Employee financial wellness – it's good for business!
Finances are top of mind for many people these days, and for good reason. The Financial Consumer Agency of Canada notes that worries about money are the biggest cause of stress for Canadians. Nearly half say they’ve lost sleep over money concerns and around one in three feel their finances control their life.
Financial stress could be affecting your business
Financially stressed employees are 5 times more likely to be distracted at work, the Agency says. Even for a company with 10 employees, that distraction could add up to almost 400 hours of lost productivity each year – a significant amount for small businesses.
It’s not just about focus. Financial stress can also lead to:
Higher turnover
Financial & operational errors
Increased sick days
Strained customer interactions
Supporting financial wellness for your staff is not only the right thing to do, it can pay off, too. Approximately 70% of employees say employers should support their financial wellbeing and 78% are interested in financial education at work. Offering financial wellness programs allows you to support your team and make your workplace more attractive to skilled employees.
Employee Financial Wellness Programs
Every workplace is different, but one thing is almost always true: retirement savings are on your employees’ minds, and it becomes more important as they get older.
The good news? Financial wellness programs don’t have to be expensive or complex. Even small changes can have a big impact. Here are a few practical ways to make a difference.
Contribute to SPP
Whether it’s regular or occasional, employer contributions go a long way in showing support and helping employees build long-term financial security.
Explore partnerships for employee discounts
Things like gym memberships, insurance discounts, or other deals can help employees stretch their dollars further.
Offer financial literacy or education resources
From budgeting tools to retirement planning webinars to literacy workshops, knowledge builds confidence.
Make employee benefits crystal clear
Explain what’s available through your benefits, and follow up to ensure staff knows how to access (and are making use of) them.
Offer work-from-home options
Less commuting can mean lower expenses and better work-life balance. You don’t need to go fully remote, but flexible work options can be extremely meaningful.
Supporting your team’s financial wellbeing doesn’t have to mean you overhaul everything. It’s about taking thoughtful steps that show you care.
Two simple ways you can support employee wellbeing
Explain how SPP works
Make sure your employees understand how SPP works. We’d love to connect if you have questions or if your team needs a refresher presentation. We’re always happy to meet with your staff to walk through it together.
Call us at 1-800-667-7153 or email info@saskpension.com to get in touch.
Enter your User ID (a 7-digit number starting with a 2 found in your verification email) and Password
Click Manage Employees in the navigation
Click the Add Employee button
Enter the employee’s first name, surname, Social Insurance Number (SIN) and email
Click Save
Once you’ve added your employees, we’ll reach out to them directly to guide them through the rest of the sign-up process. You’ll know they’re set when their status changes from I (Inactive) to A (Active) on your MyBusiness portal.
Discover how other businesses are putting SPP to work for them
Great employees want to work for a business that cares about their future. See how Battleford Furniture is showing staff they matter with a pension from SPP.
SPP Executive Director Shannan Corey was proud to present the Resilience Awardat the WESK Gala in Regina, May 17. The award honours a Saskatchewan woman who has demonstrated exceptional strength, adaptability and perserverence in her business in the face of challenges.
Next, we’ll be at the CPA Prairie Connection Conference in Winnipeg (June 16-18). If you’re there, say hello! We’d love to meet you, answer any questions and chat about how we can support your team’s financial wellbeing.
Get the most out of SPP for your business
Get in touch or sign in to MyBusiness to add new employees or update contribution amounts.
