In the ongoing attempt to recruit and retain top talent, employee benefits are often a determining factor. Perhaps that is because employees view benefits packages as a measure of how much their employers truly value them. Better benefits translate to more value in the minds of employees.
As a leading payroll and benefits administration provider, we have seen how benefits packages have evolved over the years. We can tell you that financial wellness benefits are becoming more important by the day. Companies are adding such benefits alongside their health insurance, vacation pay, and so forth.
We encourage you to start thinking about financial wellness benefits if your company does not yet offer them. They could mean the difference between effectively competing for top talent and having to settle for whatever you can find.
Employees Want Financial Help
The whole idea of offering financial wellness benefits is rooted in research. One particular study cited by Employee Benefit News suggests that 75% of all America's employees consider their employers a trusted source of financial wellness help. Furthermore, 60% say that financial wellness benefits would lead to them being more committed to their employers and more productive on a day-to-day basis.
These numbers should be enough to get the attention of any employer. Knowing that three-fourths of your employees trust you as a source of financial wellness help gives you the opportunity to do some amazing things. With financial wellness benefits, you can increase retention and help your employees manage their finances better.
Help Reduce Financial Stress
Financial wellness is something we have not talked a lot about from an employment perspective. Why is it suddenly important now? Because we are beginning to understand how financial stress impacts the workplace. We are coming to understand that employees worried about how they are going to pay the bills are not as focused or productive as they could be. They are also not as healthy.
Engaging with employees to improve financial wellness goes a long way toward reducing stress. That makes for a healthier mind and body. It makes for an employee who is more focused at work and more devoted at home. Both are equally important.
Another thing to consider is that a relatively stress-free workplace is one that tends to encourage better collaboration, more creativity, and increased productivity. If financial wellness benefits can reduce employee stress levels across the board, the office environment should improve proportionally.
Examples of Financial Wellness Benefits
Being that financial wellness benefits are so new we haven't yet reached the point of having a standard formula that employers should follow. It is still an open book right now. That means there are lots of different ways to help financial wellness. Here are just a few examples:
- Financial Education – Many employees would benefit from a basic education in daily finances. Employers can set up programs to teach basics like budgeting, saving, minimizing tax liabilities, and so forth. A little education goes a long way.
- Debt Reduction Programs – Some employers have begun embracing debt reduction programs. For example, a program offering matching contributions to help employees pay down student loans can be a very attractive benefit.
- Financial Planning – Another popular benefit is financial planning. Employers can enroll workers in programs that pair them with financial planners capable of helping them get ready for retirement.
Financial wellness is a real need among America's workers. Your company can enhance recruiting, improve retention, and help workers all at the same time by implementing a financial wellness benefits package. Feel free to contact us to learn more about how we can help.