Health & wealth benefits: Merging together as the ultimate power duo

Employee well-being and financial benefits have always been separate entities within workplace benefits packages, divided between health and wealth programs. However, it seems like a compelling shift is challenging this long-standing split.

Recent data from the MarshMcLennan Agency in the Thriving together: Navigating the intersection of employee health and financial well-being report suggests that there is a conducive relationship between employee well-being and financial security.

In the past year, financial stress and money worries have had a negative impact on employees livelihood, including–

• Sleep (56%)
• Mental health (55%)
• Self-esteem (50%)
• Physical health (44%)
• Relationships at home (40%)

Comprehensive well-being programs may offer the solution, merging many benefits aimed to significantly enhance employees’ lives. The all-inclusive nature of these programs boost employee well-being by promoting physical health, mental wellness, and financial security.

This combination allows for a more impactful approach to employee care, creating a workplace culture where individuals can thrive. Data from Principal’s Financial Well-Being Index reported that nearly half (45%) of the U.S. workforce for small or medium-sized businesses would stay at their jobs for a longer period of time because of employer-sponsored wellness initiatives.

These programs create a more supportive work environment by addressing physical, mental, and financial aspects of employee health. Employees can strengthen their ability to manage their money through financial literacy initiatives, planting the seeds for long-term financial stability. Incorporating stress-reduction strategies and mental health support through wellness programs profoundly improves total well-being.

Related: How HSAs can bridge the health & wealth gap: Start educating employees now

Conducting a thorough assessment/analysis to identify employees’ specific health and financial well-being needs is a step in the right direction, then engaging employees by seeking their input and preference. Collaborate with an insurance broker to tailor programs catering to both health and financial dimensions. This means offering resources centered around wellness workshops and fitness programs, or financial literacy seminars and retirement planning sessions.

The interconnected nature of health and financial well-being creates the opportunity to positively impact employees and the business as a whole. Confirmed by multiple studies, incorporating enhanced well-being programs into the workforce can help businesses to understand the unique needs of their employees, allowing them to reach their full potential.