The Benefits of Financial Wellness Programs for Employers
Dealing with money can be stressful and time-consuming, and employers recognize that it can impact employee well-being and productivity. When employees feel uncertain about their financial health, it can spill over into the workplace, leading to distractions and even absenteeism in the face of financial emergencies.
To address this issue, employers are increasingly showing interest in company-sponsored financial wellness programs. A survey conducted by eMoney revealed that 91% of employers believe that providing financial wellness support to their employees is important. Employers who have implemented such programs have observed the positive impact they have on their workforce – employees are happier, more productive, and more likely to stay with the company for the long term.
Despite the acknowledgment of the importance of financial wellness, many employers have yet to act on it. Here’s why they should seriously consider moving forward.
Financial wellness programs help employees prepare for the future
Financial wellness programs help employees prepare for the future by providing them with the tools and resources they need to improve their financial health. According to our survey, over half of the respondents agreed that these programs have helped employees better prepare for retirement and feel financially secure in the future. Employers also reported that these programs have helped employees with goal setting and saving more money.
Financial wellness boosts happiness, productivity, and employee loyalty.
Employers who have implemented financial wellness programs have seen positive outcomes. Participants in these programs are happier, more productive, and more likely to stay with the company. Employers have measured success based on improvements in company culture, increased productivity, higher retention rates, and improved employee morale. Participation in the program is also a key metric.
Increased benefits participation
Financial wellness programs not only benefit employees directly but also increase participation in other company-sponsored benefits. Employers have observed a significant increase in employees’ participation in other benefits and retirement plan contributions.
Driving Financial Wellness with Convenient Accessibility
Accessibility is crucial for the success of financial wellness programs. Over half of the employers preferred programs that are accessible online or through mobile apps. This allows employees to access the advice and resources they need anytime, anywhere, and frees up valuable time and resources for employers.
Depth of support
Employers value comprehensive support in financial wellness programs. They want programs that offer a variety of features to address different financial needs, from short-term budgeting to long-term retirement planning. Features like financial planning, goal setting, budgeting tools, financial wellness scoring, and access to financial advisors are highly desired.
Staying ahead of the competition
Offering financial wellness benefits gives employers a competitive edge in the labor market. As talented employees consider their career options, financial wellness programs become a deciding factor in their choices.
When implementing a financial wellness program, working with a financial advisor is crucial. Employers want the guidance of a trusted advisor for program selection and ongoing management. Finding a retirement benefits provider that also offers financial wellness programs can streamline the process.
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