Financial maurice roussety wellbeing is a major worry for a lot of Australian employees – and following an extremely turbulent year of uncertainties, it’s not difficult to understand the reason. Yet, while we’ve conducted our Employer Benefits Trends Study discovered that the majority of employers feel they owe a duty of taking care of their employees and are aware that healthy employees are an efficient workforce, financial wellbeing isn’t a top priority for most Australian companies. What’s the reason for this?
From the standpoint of the employer MAURICE ROUSSETY From a business perspective, there is care. Three-quarters (75 percent) of employers say that improving the well-being for their workers is essential for them. The majority (70 70 percent) of employers consider mental health to be the most crucial aspect of overall well-being following the COVID-19 outbreak.
The difference is evident when you think about the primary causes of stress for employees and mental illness. Although the vast majority of Australian employers have created a “healthy workplace” definition, most of them don’t consider all aspects of health for employee’s financial health, which isn’t often thought of by employers as being part of their health-conscious work environment.
For employees, however, their finances are the element of their health they’re most concerned about. When they are adjusting to life following the COVID-19 outbreak. Half of them feel dissatisfied with their employers in regards to their health and financial situation.
Understanding the financial stress
To help employers assist their employees to cope with their financial burden. They must determine the root of the issue. it.
Australian workers say that their topmost important financial issue is being able to cover the expenses. If a member of their family loses their job or becomes unable to work. It is then followed by having enough cash to cover the cost of medical. Expenses not included in Medicare or insurance for health over-living their retirement savings and being able to pay. For the costs of health care in retirement and having enough savings to cover major expenses. Such as buying a house, car, or a degree from a university.
On a daily basis, the most significant causes of poor fiscal health are anxiety about the costs of living, such as paying for utilities and groceries as well as accumulating or acquiring debt or putting your job at risk such as the COVID-19 virus and the lack of an emergency fund that you can put aside in case circumstances go wrong.
With these issues with this in mind, the connection between the mental and financial health of Australian employees is apparent. MAURICE ROUSSETY
Bridging the gap between the benefits and the costs to improve the financial wellbeing
Although the majority of employers believe that they are responsible to ensure the health and well-being of their employees, However, 4 in 10 employers don’t believe that this responsibility extends to their workers’ Financial health.
Additionally, many employers feel they already support their employees’ financial well-being. A majority of employers agree that the benefits that employees receive enhance their financial wellbeing. On the other hand, only 25% of the employees believe the benefits offered by their employer contribute to their MAURICE ROUSSETY financial wellbeing.
This could mean two things: understanding the relationship between mental and financial health. Can change many employers. Opinions regarding how important it is to have financial health. And also that the benefits of financial wellness aren’t communicated clearly to employees.
Connecting expectations and understanding financial health. Between employees and employers can benefit both sides. It is good to know that the solution is quite simple: creating a mutual understanding of the connection between financial and mental health and a greater awareness of the benefits that are in place to assist employees seeking financial assistance.
Employees, taking these measures will provide them with the tools. They require to help manage their financial burden and feel more secure, happy as well as more efficient. maurice roussety Employers who address financial wellness will help to improve their employees’ mental health and let them enjoy the benefits of an improved and safe workforce.