Financial and Physical Wellness Go Hand in Hand
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Wellness Programs: Encompassing Financial and Physical Wellness
Workplace wellness programs. We know you’ve heard us talk about them here, here and here. We hope you’ve even implemented one in your organization. When managing a wellness program though, many employers don’t realize that financial wellness is equally as important as physical wellness. In fact, employees who struggle from financial trouble are often less focused at work, live an unhealthier lifestyle and incur higher medical costs. Incorporating a financial component to your wellness program can be a strategic move that both your budget and employees will appreciate.
Financial problems are consistently rated among the highest sources of stress and can cause anxiety. This type of stress can lead to health problems like:
- high blood pressure
- cardiovascular disease and stomach disorders
- trouble sleeping
- moodiness and generally feeling run-down
- colds and minor illnesses
Stress due to money can increase absenteeism rates due to increased health problems and cause employees to search for higher paying jobs.
As an employer, you can help employees cope with financial problems and improve their financial situations. Consider offering financial benefits, including educational materials, resources for those needing advice or assistance and classes to teach basic to advanced financial wellness, including retirement savings. If you’ve got a wellness program, incorporate the financial component with the overall program. Work to increase awareness of your Employee Assistance Program (EAP) to boost utilization and ensure employees are taking advantage of the benefit.
Financial education should also be integrated with healthcare discussions to encourage more savvy healthcare consumers. Education will allow employees to be more confident in their healthcare expenditures, participate in consumer-directed health plans, consider mail-order prescriptions and take advantage of preventive care as well as saving themselves and their employer a significant chunk of change.
Having financial peace of mind will significantly reduce an employee’s stress level, which then improves overall health, along with focus, attitude and performance at work. Financial wellness can support your overall wellness initiatives by promoting healthier behaviors and attitudes in all aspects of life because, after all, happy employees = a better bottom line.
If you have questions about educating employees on both financial and physical wellness, chat with an ‘A’ Team member and experience a healthier workforce.
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