Investing in Employee Financial Wellness: A Win-Win Strategy for Businesses

As businesses work to adapt to meet the changing needs of the economy and labor market, research has shown that employee well-being is crucial to the productivity of many organizations. A meaningful commitment to employee well-being should take a holistic approach that addresses employees’ physical, mental, and financial health.?

Recent studies have highlighted the impact that financial stress can have on an individual’s mental and physical health. In addition, these studies have indicated that implications such as sleep disorders, digestive problems, high blood pressure, and weakened immune systems may arise. These can lead to absenteeism, reduced focus and productivity, and ultimately costs businesses $150 billion annually when employees are stressed at work.

A meaningful commitment to employee well-being should take a holistic approach that addresses employees’ physical, mental, and financial health.?

To help support employee well-being, businesses can provide resources that address more aspects of wellness. With 71% of US employees reporting that financial stress negatively affects their work and personal lives, financial wellness is an area that can have a significant impact on overall well-being.

Financial wellness may help people to meet their current financial needs and feel more secure in planning for future goals, such as owning a home or investing for retirement. Achieving financial wellness often requires financial literacy and may include steps such as creating a budget or setting financial goals. Companies can play an important role in helping their employees build financial wellness by offering programs like Kashable, an employment-based lending platform that provides low-cost loans, educational resources, and tools to help positively affect their credit.

Businesses can support employees with a holistic approach to benefits and wellbeing, such as flexible work arrangements and health-related benefits like gym memberships and mental health initiatives. Adding these benefits to a financial wellness platform like Kashable can show employers are invested in supporting their employees.?

Kashable offers access to low-cost loans for employees who may not have access to traditional banking options. With easy repayment via payroll, employees can avoid taking on costly credit card debt or withdrawing from retirement savings. Kashable also offers savings accounts, live financial coaching, free credit monitoring, and a financial literacy library— all crucial tools to empower your employees to take control of their financial well-being.?

By incorporating expanded benefits, including financial wellness options such as those offered by Kashable, companies can create a culture of well-being that promotes physical, mental, emotional, and financial health and may benefit from increased productivity, reduced absenteeism, and improved morale. By investing in the well-being of their employees, companies can reap the rewards of a happier, healthier, and more engaged workforce.?