The present situation created by the Coronavirus pandemic has affected the lives of billions of individuals around the globe. While the authorities as well social groups are trying their best to minimize the impact of COVID 19 pandemic, there is no doubt in anyone’s mind that the world will be a different place when the situation eventually returns to normalcy. This presents a unique challenge for manufacturing units that employ numerous blue-collar workers. As most of the blue-collar workers have returned to their hometowns, resuming production will be a big ask because they might be reluctant to return anytime soon.
Employee Financial Wellness Program: A Strategy
In such a situation, it becomes imperative for the management to undertake all the steps possible to resume normal operations. It is a widely known fact that blue-collar workers are motivated by financial incentives. Thus, implementing a financial wellness program can be a useful strategy to minimize the effects of the COVID 19 pandemic. If you are still unsure about the efficacy of an employee financial wellness program, here are the reasons which will compel you to implement one immediately: –
Ensuring the happiness of your blue-collar workers is not only your duty but is, in turn, extremely beneficial for you. The situation created by the COVID-19 pandemic has left lower middle class and economically weaker families vulnerable. In such a scenario, by implementing a financial wellness program for your employees, you can address most of their monetary concerns. Consequently, your blue-collar workers are bound to be happier, and this will reflect in their efficiency and workmanship. Moreover, happy employees are more likely to continue working with your organization for a longer duration of time, allowing you to avail of the benefits of increased and improved production levels.
There is a famous old saying, “Loyalty can not be bought.” It holds true even today. Loyalty is one of the most desired traits in an employee, but sadly is one of the rarest to find. This is mainly due to the fact that the workers feel that since the management does not care about them, then why should they care. As a result, a trust deficit is created, which mars the performance of the organization on various levels. A financial wellness program will go a long way in bridging this gap and reassuring the blue-collar workers that the company does indeed cares about them. This will, in turn, foster the feeling of loyalty in your workers, which bodes well for your business.
Retirement planning and medical expense planning are integral parts of a financial wellness program. In such a situation, implementing a financial wellness program assures your employees regarding the safety of their interests in case of a medical emergency or in case of retirement. When they have lesser things to worry about, it reflects in their performance. Not only will they be more motivated to work for your organization but will also deliver better results in the form of improved productivity. This will not only mean better quality products but also lower cost per unit, driving up your profits.
Reduced Financial Stress
Apart from employees, implementing a financial wellness program bodes well for your organization as well. A financial wellness program encompasses all aspects related to the financial requirements of your employees, present as well as future. As such, you are relieved from the stress of arranging for money to meet their urgent requirements. There will be lower tax liabilities and compensation claims in case of accidents. This reduced financial stress offers you greater flexibility with your finances as well, allowing you to allocate resources to other useful avenues as well.
Government authorities are becoming extremely particular about the protection of labour rights. While, presently, having a financial wellness program for your blue-collar workers is not mandatory, but in the coming years, there is a high probability that it might be made mandatory. So instead of running around at the last minute and availing an unsuitable plan, it is better to implement a financial wellness program now and do the necessary tweaking much before it becomes mandatory.
The benefits on offer with the implementation of a financial wellness program are certainly worthy of your consideration. The pace at which the importance of labor welfare is being stressed upon by the government as well as the society, it is advisable that you subscribe to one as soon as possible.