Financial wellness is not a destination that we can arrive at without much worry, but rather a journey that we must undertake and make a way of life. But how can we be sure of this? Financial wellness is a term that refers to a person’s overall financial health and is one of many factors that contribute to employee well-being. Receiving financial guidance employee benefits is more important than ever for employees seeking to improve their financial well-being and achieve short- and long-term financial objectives. Given the pandemic situation, it is now more critical than ever.
As a result of the COVID-19 pandemic, more employers feel obligated to assist employees in improving their financial wellness. Employees can use the Financial Wellness Programs to evaluate their financial stress, create a monthly budget, pay down debt, and reclaim financial control.
According to Rob Levy, managing director of the Chicago-based Center for Financial Services Innovation, which promotes financial wellness, research shows that 56% of workers are not financially healthy. The Global Wellness Institute now estimates that the global wellness industry is worth $3.4 trillion, with workplace wellness accounting for $41 billion. Companies are developing more advanced methods of promoting the health of their employees as wellness programs become more widely adopted. Wellness programs help employees reduce stress, fatigue, anxiety, and other conditions that lead to workplace conflict. A financial wellness program that is strategically implemented can be a win-win situation for both the organization and the employees.
HR professionals are broadening the concept of wellness. However, more often than not, HR assists employees in assisting themselves by providing seminars and webinars on money management and even personal budgeting tips. Wellness programs are now used by HR managers to recruit and retain employees and increase productivity. HR’s challenge is to find cost-effective ways to assist employees in dealing with financial difficulties. If HR wants to ensure their employees’ financial well-being, they must provide them with the tools they need to make wise choices.
The following are five HRM books that can assist HR in assisting their employees’ well-being.
- Costing Human Resources: The Financial Impact of Behavior in Organizations (1991) By Wayne F. Cascio
The book provides HR with insights into how to quantify behavior in organizations. Future managers are shown how to cost out identified problems and how to effectively deal with common human resource management topics such as turnover, absenteeism, the cost to business of smoking, the financial impact of employee attitudes, the costs and benefits of Employee Assistance and Wellness programs, the financial impact of valid selection procedures, and the financial impact of well-designed employee assistance and wellness programs. Real-life examples are provided to assist readers in connecting theoretical concepts to practical applications.
- The Financial Wellness Mandate: Be the Employer of Choice by Offering the Benefits Today’s Workers Want and Need Most (2021) By Daniel R. Bryant
HR professionals who take the time to understand the financial challenges that employees face and the most important trends shaping workplace benefits will win the war for talent and improve financial outcomes for both workers and businesses. Expert in financial and workplace benefits, Daniel explains the importance of financial care and its inextricable link to employee financial wellness. The book focuses on the undeniable power of behavioral economics, why it matters in how employees handle money and how employers consider benefits and the rise of consumerism, and its means for employees’ ability to plan and deliver workplace benefits.
- Investing in People: Financial Impact of Human Resource Initiatives (2015) By John Boudreau and Wayne F. Cascio
The book explains how to select, implement, and apply metrics to improve decision-making, optimize organizational effectiveness, and maximize the value of HR investments. It demonstrates the logical connections to financial and line-of-business metrics and the use of HR metrics to drive more effective decision-making. The authors show how to measure and analyze every HR area’s value that impacts strategic value using their robust “LAMP” methodology (Logic, Analytics, Measures, and Process). It entails effective methods for integrating HR with enterprise strategy and budgeting and gaining commitment from business leaders outside of HR.
- Build It: The Rebel Playbook for World-Class Employee Engagement (2018) By Glenn Elliott, Debra Corey
Glenn Elliott, the author, is a multi-award-winning Entrepreneur of the Year, CEO, and growth investor. It is jam-packed with tips, tools, and real-life examples from companies like NASDAQ, Unilever, IBM, KPMG, 3M, and McDonald’s to help you get started today, not tomorrow. Readers will discover:
- How employee engagement improves company performance
- The key factors that influence engagement and how they interact
- What the world’s most daring companies have done to defy traditional HR rules and boost employee engagement
The book includes case and research studies from academics and human resources professionals who have excelled in enhancing employee participation through one or more sections of the bridge.
- Workplace Wellness that Works: 10 Steps to Infuse Well-Being and Vitality into Any Organization (2015) By Laura Putnam
This guide provides HR with the tools they need to start making a difference in their employees’ health and happiness and promoting an overall culture of well-being throughout the organization, based on the most recent research and supported by real-world examples and case studies. The book shows you how to assess your organization’s needs and develop a plan that benefits employees.
- Create an effective well-being platform.
- Encourage employees to make better decisions.
- Create and deliver the strategy that your organization requires.
- Increase quantifiable change by being more creative in your implementation.
These books adapt to the needs of human resources managers and managers of modern firms. HR professionals must seize every opportunity to gain knowledge and insights from any available source. And what can be better than a book to keep you up-to-date in a rapidly changing world.
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