Many companies are struggling to retain good employees since the pandemic and the resulting shift to a remote work environment. This is a good opportunity to examine employee wellbeing trends and what businesses can do. Employee wellbeing trends show that employees are seeking more from their employers than just a paycheck. They want their workplaces to improve their lives and help them with challenges that are impacting their life at work.
Employee wellbeing encompasses several factors that affect their overall well-being at work, including emotional, physical, mental, and financial health. Although all areas are important, the area receiving the most attention this year is employee financial well-being.
Financial Well-Being is More than Just Salary
Let’s face it. People primarily work to get paid. The salary and benefits package are two primary decision points when deciding whether to take a job. But salary is no longer enough to keep employees happy and productive. Recent years have shown how financially vulnerable most Americans are, with many struggling.
Financial stress has negative impacts on other areas of employee wellbeing, and it’s not just the employees that suffer. Employers see the effects in lost productivity and decreased employee engagement which have long-term and costly consequences.
What’s Causing Financial Stress Among American Workers?
Several things can cause employee stress regarding personal finances. Many workers don’t even have an emergency fund to cover unexpected expenses like a sudden car repair or illness. Many are living paycheck to paycheck. A 2023 study by Payroll.org found that 78% of Americans are living paycheck to paycheck .
Here are the most common reasons employees experience financial stress:
- High inflation.
- Housing costs.
- Healthcare costs.
- Childcare costs.
- Education costs, including college tuition and student loan debt.
- Retirement concerns.
The Impact of Employee Finances on Workplace Wellbeing
More Americans are currently concerned about their finances than their mental or physical health – that’s a big deal. This financial stress can affect multiple areas of a person’s life, including their work and relationships, but employers have an opportunity to help out and make an impact with a financial wellness program.
Prioritizing Employee Financial Wellness in the Workplace
Given the prevalence of financial worries and their effect on workers and businesses, prioritizing financial wellness programs is an essential employee wellbeing trend. Employers have a number of options to improve the situation and provide help to employees. Let’s look at some possible actions companies might consider.
Offer Financial Literacy Programs
Many employees struggle with fundamental financial concepts. Financial education programs can offer actionable advice on creating a budget, saving, managing debt, investing for the future, understanding credit scores, or planning for retirement. These financial wellness benefits can take different formats to accommodate employee learning styles, time commitments, and preferences.
Employers might provide financial counseling one-on-one, workshops, webinars, online learning, or tools such as apps or printed materials. Some companies partner with financial professionals to make financial education more accessible.
Provide Access to Financial Planning Resources
Planning for the future when you can’t manage the present can feel scary, but some planning tools can ease the burden. Companies can give their workers access to financial professionals for assistance. Some common options are retirement planning tools, debt consolidation counseling, or access to student loan refinancing resources.
Offer Competitive Benefits Packages
Employees want to feel like they work for a company that values their contributions. Many organizations recognize the competitive advantage they gain in providing these benefits:
- Retirement savings plans with matching contributions.
- Financial planning services, including student loan repayment assistance or college savings plans.
- Employee assistance programs that provide financial counseling services.
Create a Culture of Financial Well-being
Financial wellness in the workplace can’t simply be about checking a box. It’s an ongoing, company-wide initiative that elevates the employee experience. Many employee wellbeing trends include building a company culture that promotes financial awareness and empowers employees to control their finances.
This means having leadership be vocal about the program and actively encourage employee participation. It also means making employees feel secure discussing financial issues openly without embarrassment or shame. When workers believe their company cares about them, employee morale and job satisfaction soar.
Technology’s Role in Employee Wellbeing Trends
Technology is playing an increasingly impactful role in employee wellbeing trends. Employers are implementing digital apps and platforms to address the different aspects of employee health and wellness.
Mental Health Apps
Mental health apps have been trending in employer benefits programs. A 2024 survey by Willis Towers Watson found that 24% of companies are offering them. These apps give employees access to meditation, stress management, and virtual therapy sessions on their own terms.
Virtual Fitness Classes
To promote physical wellbeing, virtual fitness apps have become popular. These platforms offer on-demand workout classes, personalized fitness plans, and even virtual group exercises, helping employees stay active regardless of their location.
Financial Wellness Apps
One of the most impactful ways technology is enhancing employee wellbeing is through financial wellness apps.
Digital tools for financial wellness empower employees to take control of their finances with features to help them:
- Pay off debt like credit cards, student loans, auto loans and mortgages
- Accelerate debt payoff and save money on interest
- Get personalized financial advice and education
- Schedule debt payments that fit their budget
- Automate their savings
- Track their financial goals and overall financial health
As technology advances, integrating digital tools into workplace wellbeing programs will become increasingly important to help employees thrive in all aspects of their lives.
FAQs about Employee Wellbeing Trends
What are the 5 dimensions of employee well-being?
Although there are several accepted interpretations, five key aspects of employee well-being frequently include physical, emotional, social, financial, and career well-being. These areas encompass the holistic needs of an individual within a work context, promoting a sense of fulfillment and balance.
What are the 5 areas of well-being?
Again, interpretations vary. One model focuses on five interconnected areas: physical, emotional, social, intellectual, and spiritual. Nurturing all these dimensions is believed to contribute to a more well-rounded and fulfilling life experience.
What are the statistics for employee wellness?
Statistics vary considerably depending on demographics and geographic location. Many factors influence trends in worker wellness, such as:
- The size of a business.
- Industry trends.
- Job type.
- Management style.
- Workplace environment.
- Current social and political climate.
- Economic outlook.
- Compensation level.
- Benefit options.
What improves employee well-being?
Factors impacting worker wellness include:
- Workplace culture.
- Compensation level.
- Benefits package.
- Company recognition programs.
- Opportunities for career advancement.
- Supportive leadership and management styles.
- Work-life balance.
Conclusion
Companies can benefit considerably from proactively staying current with employee wellbeing trends. A commitment to employee wellbeing attracts talent, boosts retention, fosters a happier workplace, increases productivity, and reduces costs related to absenteeism and health insurance claims. There are many options for financial wellness programs that companies can employ. Even small gestures such as employee appreciation programs and flexible scheduling can have a positive impact on workplace wellness.
