employers.
Take a look at the top Australian companies that employees most want to work for and you’ll notice that many of them have something in common – promoting financial wellness. Marriott Hotels & Resorts Australia and Adobe Systems (both listed in Great Place to Work Australia’s 2017 report) have Financial Wellness Programs in place, and credit their employees’ happiness to innovative ideas such as these.
Taking care of your employees’ financial wellness increases their job satisfaction, allowing them to become brand ambassadors and increase the success of your business. It’s just that simple.
So before locking down your company’s strategic plan and goals for 2018, consider implementing a Financial Wellness Program and let the results speak for themselves. The best programs are tailored to suit your audience’s needs (i.e. life stages, job role), making them beneficial to all those attending.
If you’re interested in learning more about our Financial Wellness Programs, don’t hesitate to contact us by calling 1300 388 285.