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A financial solution that makes 'cents' for your employees

Your employees' financial issues are your issues, too.

In today’s workplace climate, it’s difficult to find (and keep) happy, healthy and engaged employees. And, investing in employee well-being to foster engagement is a crucial step that can make a huge difference — Gallup found that disengaged employees may cost employers $3,400 for every $10,000 in salary.

But, what kind of well-being programs make a difference to your employees? According to the 2019 Health Care Strategy and Plan Design Survey by Alight Solutions External Site, employees ranked financial well-being second only to on-site health centers as the most valuable well-being program.

Did you know Wellmark Blue Cross and Blue Shield have partnered with SmartDollar®? Watch their latest (and free) webinar, "Bringing Financial Wellness to Your Employees," External Site to learn about the impact a real financial well-being solution can have on your employees, and the free resources available to you (client or not) during COVID-19.

Scratching your head about why financial well-being programs are at the top of your employees' list of desired programs — especially if you feel as if your company offers competitive salaries and benefits packages?

The CareerBuilder Online survey by Harris Poll 2017 External Site notes that 78 percent of Americans live paycheck to paycheck. And according to the Federal Reserve External Site 40 percent wouldn’t be able to cover a $400 emergency expense if it popped up today. It’s clear that debt and finances weigh heavy on the majority of the population — including some of your employees.

Check out this analysis done by NerdWallet to see what the average U.S. household External Site owes in debts:

See image description

Credit card: $6,929

Home mortgages/loans: $184,417

Car loans: $28,033

Student loans: $47,671


Even if your company is offering the most competitive salaries and benefits packages, some costs continue to grow faster than inflation: cost of living, food and grocery, medical coverage and more.

Why should my company care about employees’ finances?

When it comes to employee financial issues, they become your issues, too.

Four out of five employers report that their employees’ personal financial issues External Site are impacting job performance and found:

  • 76 percent of employers have seen an increase in stress among employees.
  • 60 percent of employers have seen employees’ inability to focus at work increase.
  • 34 percent of employers have seen an increase in employee absenteeism and tardiness.

On top of that, 20 percent of Americans skip out on medical coverage due to financial concerns, and 32 percent believe their finances are preventing them from living a healthy lifestyle (e.g., gym memberships, coaching/training, weight management programs, etc.).

A financial wellness program that actually works

Most financial programs only focus on treating the symptoms of inadequate financial health — but with SmartDollar®, your employees receive a holistic step-by-step plan External Site proven to get to the root of financial insecurity. Over the past 25 years, SmartDollar has helped millions of people change the way they handle money. Here’s how:

  1. Evidence-based program.

    After one year in the program, an average SmartDollar user sees more than $16,200 in debt paid and dollars saved.
  2. Simple steps to financial security and well-being.

    SmartDollar believes personal finance is 80 percent behavior and 20 percent knowledge. Their plan offers seven "Baby Steps" to help employees make smart choices with their money by focusing on one goal at a time.

And, the cherry on top: SmartDollar is fully digital, so it's easy for both your employees and business to thrive. There’s even an admin portal called SmartCenter with real-time reporting available to see the impact it’s having at your company.

Financial solutions for everyone

SmartDollar can help each employee within your business — from the C-Suite to front-line employees, everyone can receive the education and support they need to prepare for their financial future.

The decision-makers.

Don’t assume a big paycheck means financial security. Even with more money available to spend after paid expenses and bills, high-income employees can be inclined to spend in order to keep up with perceived lifestyles of peers. SmartDollar provides education and resources to encourage even your highest-paid employees to save money, invest, or plan for the future.

Off-site employees.

It’s likely there are a handful of employees within your organization who aren’t on-site 40 hours per week or work part-time. With a digital platform like SmartDollar, lessons and educational materials are available anytime and anywhere with the click of a button.

The hustlers.

For the employees who are traveling around the world for work, or catching a sales meeting, SmartDollar's innovative tools let these folks track expenses on the go and keep them from struggling financially.

"Nose to the grindstone" workers.

Not every company is filled with office workers. Maybe you're a company with employees who are on the front-lines, in the warehouse, on the road transporting products, or in the manufacturing field to name a few. SmartDollar can provide your lower-income employees with the education, tools and resources needed to properly save up for retirement, college funds, or crawl out of debt. With SmartDollar the education, tools and resources employees need is available to them anytime, anywhere, on any device.

Healthy employees, healthy business

This new service aligns with Wellmark’s mission of seeking out and providing affordable health care and well-being solutions to groups like you. Together, we can help you reach your culture and engagement goals. Through our services we:

  1. Align health and well-being to an organization’s mission and vision.
  2. Expand the definition of traditional physical wellness to include the six elements of well-being: physical, career, financial, social, community and emotional.
  3. Emphasize engagement over participation.
  4. Offer employers a lower-cost option when they source this solution through Wellmark.
  5. Provide accessibility to registered employees through myWellmark.

Want more information about adding SmartDollar to your suite of well-being programs? Visit the Wellmark Marketing Toolkit Secure Site to download the financial well-being overview flyer.

Questions? Contact your authorized Wellmark account representative, or email us at Send Email today!