Do Financially Secure Employees Make Happy Employees?
Financial insecurity is one of the biggest life stresses in Pakistan since many years. Surviving on month to month salary with balancing utility bills, managing credit card debt because there isn’t enough money, struggling to cover unexpected expenses and loans…. the list is never ending. These financial worries consume a person’s thoughts which results in distraction from work and unhappiness, which affects their productivity and employee commitment as well. It is not wrong to say that, if an employee is not satisfied about their financial security, you lose them as a dedicated employee. Unfortunately as a fact, this scenario is far too common in our country.
However, happy employees are good news for employers and their companies’ productivity and are likely to be more creative and productive. To put this claim into perception, have a look on few facts.
- According to a Bloomberg Business article, “if happier on a given day, people were not only more likely to come up with a new idea or solve a complex problem that same day but also to do so the next day.”
- Companies having satisfied employees beat the competition by 20%.
- When it comes to salespeople, happiness has an even greater impact, increasing sales by 37%.
- Employees who are happy at work take less sick leaves than unhappy employees.
So the bottom line is, taking financial stress constantly is not healthy and makes an employee lousy.
Financially Secure Employees Are Happy?
For an employee, job security and financial wellness are most important factors for their job satisfaction. As a successful employer, you must raise spirits within the office and ward off the negativity. Mentioned below are some ways for employers to inspire dedicated employees by building a happier workplace.
First things first, providing them with fair monthly wage. Employees that are fairly salaried are emotionally attentive and positive in their workplace. Also, they are more efficient in work and content with it.
Provide Benefit Packages
Benefits do not have to be extra pricey like giving full vacation packages. Be creative! Strive for a happy workplace by helping employees with work-life balance by offering:
- Flexible work options.
- Paid parental leave.
- Child-and elder-care assistance.
- Providing transportation solutions to and from work.
- Even occasional office lunch parties.
Benefits go a long way for employees, also this way it is easier to attract them, maintain key talent and increases job satisfaction.
Offering Financial Wellness Programs
By offering financial wellness programs, including:
- Effective health coverage.
- Dental and vision insurance.
- Mental health care,.
- Short and long term disability benefits.
- Discounted gym memberships.
- Nutritional counseling, etc.
Companies can make their valued employees financially happy. Physical and emotional well-being of employees plays a key-role in producing happy employees.
Happy employees are the key to a business’s success and their financial well-being ensures happy employees. Unfortunately, not all of unexpected events can be fixed but, by following these pieces of advice will help foster a successful workplace for happier and more efficient employees.