In our previous blog, we emphasized how good nutrition, regular exercise, and enough sleep is essential for living a life of holistic wellness. In addition to these aspects, many studies have shown that financial wellness also plays a major role in the overall wellness of an individual, thus, contributing to workplace wellness too.
And so, many companies have started incorporating financial wellness programs into their corporate wellness program ideas.
According to a recent 2019 PwC Employee Financial Wellness Survey, 59% of employees mentioned financial matters were a primary concern that affected their health, performance, and productivity.
Although there were many reasons for finance-related pressures, the most common ones were about healthcare costs. The 3 typical factors that needed spending more towards medical costs were –
- Increased health disorders
- Expensive healthcare systems
- Higher pills or drug intake
Only 18% of employers were providing some kind of medical cost assistance to the employees, whereas the others had to spend from their pockets towards healthcare. These increased expenses were a major reason for stress, which worsened employee health, their performance at work, increased premium & healthcare costs, in turn, impacting the organizational productivity.
To avoid these issues, many companies have started offering financial wellness programs as a part of the workplace wellness programs to help the employees make better finance-related decisions for a better future. Here are a couple of tips for the employers to assist their workforce for finance wellness.
Health Savings Accounts (HSAs) and HDHPs
High-deductible health plans (HDHPs) are favorable employee benefits, and employers are now allowing additional health savings accounts (HSAs) for employees enrolled under HDHPs. Along with the employee deductions, the employers also contribute towards these tax-free savings which can be used for various healthcare purposes.
Offering Educational Sessions
A survey report said that although there was an 11% rise in the number of employers offering the health savings account and other healthcare contributions, only a small fraction of employees were making use of the amenities as most of them are not aware of how these savings plan work in their favor. So, apart from offering these employee benefits, the employers also need to hold educational sessions with financial consultants, etc., to help them guide the employees with making the right financial decision for their future.
Wellness Challenges For Health Benefits
Due to consistent health issues, most employees have to spend a lot on medicines and tests, while employers also ought to spend on insurance & healthcare costs. To avoid these issues, it is needed to focus on the root of the health issues, and cultivate habits that improve employee health and wellness. Include wellness challenges in your workplace wellness programs that improve their health and offer many health benefits.
The most common corporate wellness program ideas are –
- Weight loss programs
- Stress management
- Better sleep
- Smoking cessation
- Good nutrition
- Flexible working hours
- Screenings & tests
- Coaching & Therapy
- Gym memberships
A successful wellness program is one in which employee engagement and participation rates are high, along with positive outcomes. Rewarding the employees with adequate and appropriate incentives for their participation or activity completion is a great of engaging them, and also driving them towards holistic wellness.
At FreeWellnessPlatform.com, we have designed our employee wellness programs to offer health and wellness benefits, along with financial wellness programs that also play a major role in the wellbeing of the workforce. Also, the reward points earned by the employees can be transferred towards their HSA, if permitted by the employer. Thus, our wellness programs focus on the overall wellness of the employee, resulting in better productivity and business ROI.
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