In previous years, workplace wellness programs often consisted of short-term initiatives that focused on physical health. We now understand that wellness is multifaceted and requires a holistic approach beyond exercise and diet to include mental and emotional factors. Since mental and physical health results from one’s environment, it’s essential to examine how external stress can have a significant impact. Since the leading cause of stress in Canada is finances (2020 Financial Stress Index), the three pillars of wellness are essentially comprised of physical, mental, and financial health. The synergy between the pillars constitutes an individual’s overall well-being.
With November being Financial Literacy Month in Canada, let’s review four ways to support your employees’ financial health and overall well-being.
1. Communicate your benefits
It’s important to select valuable benefits for employees, but you also have to effectively disseminate information about your benefits to drive utilization and impact employees’ financial well-being. Many employees aren’t aware of what’s available to them, so leverage your internal communication channels to summarize what benefits your employees can use. Communicate details about healthcare coverage, your group benefits plan, and your retirement plan to improve employees’ financial health and resiliency.
2. Consider a group retirement plan
If you don’t already have a group retirement plan, consider options to help make your employees feel more secure about their futures. Group plans are a highly valued benefit to many people and can drive talent attraction and retention, increasing your competitive advantage in the market. They improve long-term financial health for employees by expediting savings for a more comfortable retirement, but they can also improve physical and mental health by alleviating stress. Employees can also become more productive as they are motivated to work toward improved financial health for their retirement. For more information about setting up a group plan, please visit the People Corporation website or email grs.info@peoplecorporation.com.
3. Promote financial literacy and resilience
Encourage employees to develop their financial skills and understanding of financial matters such as budgeting, investing, and management. Understanding the financial market can seem daunting, especially when people receive mixed information from different groups and service providers. Equip your team members with accessible resources and tools to advance their financial literacy and build financial resilience that allows them to persevere through unforeseen financial situations, such as unemployment or health problems.
4. Implement a holistic health program
Sharing financial resources with employees is an effective step to improving financial literacy. However, to truly achieve sustainable improvement in financial well-being, the recommended approach is implementing a holistic digital health program. We now understand the repercussions that poor financial health can have on mental and physical well-being. Digital health programs that focus on the synergy of all areas of wellness will offer the most excellent chance of success in helping employees to improve their financial health and overall well-being.
Get in touch with our team to discover how BestLifeRewarded Innovations can support your organization with its customizable wellness program.