The Importance of Financial Wellness
in the Workplace
Tangible financial benefits are designed to help drive your business forward without increasing your costs – only increasing your bottom line
Proactive benefits can save your organisation the significant financial burden that comes along with turnover
According to AMP’s Financial Wellness Report, financial stress is costing the Australian economy $31.1 billion with 2.44 million Australians suffering from anxiety around money!
For workplaces to remain competitive, it is in employers’ best interest to reward their employees and be as committed to providing them with benefits for a happier life as they are serving the needs and growth of your company.
So as workplace culture and financial pressure continue to evolve with the times, it makes sense to seek ways to retain and reward the best talent for your company.
Happy employees drive your business forward.
Firms that consistently attract & retain motivated committed staff, THRIVE!
That means while money is just one factor, salaries and bonuses are directly linked to your company’s success which means employees’ salaries and benefits are vital business decisions
Extra perks contribute to higher staff retention, better productivity & higher level of output
Giving employees additional financial benefits supports their financial security and encourages them to deliver above-average work and effort. This is because when money is less of a concern, workers can more fully focus on their projects.
They have fewer worries about staying financially afloat, which makes them more present in the office, leading to higher levels of productivity and better quality of work.
Financial benefits help underpin your company’s success & your employee’s happiness and motivation!
In fact, according to the HR Institute has found, “the lure of better pay elsewhere is reported as the second strongest factor in why employees say they leave” Moreover, financial rewards help sustain your employees’ lifestyles – and are a major determinant where someone chooses to work.
Offering extra financial rewards attract highly skilled people
What the cost of staff retention to your business?
Recruiting and training a new employee requires staff time and money. Many studies show that the total cost of losing an employee can range from tens of thousands of dollars to 1.5 – 2X annual salary.
Frequent turnover has a negative impact on employee morale, productivity, and company revenue.