Insurance

Increasing Worker Productivity Through Financial Security

“Forget the tired clichés about money not buying happiness”, Elena thought, eyeing the stack of bills on the table. Her fridge echoed the emptiness of such platitudes, offering no comfort against the gnawing anxiety of bills piling up.

Money, in its quiet way, buys more than just food and shelter. It buys freedom: the freedom from anxiety, freedom to choose, to dream, to build a future beyond the next paycheck. It is a shield against lingering tension and a safety net that allows us to breathe and embrace life.

Studies show that this sense of calm translates directly to productivity – no wonder financially strong people conquer projects. Financial security allows us to invest in skills and chase creative ventures without the constant tug of worry.

Why employee-financial wellness must be every employer’s concern

A workplace buzzing with engaged, productive employees without the frowns or sighs of financial worry is a dream. And it is achievable. The key is to unlock employee financial well-being.

Let us face it, financial stress is a silent robber. It steals sleep, chips away at morale, affects workplace relationships, and siphons valuable time at work. Numbers paint a stark picture:

• A staggering 11 times increase in sleepless nights, a 10x jump in struggling with work tasks and a 9x higher likelihood of strained relationships – that's the price tag of employee financial stress.
• Personal finances are a distraction at work for 44% of employees who are stressed about their finances.
• Financially stressed employees spend over three hours each week dealing with personal finance issues at work.
• 62% of employees believe their financial struggles directly affect their job performance.

And the price employers pay for financial stress? In the United States alone, a mind-blowing $500 billion each year. The solution is a robust financial wellness program. Through guided personal finance management, income optimisation, and proactive planning, employers can empower their employees to take control of their financial futures. The rewards are tangible and immediate.

Imagine employees who:

• Sleep soundly, waking up refreshed and ready to tackle the day.
• Focus on work, not financial worries, boosting productivity and output.
• Navigate unexpected expenses with confidence, reducing stress and improving job satisfaction.
• Develop stronger relationships with colleagues and clients, fueled by financial peace of mind.
• Stay loyal and engaged, lowering turnover and fostering a positive work culture.  

Enhancing employee financial wellbeing

Employers can consider the following options to put their employees at financial ease:

Increase financial literacy and promote financial planning

• Partner with a financial education provider. Leverage outsourcing services to deliver personalised financial education workshops and resources to employees, covering topics like budgeting, debt management and retirement planning.
• Host seminars and webinars. Collaborate with an annuity administration outsourcing provider to organise live sessions on different retirement options, annuity options and managing financial obligations.
• Incorporate financial wellness tools. Utilise platforms integrated with your chosen life insurance outsourcing partner to offer access to financial calculators, budgeting tools and personalised financial guidance that helps employees to estimate future needs and make informed decisions.

Expand access to financial products

• Offer a wider range of voluntary benefits. Partner with an annuity administration outsourcing provider to simplify administrative tasks and broaden your offerings to include annuities and retirement savings options.
• Simplify life insurance enrollment. Implement life insurance business process outsourcing to streamline the enrollment process and make it easier for employees to secure adequate coverage.
• Consider automated enrollment and customised insurance plans with pre-selected allocations to encourage long-term savings and financial security.
• Consider group life insurance outsourcing. Explore cost-effective group life insurance options for your employees through outsourcing partners. Knowing loved ones are financially protected can reduce stress and anxiety for employees.
• Implement financial assistance programs. Consider emergency loan programs or hardship grants to help employees with unexpected financial needs.
• Offer debt management resources. Connect your employees with reputable debt management organisations through your annuity administration outsourcing partner to help them tackle debt and improve their financial health.

Create a supportive culture

• Normalise open conversations about finances. Encourage employees to discuss financial well-being openly and feel comfortable seeking help.
• Recognise and reward responsible financial behaviour. Implement incentive programs or recognition initiatives for employees who actively participate in financial wellness programs or demonstrate successful financial management.
• Lead by example. Promote financial wellness initiatives within your leadership team and demonstrate a commitment to employee financial security.

The most effective approach to enhancing employee financial wellbeing is a holistic one that combines access to financial products, financial education, tailored support and a supportive culture.

“You must gain control over your money, or the lack of it will forever control you”
                                                                                                   ~ Dave Ramsey

Financial stress is a silent productivity drain, costing billions. But there's hope! A robust financial wellness program that alleviates stress, skyrockets morale and plummets employee turnover. Reap the rewards of a resilient workforce and a future that shines.

How can Infosys BPM help

Finance is not everyone’s cup of tea, so partner with an expert who can brew an excellent one.  Leverage the power of Infosys BPM’s annuity admin outsourcing and rewrite the narrative of work, one empowered employee at a time.