Looking after your financial health is becoming key to having a happy and healthy lifestyle.
If your employees carry on ignoring their financial wellbeing, it will affect you and your company.
Here are some of the main ways it’ll impact you.
1. You’ll be left with unhappy employees
When you’re constantly worrying about money it can really affect your mental health.
If your employees are living payday to payday, they’ll probably not managing their money so that they can achieve the things they really want in life. This will leave them feeling stressed out and not very happy.
2. A less productive workforce
If your employee's mental state is preoccupied with anxiety or stress, how are they supposed to focus on work?
According to the recent Employee Financial Wellness Survey, nearly one third of all employees are distracted by personal financial issues whilst working.
Your employees time spent in the office will be less productive and their quality of work can even go down.
3. Increased sick leave
Stress makes the immune system weaker, so you’re much more likely to get ill. Along with that, stress can affect your mental health so much that it can stop you from being able to work.
If your employees are really worried about their money situation, the stress can have a massive impact on their health.
And ultimately, this will mean lots of more sick days.
4. An unmotivated company culture
If you neglect to look after your employee's financial health, without realising, they’ll start to feel like you’re not that bothered about their wellbeing.
Ultimately, this will make your workforce feel less motivated and not your biggest fan.