There are tangible ways to offer a holistic financial wellness program for employees that addresses and attempts to reduce their stress.
While some stresses are short term concerns such as paying bills or immediate health needs, the bulk directly relate to retirement and a benefits package should aim to address the short-term, long-term, and unexpected needs of employees through the methods discussed.
While the majority of employers agree they have a responsibility for the financial wellness of employees, just 13% take advantage of financial wellness programs offered.
This presents a great opportunity for employers to do the right thing by their staff and stand out from a talent attraction and retention perspective.
Keep in mind these benefits are tied together under a financial wellness program and should be evaluated using the best-in-class measures.
It’s not only an opportunity, but a business imperative that employers take action to reduce employees’ financial stress. Only 72% of employees thought that the benefits they receive from their company improves their financial wellness, so there is a chance for employers to make significant benefits in the lives of their employees.
Employers can differentiate themselves through a financial wellness program that supports employees in their financial decisions to encourage a more engaged, satisfied, and loyal workforce — one that thrives in both work and life.
A well-designed financial wellness program takes a holistic and integrated approach, connecting employer benefits and multi-channel resources to address both short-term and long-term employee needs.
The right mix of resources, education, and communication goes a long way in meeting employees where they are in life to get them to take action.
Ultimately, financial wellness programs help all employees — no matter their confidence level, pay grade, or title — understand their current benefits and individual circumstances to take action and improve their financial wellness, now and in the future.