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Effective Financial Wellness Programs For Your Employees

 

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5 Shocking Facts about Employee Financial Stress and How it is Impacting your Business

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Every employer strives to have happy, healthy and productive employees

Helping employees with their financial wellness is the right thing to do. Along with making sure your company payroll solution is meeting the needs of your workforce, setting up company financial wellness programs focused on reducing stress in the workplace helps your employee experience engagement, retention and ultimately, your business profitability. Employee financial anxiety translates to losses for American companies due to the following:

Every employee deserves financial peace of mind. So do you.

Empower your workplace.

 

For many employees, money is the number one source of stress. Studies continue to point to financial challenges as a source of concern for employees. This hurts businesses as much as it does employees. Why? As financial challenges continue to stack up, employers are observing a decrease in productivity, poor retention rates and lost revenues. As their financial troubles grow, employees are crippled with depression and anxiety, which results in a loss of motivation and poor health (which then leads to increased healthcare costs). Providing employees with support and guidance as they navigate common financial challenges is a win-win situation.

This is exactly why many employers are taking action by including financial wellness tools and programs with other traditional benefits. You may be wondering if a financial wellness program deserves a spot in your already generous benefit package. According to Prudential, the answer is a resounding YES, and they have the stats to prove it.

Statistics overwhelmingly show employers who offer employee financial wellness tools as a part of their benefits program:

  • Improve employee retention
  • Enhance employee engagement
  • Increase performance and profit
  • Achieve an impressive return on investment

A financial wellness program doesn’t have to be difficult to manage or expensive to deploy. To the contrary, many programs are simple and affordable.

 

72% of American adults say they are in financial stress (1) and 53% say it is affecting their work. (2)

 

Money is the #1 stressor:

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Average credit card debt per indebted household (3)