According to MetLife’s 17th Annual U.S. Employee Benefit Trends Study, based on October 2018 interviews with 2,675 employees and 2,500 benefits decision makers, personal finances are employees’ number one source of stress.
This is cause for concern for employers considering that based on research by the World Health Organization, stress costs American businesses over $300 BILLION a year. This expense is a result of various stress-related expenses including absenteeism, decreased productivity, and increased healthcare claims.
Employees are financially stressed because so many of them are living paycheck-to-paycheck. According to PwC’s latest Employee Financial Wellness Survey, nearly half (47%) of employees report that they are stressed dealing with their financial situation, and 41% say that their stress level related to financial issues has increased over the last 12 months.
Breaking the paycheck-to-paycheck cycle is achievable when employers help employees see the way through a range of voluntary benefits such as automated savings programs, 401K, and others.
Optimal impact is achieved when a Financial Wellness program helps employees address the root causes of their financial struggles so they can better align their financial choices with their purpose and most important life goals.
Employers who offer a Financial Wellness program to their staff can lower levels of money-related stress, increase 401K participation, and improve employee outlook about their financial future.
Financial wellness has been linked to improved productivity, increased engagement, and enhanced organizational commitment.
Insight Wellness Works offers a 4-week Financial Wellness Program that facilitates thought-provoking activities and interactive discussions that are unique to each employee group so participants can address their personal financial goals and hurdles. Here is what one client had to say about the program
“We contracted with Insight Wellness Works for the Living Paycheck to Purpose program. Open discussion in the weekly sessions brought about a new perspective and ultimately a way to achieve success as defined by each person. I am so pleased to work with Insight Wellness Works and to see the change in our employees after this program and the personal coaching sessions.” Director of HR, Farmer Mold & Machine Works, Inc.
Insight Wellness Works is based in St. Petersburg, Florida, and has been serving employers in Tampa Bay and its surrounding cities since 2010. We have a large team of credentialed wellness professionals offering a variety of workplace wellness services that focus on health promotion and disease prevention. We change lives and transform the culture of health in workplaces. Contact us today to discuss how we can help your business and employees achieve wellness goals.