Helping employees stay healthy is an important part of a proactive employee benefits strategy, but benefit leaders are quickly recognizing that truly comprehensive wellness goes beyond check-ups and bloodwork. Financial wellness is gaining popularity in the realm of employee benefits, and both employees and businesses are starting to take notice.
Finances are a major source of employee stress, and are more stressful than job, relationship, health, or any other stressors combined.1 All this stress can negatively impact your employees’ productivity, health, and happiness – which can derail your benefits strategy and make it harder for HR to achieve your goals. With so much riding on financial wellbeing, employers can no longer afford to only offer a retirement account and consider their financial wellness program “complete.”
Consumer-driven health plans, student loan debt, retirement savings struggles, and high costs of living are just some of the reasons employees are anxious about the state of their money. With the right financial wellness solutions, benefit leaders have an opportunity to offer powerful support to their employees – and can see these efforts pay off in a big way.
However, today’s generationally diverse workforce presents significant challenges when it comes to addressing employees’ financial guidance needs. Employees have very different immediate priorities and long-term goals depending on their life stage, financial education, and other individual factors.
How can you make financial wellness a reality in your workplace? How can you help employees address their health and wealth, all while ensuring a valuable return on your program investment?
This At-A-Glance guide takes a look at the latest trends and factors impacting employees’ financial wellness and success. You’ll learn the real challenges facing your workforce, and discover practical solutions to help protect and grow the bottom line for both your employees and business.
1 | Why Financial Wellness?
A Solution for Employee Stress
There’s a lot of buzz about general wellness, particularly regarding the effects that stress can have on employees. While progressive companies might provide mid-day yoga classes, encourage better sleep and diet habits, or offer meditation programs in an attempt to squash employees’ everyday stress concerns, these options aren’t hitting at workers’ most distracting issue: financial stress.
59% of employees say that finances are their main source of stress: money issues are cited as more stressful than work-, relationship-, or health-related stressors combined. Employees across all generations rank personal finances as their main reason for stress, demonstrating a need for financial wellness support across all your workforce’s demographics and generational profiles.
While it may be true that money can’t buy happiness or love (according to The Beatles), finances play a huge role in ensuring employees and their families have the baseline resources and care they need. Given the importance of finances on everyday life, money concerns can cause significant issues for both employees and employers alike.
How do you define financial wellness? The majority of employees say financial wellness means being stress-free and stable when it comes to their finances. Unfortunately, there is a large disconnect between employees’ financial goals and their reality. More »
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Empyrean manages employee health and welfare benefits programs, combining the industry’s most modern, client adaptive, and configurable benefits technology platform with expert, responsive service to deliver Hi-Touch Benefits Administration. With Empyrean, you can drive customized strategies, increase employee engagement, achieve ACA compliance and more – all on one secure system.