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5 Industries That Desperately Need Financial Wellness Solutions

5 Industries That Desperately Need Financial Wellness Solutions

by | Jul 12, 2018 | Blog

With the pension era over and Social Security projected to be tapped out within two decades, employers in every industry are stepping up efforts to help ease financial stress on employees by providing desperately needed financial wellness solutions.

This is smart: The majority of Americans report that money is a “somewhat or very significant” source of stress, with parents and younger adults reporting high levels of financial stress, according to the American Psychological Association.

The issue is bleeding into the workplace as nearly half of employees report that financial challenges cause the most significant stress in their lives, according to the 2017 Employee Financial Wellness Survey. “Stressed employees are found to be less productive, take more time off to deal with financial matters, are more likely to leave the company for higher compensation, and are more likely to cite health issues caused by financial stress,” the survey reported. This shows “a direct correlation between an employee’s financial well-being and a company’s bottom line.”

That’s why savvy companies are adding and boosting financial wellness benefits as a win-win. Nearly 60 percent of employers are “very likely” to and another third are “moderately likely” to focus on the financial well-being of workers beyond retirement decisions, according to Aon’s 2017 Hot Topics in Retirement and Financial Well-being report. While the subject has been on the radar for several years, more than half of employers say the importance has increased in the last two years.

Here are some fields where adding financial well-being programs can be particularly effective:

  1. Healthcare. These professionals may be struggling with large amounts of debt while juggling nontraditional hours. In some cases, student loan bills can equal or top a mortgage.
  2. Nonprofits. This sector has a bottom line focused on change, so employees may be paid less, grapple with modest resources and be asked to juggle tasks beyond their job description. Meanwhile, many nonprofits constantly seek new and additional funding, which can make the future unstable.
  3. Startups. Building a startup is hot, but keeping them running can be stressful. What’s more, employees may need to figure out stock options and, in some cases, how to properly manage a sudden windfall.
  4. Retail. These workers largely deal with wages lower than $10 an hour and sporadic schedules. With average rental rates nationwide topping $1,200 a month, paying the rent requires significant work.
  5. Manufacturing. This sector’s employers may be stressed about looming automation and the increased need for college degrees. Factories also continue to close nationwide, creating additional concerns.

Dawn Wotapka is a financial writer.

From Employee Wellness to Wellbeing: Transforming Your Workforce

From Employee Wellness to Wellbeing: Transforming Your Workforce

by | Apr 3, 2018 | Blog

Best Money Moves and DHS Group are working together to transform employee wellness programs into employee wellbeing. DHS Group believes that employee wellbeing encompasses physical health, mental health and financial wellness. The opinions expressed in this blog belong to the author and DHS Group.

Regardless of whether you view employee wellness from the perspective of the industry professional, one who is tasked with finding and implementing wellness strategies for groups of employees or that of a participant engaged in wellness programming, you’re sure to have noticed a shift from “wellness” to an all-encompassing “wellbeing” strategy.

“Historically, employee wellness programs have had this focus on physical health – specifically through things like step programs and activity programming,” Jim Pritchett, DHS Group CEO, said. “However, we’re quickly seeing these programs expand to include more as people ask questions about pieces like mental health and [how to fix their] finances.”   

Will Herold, DHS Group’s VP of Employer Solutions, agrees. “A wellbeing approach is more of a holistic approach to help employees improve on all aspects of wellness – those being physical, mental, financial and health,” Herold said. “What we knew as ‘employee wellness’ only ever focused on one piece of the complete wellbeing pie.”

What’s behind the shift that’s changing employee wellness programs to define “health” more inclusively?

  1. The Expanding Mission of HR. While it may seem like common knowledge, HR and benefits managers realize that not every employee is at the same point in their life. With this realization, the mission and definition of “employee wellness” has expanded to include financial wellbeing training and mental health information – areas that some employees might need in order to solve issues and help them reach their full potential.
  2. Return on Investment (ROI). According to HR Magazine, “leaders of organizations with knowledge of their return on investment reported a return of $1 to $4 for every dollar spent” on employee wellbeing programs. While the true return is often difficult  to quantify, the benefits for employees themselves – better overall wellbeing – is highly valuable.
  3. Improving Employee Satisfaction. “As employees are more satisfied with their lives outside of work (reduced stress and financial stability) they have healthy behaviors that often reflect on their work life as well,” Herold said.
  4. Recruit and Retain Employees. “Free beer isn’t enough anymore,” is almost a cliche in the recruitment world because employees are looking for more when weighing both current and future employers, including retirement options, healthcare benefits and wellbeing options.

At the end of the day, benefits and employee wellbeing programs need to be about engaging employees and encouraging them  to improve – not just their physical health, but their mental and financial health as well – which is where DHS Group’s HealthSpective Engage platform comes in. It’s not just something that benefits the employee, but impresses a positive  impact on the employer as well.

“Our goal has always been to help companies achieve better health outcomes with lower costs,” Pritchett said. “With HealthSpective Engage, companies can both enhance their benefits system – adding pieces like financial wellbeing to the puzzle – and simplify the process. A decision that ultimately helps companies improve their population health and leads to employees and families that are healthier in multiple areas of their life and not just one single focus.”

Learn more about bringing complete wellbeing to your employees with DHS Group’s HealthSpective Engage program, including Best Money Moves, now an official part of DHS Group’s HealthSpective offering.