Reasons to invest in Employee Wellness


Gone are the days when the workforce was content with getting their monthly pay-cheque along with basics like employee insurance from their employer and everything else was to fall on the shoulder of the employee from planning for finances, health plan etc. With increased complexity, stress and anxiety in the life of the Indian workforce, primarily due to Covid-19 pandemic , it is time for organisations to keep up with the changing needs of the workforce and invest in financial, mental, physical and/or emotional wellbeing of employees.

The present workforce would prefer an organisation which caters to their diverse needs and priorities. Furthermore, these factors are important in determining the level of productivity employees bring to the table and, thus, affect the overall functioning of the organisation..

Some of the key steps already taken by organisations to manage employee wellness includes providing flexible working options, offering onsite stress management interventions, promoting employee assistance programmes; employee education and training among others.

In a study , organised amongst 100 organisations from varying sectors, employers ranked lack of physical activity (62%) and stress (55%) as two of the most pressing concerns regarding their employees’ lifestyle, followed closely by obesity (43%). However, it is interesting to note that Poor financial well-being ranked lower and only 27% employers said it was their top concern.

What makes the situation even more grim is the fact that numerous employees are already in fragile financial conditions and unprepared for any short-term cash requirements, lacking the ability to absorb even the slightest shock. In fact, as per a report , 52.9% of private sector employees believed that their major financial concern is not having money for emergencies. There can be various situations where an individual feels stuck financially - whether an emergency repair for a car, renovating home, covering wedding expenses, credit card bills or merely supporting merely in supporting them in daily expenses.

Financial well-being is increasingly becoming an important aspect of overall employee well-being strategy. According to another study , 90% of Indian employees consider financial security an important priority and a majority of them believe that their employers should play an active role in their personal finances. Many organisations are actively visualising and taking steps for the future towards addressing the emotional and financial well-being of their employees.

What makes the situation even more grim is the fact that numerous employees are already in fragile financial conditions and unprepared for any short-term cash requirements, lacking the ability to absorb even the slightest shock. In fact, as per a report , 52.9% of private sector employees believed that their major financial concern is not having money for emergencies. There can be various situations where an individual feels stuck financially - whether an emergency repair for a car, renovating home, covering wedding expenses, credit card bills or merely supporting merely in supporting them in daily expenses.

Organisations like Myntra, HUL, BigBasket and Mercer India have started their journey on the road to financial wellness and expanded their employee benefits plan to launch varying initiatives that fall under the umbrella of financial wellness. For instance, Myntra launched Thrive in August 2020, which is a wellness framework as a part of which financial experts have been roped in to guide employees on asset and wealth management as well as investments to grow their wealth for a secure future.

There is no denying the fact that financial wellness benefits are a must-have in today’s times. There has been a paradigm shift and today, the focus has shifted to supporting an


1.LinkedIn Workforce Confidence Index’s mental health edition
2.India Health and Wellbeing Study 2018 by Willis Towers Watson
3.Koppr’s Report on Employee Financial Wellness Survey 2021
4.Growing Interest in Employee Financial Wellbeing in India Study of 2016 by Willis Towers Watson

employee’s life holistically as a means to enhance organisational effectiveness and retention. Without having to overrun working capital, organisations can come aboard with FastALoan, provide financial benefits to its workforce and make it a win-win situation for both the employer and their employees.