Money might make the world go ‘round, but it’s also a major stressor in many employees’ lives. A survey showed that 42 percent of Canadians say money is their biggest cause of stress. What’s more, 87 percent of Canadians say they regret their financial decisions.
That stress has an effect in the workplace, with 36 percent of employees saying their financial concerns affect their ability to do their job. So, it’s no wonder that 84 percent of large- and mid- sized companies south of the border are offering employee financial wellness programs—up from 76 percent the previous year. That trend is catching on here in Canada, too, with consulting firms like Mercer Canada offering corporations advice on how to implement employee financial wellness programs.
If you’re considering a financial wellness program at your company or looking for ways to improve your current program, check out our list of financial wellness ideas and financial giveaways to help your employees get more fiscally fit.
Encourage employees to set a monthly budget
According to Practical Money Skills Canada, only 47 percent of Canadians use a budget. Encouraging your employees to set up a monthly budget can help them start saving for unexpected financial troubles. Offer them financial giveaways to make it easier.
Provide information about employer financial benefits
Many employees don’t fully understand the financial benefits their company offers, from RRSP matching to life insurance. Your employees would benefit from group learning sessions, a personal discussion with human resources, or a reminder of where to go online to learn about their employee financial wellness benefits. Help them keep that web link handy by printing it on a pencil shaped like a dollar sign.
Offer one-on-one professional financial advice
Employees seek personalized financial advice that is tailored to their unique situation. Provide access to an internal or external financial expert who can help them achieve their financial goals, from preparing for retirement to buying a house.
Get to know what your employees are striving for and provide financial giveaways to match. Prospective home or auto buyers will appreciate a document organizer to help keep their paperwork organized. This calculator will come in handy when figuring monthly budgets and payments.
Financial wellness is a monetary win for all
Helping your employees understand their finances can help them worry less—allowing them to focus on doing their best work. With the help of a financial fitness program and financial giveaways, you can help your employees get fiscally fit.