Financial Wellness in the Workplace: Why It’s a Game-Changer for Productivity

Here’s the deal – money worries DON’T clock out at 5 pm. They follow employees into the workplace, at home, driving their kids to school, or when they’re on a break away from their usual work routines.

The result? Zero focus, less engagement, and mediocre performances. Most importantly, research shows that 80% of employees experience financial stress, which can affect emotional/mental well-being

For you and your company, this means reduced productivity, higher absenteeism, and even increased turnover. With such a high stat, it’s a wonder why only a few employers offer financial wellness and guidance programmes.

What is Financial Wellness?

Having an understanding and steady control over day-to-day and month-to-month finances and being able to be prepared for any unforeseen circumstances. True financial wellness is also about being on track to meet financial goals and having the freedom to make choices that allow one to enjoy life.

What To Do To Support Financial Wellness

Addressing financial stress requires a holistic strategy that includes retirement planning, risk management, and accessible financial education.

As an employer, you have a responsibility to help employees navigate benefits. Many struggle to understand and maximise their benefits. Clear guidance and regular workshops can ease financial stress and boost company engagement.

Clear Communication is needed. It’s important to tie financial wellness into your well-being messaging. Encourage employees to take advantage of new offerings and make sure there is regular communication throughout the year. Consider holding talks and workshops with HR, hanging posters and sending frequent mailers to initiate

Bring in the experts: Partnering with financial consultants ensures employees receive professional advice on how to manage their financial futures effectively. When there are proper systems and education in place, more employees will be interested in taking part in bettering their financial wellness.

Leap SA: Solutions That Empower Your Employees

• Retirement Fund Consulting: With only 6% of South Africans able to retire comfortably, we provide expert guidance to help businesses set up and manage effective retirement plans.
• Group Risk Consulting: Protecting your employees and your business from unforeseen financial risks through tailored insurance solutions.
• Short-Term and Commercial Insurance Broking: Offering tailored risk solutions for businesses to ensure financial security and stability.

When your staff feel more financially secure, they’re more engaged, productive and committed and you want to prioritise that to keep and attract top talent

The Benefits for Your Team

• Normalising talk around finances. Employers can’t solve every financial worry but can change the mood and discussions around better financial planning.
• See morale and engagement soar. When an employee sees that an employer cares for them outside their workplace, they are more likely to stay committed and loyal to the employer.
• Inclusion of all employees. With Leap SA, we take into account different individuals, their circumstances, life stages and goals. That way, we can design solutions that everyone can benefit from.

Is your company prioritising financial wellness?

Let’s talk about how we can help!