What is an Employee Financial Wellness Plan
In recent times the pandemic, world economic crisis and Putin's war has caused many to reassess their work/ life priorities. Human resource departments have had to change completely to embrace workplace flexibility and provide wellness packages to stand out from their competition.
This means, employers and companies are no longer faced with just competing on wages to secure and retain talent. One of the most significant employee requirements identified in 2022 has been a Financial Wellness benefit. This is because employee productivity, retention, attendance and engagement are major factors affected by financial stress and insecurities about our futures.
You can see below the percentages of employees who say financial worries have a negative impact in the workplace:
41% Productivity 42% Retention 35% Attendance 69% Engagement
Given this information, it is vital for any company to have an Employee Financial Wellness Plan. It is as important for employees as well as employers, since it is associated with absenteeism, increased stress, reduced actual working time but also reduced productivity and that has an impact on engagement. All of those negative impacts caused by financial stress are of course costly to the employer.
An I-AMG Employee Financial Wellness Plan includes financial planning advice of the highest level, this advice comes from an advisor who specialises and concentrates on providing this necessary type of advice on both a corporate and on a private individual level. Furthermore, our plans include a group pension plan, group life cover and/or private medical insurance. As we are independent, we can also provide such bespoke options together with other solutions such as saving and investment plans.
Ultimately, the results are only a plus and beneficial to any company. An Employer that cares about their Employees and gives them not just financial security, but also further education, development and engagement will surely give them the motivation to stay loyal, even when times are tough.
For further information or to be introduced to an advisor in your region, please contact our Client Manager, Dean, via email firstname.lastname@example.org or WhatsApp +34 641 13 52 17