Today’s employees want an employer that supports them to be better at work, at home, and in the community. At work, just as in their everyday lives, employees want to feel secure.
So what’s getting in the way of that ultimate goal? According to a recent survey by consulting firm PwC: financial stress.
PwC’s 2023 Employee Financial Wellness Survey sheds light on how the economy and the workplace factor into daily life for employees across the country. It’s a great resource for business owners looking for ways to better support their team. Another great resource? Right here at Sqwire! Our mission is to help more Americans achieve financial wellness. That’s our “why.” Before we get to our “how,” let’s take a closer look at what’s happening in the workplace.
Financial Stress: It’s Holding Your Employees Back
The PwC survey findings paint a stark picture of financial stress experienced by employees across various income brackets. A staggering 60% of full-time employees report experiencing financial stress; what’s more surprising is this number surpasses levels observed during the peak of the pandemic.
While financial stress certainly begins with monetary concerns, it doesn’t end there. In the survey, employees identify several key areas negatively affected by their financial worries, including sleep, mental health, self-esteem, physical health, and relationships at home. These findings underscore the correlation between financial well-being and broader aspects of well-being. What does this mean in the workplace? It’s a clarion call for employers to be invested in finding solutions.
How Organizational Changes Affect Employees
As businesses grapple with global social and economic challenges, achieving balance between their bottom line and their employees’ needs has become harder than ever. Many companies have had to seek out cost-cutting measures in order to stay the course through turbulent times. A separate PwC survey, the Pulse Survey of CHROs and human-capital leadership, reveals that over 80% of CHROs have taken actions such as voluntary early retirement and layoffs. While these changes are often necessary for growth—or more urgently, survival—of a business, it goes without saying that they can have profound implications for employees. Consequently, employees are grappling with increased stress levels, with financial concerns emerging as a prominent factor.
The Employer’s Role in Financial Wellness
We’ve established that financial stress leads today’s employers to prioritize financial wellness initiatives. When you give more to your employees, they have more to give—at work, at home, and in the community. Here are some strategies to promote financial wellness in your workplace:
- Financial Education and Resources: Provide employees with access to financial literacy programs, resources, and tools to enhance their financial knowledge and decision-making skills. Empowering employees to manage their finances effectively can alleviate stress and promote financial resilience.
- Employee Assistance Programs (EAPs): Offer comprehensive EAPs that include financial counseling services to support employees facing financial challenges. These programs can provide personalized guidance and resources to help employees navigate financial difficulties and improve their overall well-being.
- Flexible Compensation and Benefits: Evaluate and enhance compensation and benefits packages to better meet the evolving needs of employees. Consider offering flexible work arrangements, wellness benefits, and financial incentives in place of awards.
- Communication and Supportive Culture: Cultivate a supportive organizational culture where employees feel comfortable discussing financial concerns without fear of judgment. Encourage managers to proactively engage with their teams and provide guidance and support as needed.
- Long-Term Financial Planning: Encourage employees to prioritize long-term financial planning and goal-setting to build financial security and resilience. Provide access to retirement planning resources, investment options, and savings programs to help employees plan for their future with confidence.
How Sqwire Helps Employers Support Employee Wellness
Today, there are myriad ways to create a culture that prioritizes employee wellness. And since we know that finances have a major, direct impact on overall well-being, it only makes sense to prioritize financial wellness initiatives. At Sqwire, it’s our mission to help more Americans live their best financial lives. Our team passionately believes that we can all reach our goals given the right tools. Sqwire partners with businesses, organizations, and nonprofits, providing education and resources to enhance financial wellness and professional success. With our user-friendly digital platform, your employees will have a multitude of tools and courses at their disposal to help them learn how to manage their finances in the present and plan for the future.
The evolution to a more human-centered workplace enables employees to better integrate work into their lives, leading to increased job satisfaction, productivity, and overall well-being. When you support employee financial wellness, you create a healthier, more resilient workforce. Ready to help your people live their best lives? Reach out to Sqwire for the best in financial education!
Sqwire is on a mission to help people take control of their financial future. We partner with businesses, organizations, and solopreneurs to provide our SqwireLife platform to employees and customers. Let’s talk about how you can provide them with FREE access to 70+ lessons on personal finance topics, from insurance to investing to retirement and more!