Employee Benefits: Why Your Financial Wellness Matters
In general, our view of health tends to be limited to physical and mental health. It is important to be actively engaged in your surroundings, to exercise regularly, and eat health food to maintain your energy and weight. But what about financial health?
Financial health is having a comfortable control over your finances. It does not being millionaire rich, but rather having the knowledge and abilities to manage them.
Employee wellness plans primarily focus on physical health, as discussed above. However financial health can be just as important, and in many ways can have an impact on your personal well-being. Personal financial stress can contribute to poor health, which then depletes your resources in a vicious, unending difficult cycle.
From a business owner’s standpoint, investing in employee benefits plan that help employees manage their finances can have extensive benefits. Helping employees to feel more confident and in control of their personal financial situation can improve workplace productivity, reduce absenteeism, and help decrease workplace distraction.
And, prevention is always better than a cure. By providing strong employee benefits plan with educational resources to help guide employees on how to use them, it prioritizes healthy financial habits and behaviors before they ever encounter financial difficulties. And, when those inevitable setbacks occur, they have the tools to deal with them.
Despite all of the positive evidence, few employers take full advantage of the power of benefits programs. In one study, only 56 percent of identify providing resources to employees to help them manage their financial decisions as an important benefits strategy.
What’s more, surveys consistently show that good employees favor employers that offer quality benefits, and recent studies repeatedly confirm that workers are willing to pay more of the share of benefit costs in order to keep access to group rates. Contact GMG Insurance today for more information on our Employee Benefits Plans (855) 407-4450