Many Canadians face financial uncertainty in today’s challenging economic climate, with over half living paycheque to paycheque. As such, companies must recognize the importance of financial wellness for their employees. Not only does it contribute to a more resilient workforce, but it also leads to organizational success.
Furthermore, Canadians prioritize health and well-being benefits when selecting an employer. According to LifeWorks’ Mental Health Index™, 34% of Canadians prioritize health and well-being benefits and services when choosing an employer above other considerations such as flexibility and type of work.
So how can companies address both financial resilience and well-being benefits? Here are some tips to consider:
Break the Stigma Surrounding Financial Advice
Many Canadians hesitate to seek financial advice, with 23% citing embarrassment as a barrier. Companies can help break this stigma by running company-wide meetings to raise awareness of financial resilience and engaging with employees who are struggling financially. Training line managers to recognize employees’ financial struggles can also create a more supportive workplace culture.
Review Benefits Plans
Wellness benefits play a crucial role in employee retention, with 34% of Canadians citing it as the most important factor when choosing an employer. Companies can bolster workforce wellness by reviewing and enhancing their benefits offerings and group saving plans. By investing in health and wellness benefits, companies can create a positive and supportive workplace culture that prioritizes employee well-being. This, in turn, can lead to increased organizational success and a more resilient workforce.
According to LifeWorks’ Mental Health Index™, 34% of Canadians prioritize health and well-being benefits and services when choosing an employer above other considerations such as flexibility and type of work.
Introduce Financial Literacy Programs
Financial education can help employees manage financial worries and save for the future. Companies can consider providing financial literacy workshops and personal financial coaching opportunities to support employees in their financial goals.
Positive Support from Managers
Managers play a critical role in fostering a supportive workplace culture that promotes well-being and financial resilience. The Mental Health Index™ also revealed that individuals who rate their manager as weakly humane have productivity scores twice as low as those rating their manager as strongly humane. Therefore, training managers to show compassion and support their employees’ mental health and financial wellness is essential.
Canadian employers must prioritize financial resilience and well-being benefits to create a supportive workplace culture that promotes employee well-being. Ultimately, companies prioritizing their employees’ financial wellness and well-being can expect to reap the benefits of increased organizational success and a more engaged and productive workforce.
Not sure if your Employee Benefits Plan has what it takes or needs improvement? Contact us to discuss the options for a custom solution for your business.
