Consider financial-health benefits to increase employee productivity, engagement

When designing benefits packages for employees, many companies focus on retirement and investment, but workers and practices also stand to gain from a greater emphasis on financial matters of the "here and now," according to an article from the Society for Human Resource Management.

"Employers offer health incentives, now they're offering financial-health benefits and incentives," said Kelley Long, a resident financial planner with Financial Finesse, a company that provides independent financial education services as a workplace benefit. "They're recognizing that a big component of overall wellness is financial wellness."

Employees' financial wellness can also affect that of a company, according to the article, through improved productivity. In fact, 20 percent of employees say their financial issues have been a distraction to them while at work, according to a 2015 survey from PricewaterhouseCoopers (PwC), while each week 37 percent spend three or more hours thinking about or dealing with their personal finances.

Worker financial distress is also a risk factor for embezzlement, FiercePracticeManagement has reported, but offering informational resources can help.

Companies should keep in mind, however, that they must customize programs to address issues faced by employees of various roles and career stages. Many practices, for example, are currently employing people belonging to all four generations, each of which has its own priorities, such as educational debt, elder care, mortgage payments and child care.

Physician practices are far from the only businesses that have struggled to grant employees annual raises, noted Kent Allison, partner and national leader of PwC's Employee Financial Education and Wellness practice. "Income's been stagnant and people have debt," he said. "Now, companies are focused on dealing with what their employees are dealing with."

To learn more:
- read the article
- see the survey