Employee Financial Wellness Program Benefits
Companies today face increasing concerns regarding the long-term health of their workforce and the need for an employee financial wellness plan (EFP) to support the long-term financial well-being of their employees. Employees facing less distractions and economic worries; corporations benefiting from an increasingly more engaged, productive, and focused workforce; and employers benefiting from better productivity, profit, and customer satisfaction all benefit from the employee financial wellness program.
The primary purpose of an EFP is to provide financial planning assistance to employees to help them maintain a healthy lifestyle. With a well-crafted plan, employees will have clear and measurable goals to meet and achieve, and they can set realistic targets for personal development, retirement planning, and other important areas. They also will receive a variety of resources, such as personal development training, financial planning assistance, and information about health and wellness topics. Get the best financial planning program here: https://www.payactiv.com/employers/.
Employees who receive financial counseling and support through an EFP are able to create a healthier lifestyle that promotes good health, happiness, and financial security. They can also make changes in their daily habits that will strengthen their financial health. These lifestyle changes include reducing the amount of high-risk, discretionary spending, developing a financial budget, making wise financial investments, participating in a fitness program, developing an eating schedule, improving sleep quality, getting regular dental care, getting adequate sleep, and making an effort to spend time with family members.
Along with health benefits, companies also receive several tax benefits. In addition to reducing the burden on their employees' taxes, employee EFPs also provide companies with additional tax breaks. For example, if an employee has an employer-sponsored group health plan, the tax-credit may be available to the company, rather than the employee. If the employee participates in an EFP, the tax benefit may also be applied to the total cost of the EFP, instead of only the premiums.
Employees who participate in an EFP experience a number of benefits. Because they become financially healthier, they enjoy greater job satisfaction, higher levels of job security, increased opportunities for career advancement, greater income potential, and improved health-related status, including better health and life expectancy. Furthermore, employees who participate in an EFP are often able to take advantage of financial services, such as individual health insurance plans, employer-sponsored health insurance, and employer-paid dental care, which are typically available only to full-time employees.
Employee health and/or an employee financial plan are important tools in creating a safe and secure future. It is vital for employers to provide their workers with these types of services, so they may have access to quality and affordable health care as they age. Even those with perfect health can have to live with chronic conditions, such as diabetes, heart disease, cancer, or a lack of funds to pay for medical care in the near future. Discover more about financial advisers here: https://en.wikipedia.org/wiki/Financial_adviser.
