Financial Wellness Benefits: The New Must-Have for Canadian Employers

Key Takeaways

• Financial wellness benefits are now essential for Canadian employers to attract and retain top talent.
• Nearly half of Canadians live paycheque to paycheque, making financial stress a major workplace issue.
• Offering paycheque advances and financial support can reduce turnover, absenteeism, and boost productivity.
• Real Canadian companies have seen up to 20% lower turnover after implementing financial wellness programs.
• Swift Wellness offers a simple, effective solution for employers looking to support their teams and improve business outcomes.

Introduction

The pandemic has forever changed how Canadians think about money, work, and well-being. Today, financial stress is one of the biggest challenges facing employees—and it’s costing Canadian businesses more than ever.

If you’re an employer, ignoring your team’s financial wellness could mean higher turnover, lower productivity, and a less engaged workforce.

But there’s good news: forward-thinking employers are turning to financial wellness benefits to support their teams and gain a competitive edge.

In this article, you’ll learn why financial wellness is now a must-have for Canadian employers, how it impacts your bottom line, and practical steps to get started.

Why Financial Wellness Matters in 2024

Financial wellness means more than just a steady paycheque. It’s about giving employees the tools and support they need to manage their money, reduce stress, and plan for the future.

Key Stat:

According to the Canadian Payroll Association (2024), 48% of Canadians live paycheque to paycheque. That means nearly half of your team could be one unexpected expense away from financial hardship.

The Impact on Your Business:

• Financially stressed employees are twice as likely to look for a new job.
• They’re also more likely to miss work, be less productive, and experience mental health challenges.
• The Financial Consumer Agency of Canada reports that financial stress costs Canadian businesses over $16 billion annually in lost productivity.

Did you know?
Financially stressed employees are 2x more likely to look for a new job.

Ignoring financial wellness isn’t just bad for your team—it’s bad for business.

The Business Case for Financial Wellness Benefits

Investing in your employees’ financial health isn’t just the right thing to do—it’s a smart business move.

How Financial Wellness Programs Reduce Turnover

When employees feel supported, they’re more likely to stay. Financial wellness benefits like paycheque advances, budgeting tools, and financial education can make a real difference.

Real Canadian Example:
A mid-sized Toronto retailer introduced paycheque advances through Swift Wellness in 2023. Within a year, their turnover rate dropped by 20%, and absenteeism fell by 15%.

Cost Comparison Table

*Based on a $20/hour employee, including hiring and training costs.

Pro Tip:
Investing in employee wellness often pays for itself within the first year.

What Financial Wellness Benefits Look Like

Financial wellness benefits go beyond traditional perks like health insurance or gym memberships. They’re designed to address the real, everyday financial challenges your employees face.

Types of Financial Wellness Benefits

• Paycheque Advances: Give employees access to their earned wages before payday.
• Financial Education: Workshops, webinars, or online resources to help with budgeting, saving, and debt management.
• Budgeting Tools: Apps and platforms that help employees track spending and set financial goals.

Comparison Table: Traditional vs. Financial Wellness Benefits

Why Swift Wellness?
Swift Wellness makes it easy for employers to offer paycheque advances and financial support, with no impact on payroll or cash flow. Employees can access their earned wages instantly, reducing stress and improving satisfaction.

Key Stat:
65% of Canadian employees would choose a job with financial wellness benefits over one without (Canadian Payroll Association, 2024).

How to Implement Financial Wellness Benefits in Your Workplace

Ready to get started? Here’s a simple, step-by-step guide:

1. Assess Employee Needs:
   Survey your team or hold feedback sessions to understand their financial challenges.
2. Choose the Right Solution:
   Look for a provider like Swift Wellness that offers flexible, easy-to-use financial wellness tools.
3. Communicate the Benefits:
   Make sure employees know what’s available and how to access it. Use emails, posters, and team meetings.
4. Measure Results and Adjust:
   Track key metrics like turnover, absenteeism, and employee satisfaction. Adjust your program as needed.

Real Example:
A Vancouver-based hospitality group piloted paycheque advances with one department. After seeing a 30% drop in last-minute shift cancellations, they rolled it out company-wide.

Actionable Tips: Launching a Financial Wellness Program

• Start with a Pilot:
  Test the program in one department before expanding.
• Get Leadership Buy-In:
  Share the business case and real numbers with decision-makers.
• Choose a Trusted Provider:
  Look for features like instant access, no payroll disruption, and strong privacy protections.
• Communicate Clearly:
  Use simple language and multiple channels to reach all employees.
• Track and Share Results:
  Celebrate wins and share success stories to build momentum.

Features Checklist for Financial Wellness Solutions

Start small:
Pilot your program with one team, gather feedback, and expand as you see results.

Conclusion

Financial wellness benefits are no longer a “nice-to-have”—they’re essential for Canadian employers who want to attract, retain, and support their teams in 2024 and beyond.

By addressing financial stress, you’ll see lower turnover, higher productivity, and a happier workplace.

Ready to make a change?
Assess your team’s needs and explore how Swift Wellness can help you reduce turnover and boost productivity with simple, effective financial wellness solutions.

Learn more about Swift Wellness and how you can support your team today.