5 HRM Books Every HR Should Read To Ensure Financial Wellness To Employees

With the best books for human resource management, you get the roadmap to the journey of financial wellness. 

Receiving financial guidance as employee benefits is more important than ever for employees seeking to improve their financial well-being and achieve short- and long-term financial objectives. Financial wellness is a term that refers to a person’s overall financial health and is one of many factors that contribute to employee well-being. 

With this change in expectations, more employers now assist employees in improving their financial wellness. HR professionals are broadening the concept of wellness. Wellness programs are now used by HR managers to recruit and retain employees and increase productivity. 

Employees can use the Financial Wellness Programs to evaluate their financial stress, create a monthly budget, pay down debt and reclaim financial control. They also help employees reduce stress, fatigue, anxiety and other conditions that lead to workplace conflict. 

A financial wellness program that is strategically implemented can be a win-win situation for both the organisation and the employees. HR’s challenge is to find cost-effective ways to assist employees in dealing with financial difficulties. 

Compensation and incentives are some strategies that reduce the financial burden on the employee by providing them the opportunity to earn more money. In the current economy, where side hustles are common, this extra income is an added benefit. With the best books on HR management, you can learn strategies to put such structures in place. 

If HR wants to ensure their employees’ financial well-being, they must provide them with the tools they need to make wise choices. The following are the five best books for HRM in India that can assist HR in assisting their employees’ well-being.

The Financial Wellbeing Book: Creating Financial Peace of Mind by Chris Budd

If an employee is dealing with the burden of financial stress, then prioritising work becomes a difficult task, and this directly impacts their productivity. To save companies from losing money, HR can implement strategies for the financial well-being of employees. This book includes a list of practical and strategic advisory standing on long-term financial planning. 

As a financial expert himself, Chris Budd believes that wealth management starts with knowing yourself. HR experts can gain insights into developing financial advice for their employees using this book without having to take a survey based on this guide. 

The Financial Wellness Mandate: Be the Employer of Choice by Offering the Benefits Today’s Workers Want and Need Most by Daniel R. Bryant

HR professionals who take the time to understand the financial challenges that employees face win the war for talent. Additionally, those who understand the trends shaping workplace benefits in improving financial outcomes for both workers and businesses. 

Expert in financial and workplace benefits, Daniel explains the importance of financial care and its inextricable link to employee financial wellness. As one of the most popular and best HRM books, it focuses on the undeniable power of behavioural economics. It takes a deep dive into why it matters how employees handle money, how employers consider benefits and the rise of consumerism. It also sheds light on employees’ ability to plan and deliver workplace benefits.

Investing in People: Financial Impact of Human Resource Initiatives by John Boudreau and Wayne F. Cascio

The book explains the following HR strategies:

• Selecting strategies for decision making 
• How and when to implement those strategies 
• How to improve decision-making
• Optimise organisational effectiveness
• Maximise the value of HR investments
• Link between financial and line-of-business metrics
• Methods for measuring and analysing every HR action
• Logic, Analytics, Measures, Process (LAMP) strategy for scale
• Ways for combining HR with business and budgeting strategy 
• Strategy for getting a commitment from non-HR business leaders

Strategic Compensation: A Human Resource Management Approach by Joseph J. Martocchio

Back in the day, employees’ pay grades and incentives were subject to their seniority and their merit. The incentive strategies proved to be highly effective for employee motivation. In the modern-day corporate era, these strategies are still as effective. 

This textbook is an HR guide to partake in that age-all practice. If you are an HR professional, you can use this to build a competitive structure in the workplace that helps the business evolve and deliver excellent performance. It also tells you how to decide on a pay structure, maintain discretion about such compensation strategies, challenges and how to overcome them.

Build It: The Rebel Playbook for World-Class Employee Engagement by Glenn Elliott, Debra Corey

Glenn Elliott, the author, is a multi-award-winning Entrepreneur of the Year, CEO, and growth investor. The book has some great tools, tips and real-life examples from companies like NASDAQ, IBM, Unilever, KPMG, 3M and McDonald’s to help you get started today, not tomorrow. Here is what you will discover:

• How employee engagement improves company performance
• The key factors that influence engagement and how they interact
• What the world’s most daring companies have done to defy traditional HR rules and boost employee engagement

The book includes case and research studies from academics and human resources professionals who have excelled in enhancing employee participation through one or more sections of the bridge.

These books cover all the important aspects of human resources management with employee benefits as the focus. HR professionals must seize every opportunity to gain knowledge and insights from any available source. Nothing is a better source of knowledge than a book to keep you up-to-date in a rapidly changing world.

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FAQs on Best Books for Human Resource Management

What is the best book on employee benefits?

Here are some of the best books that elaborate on employee benefits:

• 15 Commitments of Conscious Leadership: A New Paradigm for Sustainable Success by Jim Dethmer, Kaley Klemp, and Chapman
• Strategic Compensation: A Human Resource Management Approach by Joseph J. Martocchio
• A Passion for Wellness: Healthy Employees, Healthy Bottom Line by Rachel A. Sapoznik
• “Perspective” in Employee Benefits: From a Professional Practitioner by Lori Power
• The Financial Wellness Mandate: Be the Employer of Choice by Offering the Benefits Today’s Workers Want and Need Most by Daniel R. Bryant
• The Handbook of Employee Benefits by Jerry Rosenbloom

Which book is best for HRM?

Here are some of the best books on HR management that you can read: 

• Human Resource Management by Gary Dessler
• Strategic Human Resource Management: An HR Professional’s Toolkit by Karen Beaven
• HR Disrupted: It’s Time for Something Different by Lucy Adams
• Putting The Human Back Into HR: Success as an HR Professional Begins With You by Su Patel
• Redefining HR: Transforming People Teams to Drive Business Performance by Lars Schmidt
• HR for Hybrid Working: How to Adapt People Practices to Support Employees and the Organization by Gary Cookson
• People Processes: How Your People Can Be Your Organization’s Competitive Advantage by Rhamy Alejeal