4 reasons employee financial wellness is a top priority for employers. More and more employers are recognizing the importance of employee financial wellness. Here’s why.
The importance of financial wellbeing is becoming increasingly clear to many employers, made all the more urgent as the economic fallout of the Coronavirus/COVID-19 pandemic continues.
In fact, 90 percent of employers reported they planned to create or expand their financial wellbeing programs beyond retirement decisions, according to HR Consultancy Alight Solutions. The February 2021 survey, which involved over 115 employers that lead over 5.4 million employees, found that employers are expanding their focus on financial wellbeing, with 67% of employers offering a broader wellbeing initiative in the past two years alone.
Here are four key reasons why employee financial wellbeing is a top priority, as highlighted by Alight Solutions’s survey.
1. Financial wellness enhances the overall employee experience.
85% of employers are creating or expanding their financial wellbeing program in order to enhance the overall employee experience, according to Alight Solutions. An average employee’s 40-hour work week accounts for almost a quarter of the hours in their week. Enhancing the overall experience should be a top priority simply because it can enhance the life of an employee altogether by providing additional financial security.
2. Financially stable employees are engaged employees.
72% of employers cited increasing employee engagement as a reason to create or expand their financial wellbeing program. Additionally, when employees feel their employers care about their health and well-being, they’re 38 percent more engaged, according to a report by Quantum Workplace and Limeade.
3. Organizations that invest in employee financial wellness may be more appealing places to work.
Naturally, if you make an effort to enhance the engagement and experience of your employees, the company looks more attractive. Employers know this. In fact, 47% claimed they created or expanded financial wellbeing programs to increase their attractiveness and differentiate themselves as an employer. Being able to offer a full range of benefits beyond the job description can help bring in the best talent.
4. The impact of COVID-19 has made the need for financial wellness more apparent.
In 2020, almost 80% of employers increased communications about the retirement and/or financial wellbeing benefits that they provide to their workers. The COVID-19 pandemic has caused collective trauma among employees. Pandemic-related financial insecurity has taken a toll. Many employers recognize the need to uplift their employees and guide them through these financial difficulties.
Bringing Employee Financial Wellness to Your Workforce
Insightful, comprehensive and easy-to-use. Best Money Moves offers consumer-focused financial education designed to help users of all experience levels learn more about their money. More than a simple budgeting tool, Best Money Moves helps your employee educate themselves about everything from investing in the stock market to co-signing loans to buying their first homes with access to a library of over 700 articles, videos and calculators. Plus, Best Money Moves connects employers with data they can use to help their workforces succeed by leveraging user analytics to create individualized employee content.
Whether your employees need help saving money, paying their bills, raising their credit scores, getting ready for retirement or buying a house, Best Money Moves is there to support them every step of the way. Best of all, Best Money Moves is portable, so when your employees move on, they can take it with them.
Give your employees the very best financial wellness experience. Reach out for a demo today!
If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.