Beyond Physical Health: Addressing Emotional and Financial Wellness in the Workplace

When you think about employee wellness, what comes to mind? Gym memberships? Step challenges? Today, leading companies are realizing that the best wellness programs go far beyond physical health. Emotional and financial well-being are critical — and addressing them can dramatically improve workplace morale, productivity, and retention. A holistic wellness strategy shows employees that they are valued not just for what they produce, but for who they are.

Emotional Wellness: Supporting Mental Health at Work

Emotional wellness, which includes stress management, mental health, and resilience, is foundational to employee success. According to the American Psychological Association, 61% of employees reported feeling stressed during the workday in 2023, a rate that has remained persistently high post-pandemic. Chronic stress and untreated mental health conditions can lead to absenteeism, presenteeism, burnout, and increased employee turnover.

Organizations that invest in emotional well-being initiatives, such as Employee Assistance Programs (EAPs), mindfulness training, flexible scheduling, and 1:1 behavioral health coaching, often see measurable benefits. The World Health Organization estimates that for every $1 invested in mental health treatment, there is a return of $4 in improved health and productivity.

Simple steps like normalizing mental health conversations, providing mental health days, and offering Mental Health First Aid training can create a psychologically safe workplace where employees feel valued and supported.

Financial Wellness: Reducing Money-Related Stress

Financial concerns are one of the leading sources of stress for employees. In a 2023 survey by PwC, 57% of employees said financial stress had impacted their performance at work, and 48% said it distracted them while on the job. Financial stress and insecurity can diminish focus, motivation, and overall well-being, yet financial wellness remains a relatively under-addressed area of workplace wellness.

Financial wellness initiatives include financial education workshops or challenges, access to financial advisors and counselors, student loan assistance programs, and employer-matched emergency savings accounts.

Importantly, these programs should be inclusive, recognizing that financial needs vary greatly across different demographics and life stages, from first-time home buying to preparing your employees who are near retirement. Tailoring your company’s financial

wellness approach to meet the unique, diverse needs of your employee population ensures broader impact and higher participation.

Creating a Holistic Wellness Program

Physical, emotional, and financial health are deeply interconnected. Employees who feel secure emotionally and financially are better equipped to manage physical health and perform at their best. Employers should strive toward a holistic wellness approach that is an integrated part of the employee experience.

Action Steps to Start:

Review your current wellness offerings. Are emotional and financial needs being addressed? Are you providing a diverse mix of tools, benefits, and education to meet different needs?

1. Gather employee input. Anonymous surveys, such as needs assessments, or open forums can uncover gaps and new ideas.

2. Increase leadership buy-in. Wellness initiatives are more successful when leaders openly endorse and participate in them.

3. Start small. Pilot a new benefit like a financial wellness seminar or mindfulness workshop and gather feedback.

4. Celebrate wellness wins. Share success stories and encourage a community of care.

Organizations that embed emotional and financial wellness into their culture don't just support their employees — they build a stronger, more resilient workforce. In fact, companies that prioritize employee well-being often see lower healthcare costs, reduced turnover, and higher employee engagement.

References:

• American Psychological Association (APA). (2023). Work and Well-Being Survey Results. Retrieved from https://www.apa.org

• World Health Organization (WHO). (2019). Mental health in the workplace. Retrieved from https://www.who.int

• PwC. (2023). Employee Financial Wellness Survey. Retrieved from https://www.pwc.com/us/en/industries/private-company-services/library/employee-financial-wellness-survey.html

• Gallup. (2022). State of the Global Workplace Report. Retrieved from https://www.gallup.com/workplace/349484/state-of-the-global-workplace.aspx