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How Financial Wellness Can Radically Enhance Your Company Culture

How Financial Wellness can Radically Enhance your Company's Culture Graphic

Financial stress damages company culture, while financial well-being helps company culture thrive. 

Did you know that every year your full-time employees are likely to spend more than 156 hours distracted from their responsibilities at work because of personal money matters? That’s the equivalent of 19.5 days! No employer wants to lose 19.5 days of productivity, and no human wants to stress about money for 156 hours.

This collective financial stress hanging over your employees’ heads is bound to make a big dent in your company culture. After all, how can someone actively enjoy their job when they’re spending so much time worrying about money? (Here’s a hint: It’s tough.)

Let’s try an exercise. When you imagine your ideal company culture, do you imagine a place where employees have difficulty focusing, are constantly irritable and are routinely stressed out on the job? That’s the reality of financial anxiety — and it doesn’t sound great, does it?

You, like many other employers, might think that adding more wellness benefits such as virtual meditations, fitness stipends, or workshops will do the trick. But experts agree that these benefits, even mental health days, are Band-Aids for the larger issue. While these benefits are great, you must also help employees deal with the root cause of anxiety. 

And nearly 7 times out of 10, the source of your employees’ anxiety is money.

So let’s try a second exercise. When you imagine your ideal company culture, do you imagine a place where employee morale is high, creativity is rampant, and innovative ideas are always floating around? That could be your reality with a financially well team. 

Based on a recent Bank of America survey, 80% of employers agree that offering financial wellness support can result in more satisfied, loyal, engaged, and productive employees. The data also shows that employers who provided resources to support the holistic health of their employees — mental, physical, and financial — saw: 

  • More productivity 
  • Less stress
  • Higher morale  
  • Boosted creativity 
  • Increased innovation 

These tangible results come directly from looking at your employee base as humans rather than workers. And C-suite leaders have seen the positive impact of that perspective. Just take it from Anne M. Mulcahy, former CEO of Xerox, who said, “Employees who believe that management is concerned about them as a whole person — not just an employee — are more productive, more satisfied, more fulfilled. Satisfied employees mean satisfied customers, which leads to profitability.” 

On the topic of profitability … not doing anything isn’t just bad for your employees’ overall wellness, it’s terrible for your company’s bottom line. According to Gallup, disengaged employees cost the world $7.8 trillion. Yes, that’s “trillion” with a “T.” 

So what’s the answer? Consider the positive effect holistic financial wellness options, such as coaching, can have on your company culture. With a coach, your employees can recognize the source of their financial stress and create a plan for how to master their financial situation. As our head of financial coaching and behavioral scientist, Dr. Martha Menard, has said, “Sometimes just naming the problem can be a relief.”

Even if adding these holistic benefits starts with helping just one individual, that one person could lead to a domino effect. Sixty-four percent of people are willing to talk about money if it would help others feel more confident about their own circumstances, according to our research.

When you’re ready to improve your company culture, Questis will be here. We will help uncover the root causes of your workforce’s financial stress — and help fix it — so that you can put your focus where it’s needed most, and your employees can go back to loving where they work. 

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