Over the years, the definition of a "good job" has evolved.
Traditionally, a good job was thought of as high paying.
In recent years, though, the elements that make up a good job have grown and changed, taking into account much more than just an earned salary.
In today's world, a good job means working for an employer that cares more about their employees than their bottom line.
Workers are looking for companies that are interested in their individual success and wellbeing.
For this reason, it is more important than ever for employers to find ways to help their workers thrive.
Sadly, less than half of American workers feel their employers care very little about their wellbeing.1
Is your workforce thriving?
Thriving in life has different meanings for many people. Gallup has developed a metric it uses to measure suffering, struggling, and thriving in employees, called Gallup Net Thriving.1
This scale from 1 to 10 asks workers to rate where they are in their present life, and where they expect to be in five years (future life). It allows a worker to consider their own definition of struggling and thriving. They can consider things like their financial situation, happiness, and goals.
Gallup found that in 2020, during the COVID-19 pandemic, those employees who rated their lives as "thriving" (7 or above on the scale) report fewer health problems and less worry and depression.2
But unfortunately, the number of workers who reported they were thriving fell at a historical rate in 2020. Not surprising, considering the upheaval caused by the pandemic, but still alarming.
Of those workers who say they are not thriving, more than 6 in 10 reports frequent burnout, and nearly half complain of daily stress.1
So what can you do to help your employees thrive?
54% of workers say that money causes them the most stress in their lives. That is three times more prevalent than the next answer (18% say it is their job).3
And financial stress has a direct impact on all aspects of life. Financial stress can lead to chronic health conditions like migraines. It can raise the risk of mental health problems like depression. And it can strain relationships, causing issues in marriages and work environments.4
Reducing financial stress can also ease a burden on your company since financial stress can decrease productivity and increase healthcare costs.
How to Help with Financial Stress
A financial wellness program is designed to reduce employee stress by helping workers deal with day-to-day money management decisions and planning for the future. Nearly 3 in 4 employees believe financial wellness is an important benefit.5
But financial wellness looks different for different people, so a wellness program should be adaptable to each individual. Millennial workers, for example, worry most about having an emergency fund. Whereas most Baby Boomers worry about being able to retire when they want to.6
Overall, though, there is widespread agreement that financial wellness benefits offered by an employer would help a worker thrive.
More than half of workers said they would feel less stressed about their overall financial situation if their employer provided financial wellness benefits.7
Elements of a Financial Wellness Program
A financial wellness program can help employees learn how to budget. It can teach them how to save and invest. It can help them plan for retirement and estimate retirement costs.
A good program will offer interactive tools, self-assessments, and progress tracking. All these tools help workers learn to manage their finances. And more importantly, they help workers feel more in control of their financial lives.
A thriving workforce is key to a company’s success. These days, employers cannot afford to treat workers as one-dimensional productivity machines. Employee satisfaction, engagement, and wellbeing all play a role in a company’s success.
Help your employees thrive by focusing on the one area where most people say they are stressed – finances.
Check out Enrich’s financial wellness platform for more information.
1 - https://www.gallup.com/workplace/215924/well-being.aspx
2 - https://www.businessinsider.com/happier-employees-thrive-at-work-2021-5
3 - https://www.pwc.com/us/en/industries/private-company-services/images/pwc-9th-annual-employee-financial-wellness-survey-2020.pdf
4 - https://blog.voya.com/financial-wellness/mind-money-and-body-what-financial-stress-does-your-health-nc
5 - https://www.pkfinancialgroup.com/blog/four-ways-to-help-reduce-financial-stress-for-your-employees-1
6 - https://www.theexperience.work/wp-content/uploads/2018/06/pwc-2019-employee-wellness-survey.pdf
7 - https://www.sofi.com/blog/financial-wellness-benefits-survey-at-work