How much thought do you give to your business’s financial wellbeing? Do you ensure that you’re operating within your budget and that your employee benefits package is competitive with your industry? Do you consciously spend time strategizing how to improve your financial stability?
If you’re not sure how to answer these questions, taking a look at your financial wellbeing strategy is a must. Check out these top four benefits of having such a strategy, and then work with your accounting and human resources teams to make your own.
1. A More Productive Business Model
Building a financial wellbeing strategy gives you and your employees peace of mind as you work. When you don’t have to worry about whether your business will make it through the quarter, it’s easier for your to manage your teams. When your employees don’t need to stress about whether they have enough money to buy groceries or repair their cars, it’s simpler for them to focus on their daily tasks.
2. A More Accessible Plan for Financial Success
Not only does financial wellbeing in the workplace increase your productivity, but it also ensures that your financial options are open to all your workers. For example, if your bank doesn’t offer mobile app banking services, your employees may struggle to access their funds when they’re away from their desktop computers. Similarly, if your health insurance premiums are too high, your employees may not be able to afford high-quality coverage. The best employee benefits package is the one that fits both your business’s and your clients’ finances.
3. A More Financially Stable Workforce
According to the Bureau of Labor Statistics, 36.5% of American companies give their employees their wages every two weeks. 32.4% of businesses handle payroll weekly. While these strategies make time-tracking and reporting easier for you, they also delay your employees’ access to their money.
Many financial wellbeing strategies involve giving your employees access to their wages as soon as they earn them. Known as earned salary access schemes, these innovative business models prevent financial hardships at the end of each pay period and decrease the number of payday loans your employees need to take out.
4. A More Secure Financial Future
Although a financial wellbeing strategy gives your employees more control over their finances, it still results in a stronger financial future for your entire company. The more aware you are of your finances, the less likely you are to make an accounting or budgeting error that leads to more debt. That way, your credit score stays intact and you’re better able to prepare for major purchases. Finally, by gaining a deeper understanding of your spending, you eliminate waste and use your funds more effectively.
About Haughn & Associates
Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2278.
