Financial wellness in early salary programs has gained immense popularity in recent times especially because more and more employers are now recognizing the significance of promoting financial well-being of their employees. As per studies, financial stress can have a negative impact on employee health, well-being and productivity which can be reduced and improved with the help of financial wellness programs.
Additionally, India’s largest Earned Wage Access platforms like KarmaLife offer financial wellness programs, further helping employers retain top talent. Through products like early on-demand access to accrued earnings, these platforms help employees manage their finances better, improve their financial literacy and accomplish their financial objectives. Lets have a look at the role of financial wellness in early salary programs:
Increased Retention Rate
Technically, financial wellness is an employee’s improved financial health due to the absence of financial stress which is one of the major reasons why employees leave their current employers. Lack of proper financial support is something organizations need to avoid. Instead, they must work on a trustworthy strategy of increasing or maintaining their employee retention rate by making the employees feel valued. Having a financial wellness program in early salary for my employees will help businesses retain loyal employees.
Healthier and Happier Employees
Employees face huge distraction at work because of financial stress but the perfect financial wellness program like early salary can make them healthier and happier while also saving the business from facing significant loss. Employees spend a lot of time stressing over their financial issues, which in turn can cost huge losses per employee for organizations. In such circumstances, a financial wellness program, including regular medical check-up, personal loan or health insurance can directly elevate and maintain employee health.
Improved Performance
While a large number of employees suffer due to their financial issues, others want to make their own financial decisions but want someone to validate them. In other words, these individuals actively look for detailed financial advice. Though financial wellness programs do not necessarily include direct financial support for the employees, they do give easy access to financial learning procedures, such as seminars and workshops that provide employees with the financial advice they are looking for. And with proper financial advice at their disposal, satisfied employees are able to perform better at work.
Decreased Stress Level
Most employees avoid getting proper medical treatment for diseases caused due to financial stress, leading to the individuals suffering from higher levels of insecurity and stress. This further results in productivity loss, degraded work and low employee retention rate for the employers. Stress-free employees owing to financial wellness programs do not just offer improved work to the company but also participate actively in its betterment. This ensures overall growth of the company.
Final Thought
To conclude, reducing financial stress is not easy, however, the objective can be accomplished through constant efforts on the part of the employers, especially by introducing financial wellness programs like Early Salary. And if you are in need of a reliable and reputable organization for your workforce, KarmaLife is the right choice. For further details, get in touch at contact@karmalife.ai.
