Does money buy happiness? Many have debated this question for centuries. However, a better question for organizations might be offering employees financial well-being initiatives, including pension plans, life cover, and financial literacy schemes.
These initiatives aid in attracting top talent, retaining employees, and increasing employee engagement, especially when over seven in ten employees in the UAE have either changed jobs or are planning to do so in the next 12 months.
A recent survey by Zurich International Life in conjunction with YouGov revealed that 94% of UAE employers are investing in or are motivated to provide resources to improve their employees’ financial well-being.
The survey also revealed several insights into employee satisfaction and financial wellness needs, with 69% of employees believing the employer is responsible for providing economic well-being initiatives.
“Our survey has ignited a crucial conversation, highlighting the need for employers to adopt a proactive approach in supporting the financial well-being of their employees,” said Swarnaleka Shetty, Head of Corporate Life and Pension at Zurich in the Middle East.
The top three successful initiatives implemented by companies to support employees include pension plans and life cover (62%), financial literacy resources (47%), and financial counseling at work (38%). However, some face challenges in finding suitable resources or offering employee benefits due to high costs or lacking internal resources.
According to the survey, in the long run, these initiatives will reduce the cost of recruitment, decrease employees’ financial stress, and improve overall employee satisfaction and engagement.
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