Investing in workplace wellbeing isn’t a matter of if, but a matter of when and how. If you’re not investing in wellbeing, you’re missing out on money.
New figures from the New Zealand Institute of Economic Research (NZIER) have found that for every dollar you spend on staff wellbeing, you will earn an average of $5 back on your investment within a year — money that is otherwise lost to poor productivity.
In fact, this return on investment can go as high as 12:1 — or $12 back for every dollar spent on wellbeing.
Happier, healthier employees are more productive and engaged than their stressed colleagues. This flows on to your business — healthy people equal a healthy bottom line.
Financial stress is one of the main workplace stressors
Being a good employer means taking care of your people. And workplaces are a great place to discuss financial wellbeing. Many organisations are now including financial wellbeing as part of their overall wellness programme for their employees. They realise that people who can cope financially tend to have better wellbeing, improved productivity and reduced absenteeism.
What is financial wellbeing?
Financial wellbeing is about giving people choices. It’s having the skills, knowledge, confidence, and motivation to make informed financial decisions.
Why does financial capability matter in the workplace?
Personal financial wellbeing and organisational performance are connected. According to the Commission for Financial Capability:
83% of employers say money problems interfere with productivity
20hrs a month lost to sorting personal finance worries
58% of employers report “financial illness” drives absenteeism
46% of employees worry about their finances
72% of organisations believe employee financial education will benefit them.
All workplaces play a central role in building people’s resilience and positive wellbeing, so they can better cope with setbacks, take advantage of opportunities and be productive, contributing members of families, communities and workplaces.
Contact Spring to learn how you can build a financial resilient workplace.