Did you know that nearly 78 percent of full-time workers are living paycheck to paycheck?
When you don’t have enough to put away for savings, proper medical care can be a luxury that workers just can’t afford. Even worse, the increased stress of being one step away from a financial emergency makes it more likely that health issues emerge.
It’s important that as an employer, you’re doing all you can to ensure that your employees have a fulfilling work life. With this in mind, read on to learn how you can help your staff achieve financial wellness!
What is Financial Wellness?
Financial wellness can mean different things for different people and families. In general, it means the ability to comfortably enjoy life without stressing out about whether you’re able to pay for necessities such as the roof over your head, food, and healthcare.
Financial wellness also includes the ability to invest in the future. People need to have enough in order to save for emergencies, retirement, and discretionary spending.
How to Help Your Employees Save Money
If you want happier and more productive workers than you need to help them ease the stress that financial burden brings. Here are some of our top financial wellness tips in order to help employees save more.
Provide Financial Wellness Benefits
Employers aren’t able to directly provide financial advice to their employees. However, they can include free access to financial wellness programs and coaches that help train and empower employees. These programs can help teach employees about creating budgets, paying off debt, improving credit, and even minimizing student loan payments.
If your office is based in the city and you require many of your employees to work on-site, providing transit benefits can potentially save them hundreds of dollars a month. This is especially helpful if you already know that your city has good and reliable public transportation available. Employees will arrive on time and they won’t have to worry about the cost of gas or insurance, especially if they don’t have their own car.
Student Loan Assistance
The student loan crisis in the United States is a well-documented issue. Although college graduates earn 80 percent more than those with just a high school diploma, they’re often struggling with thousands of dollars of debt throughout their lives. Employers can help with loan assistance programs. This gives them more money each month to put into savings or retirement accounts.
The Right Paystub Generator
Small businesses can take advantage of a reputable paystub generator in order to make the process of generating paystubs for employees easier. Paystubs are also a must-have because they increase the transparency between employees and employers. Workers can see right away the amount of money they’ve earned each month as well as the deductions. This makes it easier for them to create budgets and keep track of their income over time.
Helping Employees Save More
Your employees are more than a number. In fact, they’re the backbone of any successful business. It’s important that you understand that your employees are human beings that need to feel supported and appreciated in their workplace.
The best way to do this is to provide the tangible benefit of financial wellness. Once employees are able to take control of their finances, they’ll enjoy reduced stress and overall greater quality of life.
Ready for more ways to improve your relationship with employees? Keep reading our blog for more tips!