Relationship between Financial Wellbeing and Your Employee Benefits

In today's fast-paced and competitive work environment, the well-being of employees is paramount. However, while physical and mental health often take centre stage, financial wellbeing is sometimes overlooked. For employers and HR professionals, prioritising financial wellbeing in your employee benefits package can yield significant benefits for both the workforce and the organisation.

The Importance of Financial Wellbeing

1. Enhanced Employee Productivity

Financial stress can be a significant distraction for employees, impacting their productivity and overall job performance. When employees are worried about their finances, it can lead to increased absenteeism and lower morale. By providing financial wellbeing programmes, employers can help alleviate these concerns, allowing employees to focus better on their work. In fact, offering On-Demand Pay reduces absenteeism by 13%.

2. Improved Employee Retention

Offering robust financial wellbeing benefits can set your organisation apart in a competitive job market. Employees are more likely to stay with a company that shows genuine concern for their financial health. This leads to higher retention rates and reduces the costs associated with recruiting and training new employees. Level has helped clients reduce staff turnover by 50%.

3. Attraction of Top Talent

Incorporating financial wellbeing into your benefits package can be a powerful tool for attracting top talent. Prospective employees are increasingly looking for comprehensive benefits that include financial support. By offering such benefits, you can attract high-quality candidates who value financial stability and security.

Key Components of a Financial Wellbeing Programme

1. Financial Education

Providing employees with access to financial information and education can empower them to make informed decisions about their finances. Topics can include budgeting, saving for retirement, investing, and managing debt. Knowledge is power, and by equipping employees with the right tools, you can help them achieve financial stability.

2. Debt Management Support

Debt can be a significant source of financial stress. Providing resources and support for managing and reducing debt, such as On-Demand Pay, can greatly benefit employees struggling with financial burdens. By giving your employees access to On-Demand Pay, they can manage unexpected and emergency costs with their earned wages.

3. Payroll Savings

Encouraging employees to build an emergency savings fund can prepare them for unexpected expenses and reduce financial stress. Employers can facilitate this by offering automatic payroll savings programmes to encourage the regular contributions to savings. Find out more about payroll savings here.

Level

Prioritising financial wellbeing in your employee benefits package is not just a compassionate choice; it's a strategic one. By addressing the financial concerns of your employees, you can enhance productivity, improve retention rates, and attract top talent. Investing in financial well-being programmes demonstrates that you value your employees' overall health and stability, fostering a more engaged and loyal workforce.

Level provides a holistic financial wellbeing app, giving your employees access to four key financial wellbeing tools: On-Demand Pay, Payroll Savings, Income-Based Budgeting, and an AI Financial Helper. Here at Level our mission is to help workers borrow less and save more. This means we have never, and will never, offer any debt products such as loans to your employees. You can read more about why On-Demand Pay is a better alternative to payday loans here.

Conclusion

Ready to make financial wellbeing a priority in your organisation? Contact us today to learn how we can help you integrate comprehensive financial support into your employee benefits package.