An HR Guide to Boosting Employee Financial Wellbeing for Healthcare Professionals

Although employee financial wellbeing may vary from person to person, it generally refers to an employee’s ability to manage daily finances and plan for future goals, all while feeling secure about their financial situation.   

Employee financial wellbeing includes several important aspects:

• • Daily Financial Management: Having the means to cover bills, manage debt, and handle unexpected financial emergencies without significant stress.

• Long-Term Financial Planning: Saving and investing for financial goals, such as further education, home ownership, or retirement.

• Investment Options: Providing employees with access to investment plans or savings accounts that can help them build wealth over time.
• Access to Educational Resources: Achieving financial stability and growth through counseling, retirement plans, and related workshops or courses. 

In the healthcare industry, outcomes matter. But so do the people delivering them. While patient care is front and center, the wellbeing of the professionals behind the care deserves just as much attention. 

For Filipino healthcare workers, financial stability can be hard to come by. Challenges like low wages, delayed allowances, and job insecurity stack up, especially in an economy with a 3.3% inflation rate (as of 2024). 

And when money stress builds, it shows up in ways that affect both people and performance:

Reduced Productivity 

Lower Job Satisfaction

Constant financial worry chips away at morale. Healthcare workers facing economic pressure often report anxiety, disengagement, and even depression. 

Over time, that stress disconnects them from their purpose and from the team. Left unaddressed, it can lead to deeper dissatisfaction that’s hard to reverse.

Increased Turnover Rates

Financial stress leads to higher turnover rates in the healthcare sector. In fact, a study shows that two in five healthcare workers have considered leaving their jobs due to economic pressures over the past year. 

That’s a big red flag. When good employees walk away, it doesn’t just hurt morale. It also increases hiring costs and disrupts patient care. Turnover becomes a symptom of deeper economic stress.

Step 1: Establish Objectives

To begin, define what you hope to learn from the survey. Objectives might include understanding key financial stressors, evaluating the support systems already in place, or identifying new areas to invest in.

Step 2: Develop Survey Questions

When developing survey questions to assess the financial wellness of healthcare workers, start by gathering essential demographic information such as age, job role, and income level, which will help contextualize their responses. 

In the survey, you can consider including the following questions: 

• Income and Expenses: What are your primary sources of income? How do you manage your monthly expenses?
• Financial Stress: How often do you feel stressed about your financial situation? What specific financial concerns impact your wellbeing?
• Financial Goals: What are your short-term and long-term financial goals? Are you facing challenges in achieving them?
• Current Support: Are you aware of the financial wellness programs offered by the organization? How effective do you find these programs?

Step 3: Distribute the Survey

Share the survey the smart way. Use the channels your people trust, such as email, internal tools, or partnerships with medical groups. Keep it anonymous, simple, and secure. The more comfortable people feel, the more honest they’ll be.

Step 4: Collect and Analyze Data

Look for patterns in the results. Are people struggling with debt? Saving for emergencies? Use those insights to build targeted programs, and share the results with HR, management, or finance teams so you can move quickly on solutions.

According to a 2024 study, job dissatisfaction in the healthcare sector has become more prevalent due to limited career growth, poor time management, and financial stress, alongside the emotional toll of dealing with suffering and death. 

To help ensure work engagement, you can implement effective economic wellness strategies that can support your staff in managing their finances, reducing stress, and improving overall wellbeing. 

Here are a few strategies that can go a long way in helping your healthcare staff regain financial health:

Financial Education Programs

Providing financial literacy training can help your healthcare staff gain the necessary knowledge and skills about dealing with concerns like budgeting and retirement planning. To further support individual needs, you can seek help from experts who can offer one-on-one financial counseling sessions that address their unique situations. 

Tailored Financial Wellness Benefits

Programs like loan repayment assistance and tailored retirement plans can be a game-changer for employee satisfaction and retention. When healthcare workers feel financially secure, they are more likely to stay committed to their organizations and perform at their best.

Practical Financial Tools and Resources

You can introduce user-friendly financial wellness software like Sprout’s ReadyCash and ReadyWage, allowing employees to track expenses, set budgets, and plan for long-term financial goals.  These tools can be incorporated into your existing HR systems.

Regular Workshops and Seminars

Financial stress is a growing challenge for everyone, including healthcare professionals. Stress is already part of their job. But when financial stress enters the picture, focus drops and performance suffers. 

Sprout’s Readycash offers a timely solution by providing immediate access to funds during these difficult times. With zero wait times and transparent terms, your team can focus on delivering exceptional patient care.

Offer access to financial education, early wage access, and tailored benefits to help employees manage personal finances. Learn practical strategies in our financial wellbeing guide.