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Striking a balance: How employers can meet both health and financial needs of employees

Story • 2nd Aug 2024 • 6 Min Read

Striking a balance: How employers can meet both health and financial needs of employees

Compensation & BenefitsCultureHR AnalyticsBenefits & RewardsCorporate Wellness Programs#HRCommunity

Author: Gabriela Paz Y Miño Gabriela Paz Y Miño
1K Reads
Companies valuing their people should consider ways to support employees' financial well-being. The first step is to ask employees what would improve their work experiences. Only 12% of employees are regularly asked about this

The priorities of employers and employees often diverge, creating a significant challenge in balancing health and financial support initiatives. Research from Willis Towers Watson (WTW) highlights this growing dichotomy: while employers emphasize mental and physical well-being, employees are increasingly concerned about their financial health. Bridging this gap is essential for fostering a motivated and productive workforce.

According to WTW's survey of 131 UK employers, 72% prioritize mental health support and 45% focus on physical health. This focus is a response to rising mental health issues and a significant portion of the workforce suffering from poor physical health. However, 59% of the 6,000 UK employees surveyed identified financial well-being as their top concern. Financial well-being ranks lower on employers’ agendas despite its importance to employees, with only 24% prioritizing it. This disparity can have tangible impacts on productivity and employee satisfaction.

The Wellbeing Diagnostic Survey revealed that while foundational financial support, such as life and disability insurance or retirement and savings programs, is commonly offered, fewer employers provide personalized financial education and decision support. With 42% of employees experiencing moderate or major issues in multiple areas of well-being and 59% reporting above-average stress levels, the need for a balanced approach becomes clear. Kazune Kozen, clinical and data analytics lead in health and benefits at WTW, emphasizes the disconnect between what employers offer and what employees need, noting that financial stability is a critical component of overall well-being.

Read also: Article: The well-being of leaders matters too (peoplemattersglobal.com)

Holistic Health and Financial Wellbeing

Holistic health encompasses physical, mental, social, and spiritual well-being. The McKinsey Health Institute's 2023 survey of over 30,000 employees across 30 countries found that positive work experiences are linked to better holistic health, increased innovation, and improved job performance. Workplace enablers predict good holistic health, while workplace demands strongly predict burnout. Therefore, a complementary approach addressing both demands and enablers is necessary.

Money concerns are one of the biggest causes of stress. PwC’s 2017 ‘Employee Financial Wellness Survey’ found that 53% of employees are stressed about finances. Recognizing this, smart companies are beginning to prioritize financial stability for their workers. A Barclays survey found that 38% of employees would move to a company that prioritizes financial well-being. Importantly, one in five employees want financial guidance from their employer.

Traditionally, involving employers in workers' financial concerns was considered an HR nightmare. However, employees are increasingly turning to their workplaces for help and guidance. Companies valuing their people should consider ways to support employees' financial well-being. The first step is to ask employees what would improve their work experiences. Only 12% of employees are regularly asked about this, and nearly half have never been asked at all.

Balancing health and financial support in the workplace requires a strategic approach that considers the diverse needs of employees. By integrating comprehensive wellness programs, offering flexible benefits, and maintaining open communication, employers can create a supportive environment that enhances both physical well-being and financial stability. This balance not only improves employee satisfaction and productivity but also contributes to a positive and thriving workplace culture.

Strategies for Achieving Balance

 

  1. Conduct Comprehensive Employee Surveys:

    • Understand employees' specific needs and preferences regarding health and financial support.

    • Use survey results to tailor programs that address the most pressing concerns.

  2. Integrate Health and Financial Wellness Programs:

    • Combine health initiatives with financial wellness programs, offering workshops on stress management and financial planning seminars.

    • Promote the idea that financial health is integral to overall well-being.

  3. Flexible Benefits Packages:

    • Provide customizable benefits packages that allow employees to choose between health and financial benefits based on individual needs.

    • Options can include gym memberships, mental health services, retirement planning, student loan repayment assistance, and financial counseling.

  4. Implement Comprehensive Health Programs:

    • Offer preventive and supportive health programs covering physical, mental, and emotional well-being.

    • Provide access to health screenings, mental health support, wellness challenges, and healthy lifestyle incentives.

  5. Financial Support Initiatives:

    • Introduce financial support initiatives like salary advances, emergency loans, or grants for employees facing financial difficulties.

    • Offer financial literacy programs to help employees manage their finances better and plan for the future.

  6. Transparent Communication:

    • Maintain open lines of communication about the availability and benefits of health and financial support programs.

    • Ensure employees are aware of the resources available and how to access them.

  7. Employee Assistance Programs (EAPs):

    • Offer confidential support for personal and financial issues through EAPs, including counseling services, legal advice, and financial planning assistance.

  8. Encourage a Healthy Work-Life Balance:

    • Promote flexible working hours and remote work options to help employees manage health and personal finances.

    • Encourage regular breaks, reasonable work hours, and policies that prevent burnout.

  9. Foster a Supportive Workplace Culture:

    • Create a workplace culture that values and supports employee wellbeing in all aspects.

    • Encourage peer support groups, mentorship programs, and team-building activities that promote both health and financial wellness.

  10. Regular Program Evaluation:

    • Regularly assess the effectiveness of health and financial support programs through feedback and performance metrics.

    • Adjust and improve programs based on employee needs and emerging trends in workplace wellness.

      Read also: 
      News: Millions of Victorians eligible for a one-off $250 cash handout from July 1 (peoplemattersglobal.com)

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