Finances – we don’t like to talk about them too much. In polite society, conversations about money are generally avoided. Money is a huge, nebulous sense of stress for most of us. There’s the fear of not being able to meet our daily needs, not having enough for emergencies should they arise, or not being able to lead the lives we want to because of our financial situations. Bringing money up in casual conversation seems like an unnecessary and uncomfortable topic for the workplace, doesn’t it? Not if you’re a manager. In fact, we believe there are several benefits to actively promoting financial wellness in the workplace. What are these benefits and how can you start seeing them among your staff? Let’s explore that.
First, let’s take a look at what financial wellness means. It’s a multi-faceted state of being that is generally defined as the ability to meet basic needs, the freedom to make decisions that help you enjoy life, and a sense of security around your financial future. For too many people, this ideal financial situation seems too good to be true.
In the workplace financial instability causes a host of problems such as attendance problems, high levels of fatigue causing performance issues and errors, and a general decline in team morale. If members of your team are under a significant amount of financial stress, there are a few signs you’ll likely be able to spot. They include long periods of absence, consistently arriving to work late and leaving early, requests for advanced pay, and a low mood. Supporting individuals who are struggling with financial stress in the workplace can help contribute to a healthy, engaged, and productive team. What systems can you put in place in order to do this effectively?
As a manager you may believe that there’s very little you can do to relieve employees of the financial stressors they’re facing but even a small act of support on your part can make a significant difference. For example, if you work for an organization that offers resources to their employees like financial counselling or company savings plans, be sure to let your team members know that they’re available and encourage them to take advantage of these resources. If you notice any signs of financial stress like lagging performance, be sure to have a non-judgmental conversation with them about the circumstances they’re facing at work and at home. This is where a trusting rapport with your team members comes in handy. During your discussions with employees, always be sure to respect their privacy by maintaining their confidentiality.
As a manager, it’s important to remember that personal well-being reflects in the workplace and when we safeguard the wellbeing of our employees, we not only help them become happier, healthier workers but we improve their lives overall which cannot be said of all companies. Promote financial wellness in the workplace to set yourself apart as an effective leader. AHCS offers quality residential care staffing with expertise in administration. Contact us to learn more about our services.