Boost employee finances, boost your bottom line
The importance of wellness programs
Employers have long realized that improving their employee’s physical health with the help of wellness programs can improve productivity and even help the company’s bottom line. Savvy employers are now also starting to realize that improving their employee’s financial health can also have an impact.
With an improving economy and decreasing unemployment rates, wages may finally be poised to go up, and while employees are reaping the benefits of an increasingly competitive hiring climate, many are still relying on employers’ benefit programs for their financial protection.
A growing number of progressive employers are beginning to acknowledge the well-known link between financial well-being and productivity and the potential benefits of addressing the impact of financial stress by offering financial wellness programs as an additional company benefit. The same employers who are offering these financial programs are also finding they can build employee loyalty and improve job satisfaction by providing these non-traditional benefits.
Financial wellness and education programs are aimed to educate employees on how to grow their knowledge of money management and change their financial behaviors. There are several program options for employers to help employees improve their financial wellness, many of which are low-cost and fairly easy to implement:
- Organized internal group programs featuring webinars or live speakers that teach basic budgeting, use of credit, savings and money management
- Give employees access to responsible mobile apps and online self-help tools to help employees understand financial planning and other concepts, including online investment guidance, access to financial advisors, third-party investment advice and managed accounts
- Offer employee purchase programs that allow employees to acquire large-ticket items and educational services on a disciplined budgeting plan through payroll deduction
- Employers with defined contribution plans can also reduce costs and improve returns for employees by renegotiating fees and changing the amount and types of available investments
With a growing number of employers adding financial wellness programs as a benefit of employment, many companies are considering whether it is something to implement in their workplace. MSEC provides salary and benefit surveys, including health insurance, retirement, and other unique benefits, for employers who want to know what is standard in their industry and geographic area.