Improving employee financial health in the workplace
The focus of traditional health and well-being programs is on encouraging physical activity and healthy eating. But, stress can directly impact your employees’ physical health — and more than half of employees are stressed about their finances, according to PwC’s annual Employee Financial Wellness Survey.
When your employees are stressed about their finances, they’re less productive and more likely to take time off to deal with financial matters, seek a job with higher compensation and cite health issues caused by financial stress.
See how your employees’ financial stress can impact your company — and learn what you can do to help.
How you can improve employee financial health
According to Fidelity, the majority of companies now offer financial security programs to their employees, and employees want this financial help. Among workers whose employers offer a financial well-being services to better manage spending, pay down debt and build savings, 83% of Gen Z and 79% of millennials say they use them.
Improve your employees’ financial (and overall) health
Providing your employees with resources to improve their well-being has never been easier. Learn about the well-being solutions available to your employees, like Enrich. Enrich is a financial wellness benefit that helps your workforce gain financial confidence and work toward their unique financial goals.
Offer an on-site financial counselor
By having a trusted resource at your worksite, you show your employees that financial well-being does matter. A financial counselor that's available for one-on-one meetings with employees emphasizes the importance of decisions like planning for retirement, navigating college tuition expenses and even budgeting for the holidays. This counselor can be available for one-on-one meetings and even help with financial workshops for larger groups.
Offer financial wellness workshops or education
Financial wellness workshops can cover a number of topics, from budgeting and how credit works, to investing for retirement and documenting wishes through a will and trust. Providing education on one topic, like budgeting, can help employees with other aspects of financial well-being.
Explore available tools from your company's retirement plan provider
Often, your retirement plan provider offers free calculators, tools, tips and more at no additional cost. Tap into these expert resources and encourage your employees to reference them before making any big financial decisions or during Open Enrollment.
Have questions?
Have additional questions or want to learn more about Wellmark's well-being and consulting services? Email us at blueatwork@wellmark.com, and we'll connect you with a Wellmark representative to learn more.