Employee well-being
As an employer, people are your most important resource. When they experience stress or health problems, everyone loses out; their family, their team and your business
An investment in your workplace
Research shows that those who lack financial wellness in the workplace can have a negative effect on financial outcomes of their employers. In fact the total cost of poor workplace wellness is estimated at around $33 billion dollars to Australian businesses1.
So what more can you be doing to look after your employees in this area? Well the good news is you can have a positive impact on their well being by offering tools and support to guide them towards a more secure financial future.
Financial wellness is very closely linked to the stress people experience and their overall health outcomes. It makes sense to take positive action to improve the financial well being of your most valued resource.
1 WSSA Workplace Financial Wellness Survey August 2016 – PwC survey 2010.
“ Research shows that those who lack financial wellness in the workplace can have a negative effect on financial outcomes of their employers. ”
Three reasons to make financial wellness a priority
Financial concerns can negatively impact productivity in your business. An ‘Employee Financial Wellness Survey’ conducted by PwC in April 2016 found that:
- 28% of employees say personal financial issues have been a distraction at work.
- 46% of those distracted by their financial troubles spend three hours or more per week thinking about, or dealing with their personal financial issues.
How can a strong super offering help?
Having a strong super offering in place for your employees can help them feel more positive about their financial future. A good super provider will also run education and engagement programs for your employees. These can all improve how well employees manage their money and savings, boosting their financial wellness.
Financial wellness is emerging as a key factor in employees’ well being. An ‘Employee Financial Wellness Survey’ conducted by PwC in April 2016 found that:
- A team of highly engaged employees can expect to deliver twice the annual net income of businesses whose employees are less engaged.
- Relying too much on pay as a reward and not investing in personal and career growth are two major factors that can lead to poor engagement.
How can a strong super offering help?
By partnering with a super provider who can support them towards this goal with financial education and guidance, you’re providing better opportunities for their financial wellness which will have a positive impact on personal happiness.
Happy and engaged employees are more productive. Research2 has found that:
- 60% of employees saying feeling valued makes them happy in their work
- Happy employees are around one third more productive and creative than unhappy employees.
2The high price of employee disengagement, Accumulate, 9 April 2014.
Building a strong relationship with a super provider you can trust will bring benefits to your business and employees for years to come.
At IOOF, we know super. Explore how our fees, services, investment options and approach to financial education could improve the financial wellness of your employees.