Importance of Financial Wellness to Employees in a Post-COVID Workforce

Akshay Mehrotra, CEO and Co-Founder at EarlySalary

Organizations around the world are physically reopening as employees get vaccinated against the covid-19 virus. The pandemic period had a vast impact on every individual as many faced physical, economical, and mental challenges due to the sudden lifestyle change. The masses are indeed returning to their normal lives, but many are still recovering financially after the global pandemic. Many employees faced pay cuts during the pandemic, which of course had an impact on their work productivity and mental health. As we return to the office, it’s high time we understand that financial wellness is crucial to reducing personal financial worries in the post-covid era.

Financial Wellness Programs: Key to a Post-Covid World?

The crucial element for an organization that is looking to provide concrete benefits to the employee’s superior financial management and overall growth is Financial wellness programs. They’re closely linked to better job satisfaction, making financial wellness benefits an extensive part of every employer’s workspace experience. Organizations need to rethink the financial wellness of employees in a post-covid workforce to help them recapture their financial stability.

Also Read: Significance of financial wellness at the workplace

Many organizations usually have financial wellness programs to support the employees concerning financial assistance and finances management. The organizations either provide the financial wellness benefits directly or most of the time resort to third-party platforms to provide financial assistance to their employees.

Importance of financial wellness to employees in a post-covid workforce

Employees need help rebuilding the savings post-pandemic
The pandemic took a financial toll on every professional. For many, digging into the savings was the only way to go through the global pandemic. Spending the savings on medical bills, electricity bills, children’s education fees, and the list goes on when it comes to the employee’s financial exhaustion during the pandemic. Employees need to have financial security in a post-covid workforce to rebuild their savings for the future.

Better mental health
There’s certainly been a drastic decrease in professional mental health and a crucial reason for this is financial stress. According to the World Economic Forum, around 40-60% of youth indicate financial stress as a major concern. It’s understandable how financial wellness programs could go a long way in helping this scenario.

Address their individual needs
The never-ending financial requirements and fiscal expectations for an individual are exhausting even in routine life, which is very likely to backfire post covid with additional needs, and financial wellness in the post covid can be a helping hand.

Also Read: Every Fintech must have multiline product strategy to ensure sustenance: Akshay Mehrotra, Co-Founder and CEO, EarlySalary

Improved job satisfaction and work productivity
Another reason why financial wellness is important for employees in a post-pandemic workplace is that performance and productivity are naturally impacted when employees are constantly worried about their finances.

Credit assistance
An overall financial wellness program by the organization also involves making credits obtainable to the employees at low-interest rates or even zero interest rates to lessen the financial hardship. The employees can get salary advance. The employees need personal credits for meeting unexpected expenses and emergencies, as the pandemic was full of uncertainties and post covid, is nevertheless. Lower interest rates or zero interest rates loans will help the employees return the loan amount in manageable repayment EMIs making the repayment less stressful. Moreover, repayment of credit on time will allow the employees to build their credit score, which will improve their chances of easing loan approvals.

Views expressed in this article are the personal opinion of Akshay Mehrotra, CEO and Co-Founder at EarlySalary.

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