Some of 2018’s most common stressors are financial burdens created from the countless commitments of day-to-day life. Personal aspirations like purchasing a new home, providing for a growing family, or investing in a top-tier education all come with a pretty price tag. And oftentimes, the tensions caused by those payments leak right over into the workplace.
Luckily, recent studies show there are various ways for employers to help mitigate this budding financial wellness issue, so their employees can maintain a consistent level of happiness and productivity that will keep them and the business moving forward.
While companies who are hoping to attract and retain top-tier talent have largely begun to research and implement financial wellness strategies, there is still a lot of work to be done. Benefits must be new, exciting, and useful for as many employees as possible to make the largest possible impact on the organization’s efficiency and productivity.
According to Prudential’s 2018 study, “Benefits and Beyond: How Employers Think About Wellness,” nearly 80% of surveyed company executives say it’s advantageous to have a financially secure workforce. Furthermore, financial wellness programs have become increasingly utilitarian for employers. Up to 83% of employers are offering financial wellness programs, to be exact. A 20 percent increase since the survey was last taken.
Not only are complete financial wellness packages considered “the right thing to do for employees,” they also improve productivity and company loyalty, optimize benefits spends, and increase the acquisition of top talent. As employees begin to embrace financial wellness initiatives, their feedback can inform the next generation of organizations who are looking to get their benefits packages right on the first try.
67% of companies surveyed reported creating a digital portal for tools and content regarding their benefits, while 18% said they were in the process of implementation. As a new commonality in the financial wellness marketplace, this portal system allows employees to explore all their options and select which benefits fit their financial needs best.
In creating a digital benefits portfolio, consider an emphasis on diversity in the benefits you offer. Taking stock of the employee needs and implementing a payroll-based system to address them is a perfect way to show how much your company cares about its talent.
And if you get it right on the first try, your organization will reap the benefits of higher workplace morale, attentiveness, and overall productivity.
Financial Wellness Benefits like college savings and Student Loan Repayment are moving from exception to the RULE. At LEAF, we offer both. Sign-up for a demo or call today to keep your benefits competitive. www.leafbenefits.com.