Do you really have a Wellness Program if your missing this?

Submitted by Mark Rettberg on Tue, 12/13/2011

Wellness programs are designed to improve employees' health and for the employer’s, help drive down the health care bottom line.

Employers get this simple concept. They know that employee health care costs pose a huge administrative expense and they are doing what they can to rein in that expense.

One can't really argue with this approach. However, I would share that this wellness scope is too narrow.

To put a disproportionate share of the focus on health promotion programs while failing to address the importance of a financially healthy employee is to ignore a major element of overall wellness. The number one stress on employees is finances and its not being included in most wellness programs.

Compensation is not enough!

Many employers believe that since they offer competitive compensation programs, their work is done in the area of employee personal finance. But an employer of choice - particularly one that is already investing significant dollars in health promotion - will see the benefit of assisting employees in becoming smart savers, spenders and investors as well. These “best places to work” employers understand that by improving the financial wellness of employees they are also creating an environment for better overall employee wellness.

According to a study conducted by WorkatWork, “right after employees, employers are the greatest beneficiaries of workplace financial education.”

The study also shared that organizations with a financially educated workforce accomplish the following:

· Increased employee satisfaction, productivity and loyalty

· Greater understanding, appreciation and participation in company benefits programs

· More opportunities for employees to become financially independent

· Less work for the HR department (fewer 401[k] loans to administer, fewer garnishments, etc.)

· Reduced incidences of employee theft

· Reduced absenteeism and turnover

So let’s take a complete look at your current Wellness program initiatives and ensure were also addressing financial stress, which is currently the number one stress that employees are bringing to work.

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