Gone are the days when the workforce was content with getting their monthly pay-cheque along with basics like employee insurance from their employer. Everything else was to fall on the shoulder of the employee from planning for finances, health plans, etc.

With increased complexity, stress, and anxiety in the life of the Indian workforce, primarily due to the Covid-19 pandemic, it is time for organizations to keep up with the changing needs of the workforce and invest in the financial, mental, physical, and emotional wellbeing of employees.

The present workforce would prefer an organization that caters to their diverse needs and priorities. Furthermore, these factors are essential in determining the level of productivity employees bring to the table and, thus, affect the organization’s overall functioning.

Some of the critical steps organizations take to manage employee wellness include providing flexible working options, offering onsite stress management interventions, promoting employee assistance programs, employee education, and training, among others.

In a study organized amongst 100 organizations from varying sectors, employers ranked lack of physical activity (62%) and stress (55%) as two of the most pressing concerns regarding their employees’ lifestyle, followed closely by obesity (43%). However, it is interesting that Poor financial well-being ranked lower, and only 27% of employers said it was their top concern.

What makes the situation even grimmer is that numerous employees are already in fragile financial conditions and unprepared for any short-term cash requirements, lacking the ability to absorb even the slightest shock. In fact, as per a report, 52.9% of private-sector employees believed that their significant financial concern is not having money for emergencies. There can be various situations where an individual feels stuck financially – whether an emergency repair for a car, renovating a home, covering wedding expenses, credit card bills, or merely supporting them in daily payments.

Financial well-being is increasingly becoming an essential aspect of overall employee well-being strategy. According to another study, 90% of Indian employees consider financial security an important priority, and a majority of them believe that their employers should play an active role in their finances. Many organizations are actively visualizing and taking steps for the future toward addressing the emotional and financial well-being of their employees.

There can be various situations where an individual feels stuck financially – whether an emergency repair for a car, renovating a home, covering wedding expenses, credit card bills, or merely supporting them in daily payments. What makes the situation even grimmer is that numerous employees are already in fragile financial conditions and unprepared for any short-term cash requirements, lacking the ability to absorb even the slightest shock. In fact, as per a report, 52.9% of private-sector employees believed that their significant financial concern is not having money for emergencies.

Organizations like Myntra, HUL, BigBasket, and Mercer India have started their journey on the road to financial wellness and expanded their employee benefits plan to launch varying initiatives that fall under the umbrella of financial wellness. For instance, Myntra launched Thrive in August 2020, a wellness framework as a part of which financial experts have been roped in to guide employees on asset and wealth management as well as investments to grow their wealth for a secure future.

There is no denying that financial wellness benefits are a must-have in today’s times. There has been a paradigm shift, and today, the focus has shifted to supporting an

1.LinkedIn Workforce Confidence Index’s mental health edition

  1. India Health and Wellbeing Study 2018 by Willis Towers Watson
  2. Koppr’s Report on Employee Financial Wellness Survey 2021
  3. Growing Interest in Employee Financial Wellbeing in India Study of 2016 by Willis Towers Watson

employee’s life holistically as a means to enhance organizational effectiveness and retention. Without having to overrun working capital, organizations can come aboard with EmpWel, provide financial benefits to their workforce and make it a win-win situation for both the employer and their employees

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