“Financial wellness” is the buzzword of 2023 in the HR space. More employees are asking their employers to offer financial wellness support. In fact, 80 percent of employees think that their employers should support financial wellness, while 62 percent of employers feel like they need to offer support to their employees. The simplest way to do this is to build a financial wellness program that benefits both the company and the employees.
According to survey data from PlanSponsor’s 2022 Participant Survey, 46 percent of employees said their employer offers a financial wellness/literacy program, while 13 percent don’t know whether their employer offers this kind of benefit.
Financial training and support are low investment, high output benefits, and when combined with financial wellness products (FSAs, investment options, retirement contributions, etc.), create more stability and peace of mind for employees. A recent survey from TalentLMS found that 96 percent of employees found their employer’s financial literacy or wellness program to be somewhat, very, or extremely helpful in improving their financial status and reducing financial stress.
Companies see several benefits from implementing a financial wellness program, including:
Additionally, 68 percent of employees state that they are more likely to stay at their current job if their employer offers financial wellness benefits, and 61 percent are more likely to stay at an employer if they provide financial training and resources.
Financial wellness programs can take several forms:
Here are a few examples of seminars or resources you can offer:
The crux of a good financial wellness program is how well it’s communicated to your employees. Prompt them to look at the information and take advantage of the benefits through communications over Slack, Teams, email, webinars, mailers, etc. Your employees are already inundated with so much company information, so you can’t expect them to remember all the financial wellness benefits they can access.
A financial wellness program isn’t just seminars and resources; it can be financial wellness benefits too. Check out this blog post for 7 financial wellness benefits you can offer your employees.A financial wellness program can be tricky to track, as some benefits, like productivity and job satisfaction, take time to measure. Consider these tangible metrics to measure your financial wellness program's immediate impact and ROI.
If you’re looking to implement a financial wellness program, here are a few things to consider:
Remember, the best financial wellness programs are the ones that give your benefits the support they need. Consider offering flexible benefits with the PTO Exchange platform to address your employees’ top financial concerns. Learn more about the platform and request a demo today.
Learn more about how you keep your employees financially healthy in our new guide.