The Growing Role of Financial Wellness Programs in Support of Total Employee Wellbeing

Human resources and benefit leaders continue to navigate one of the most volatile and fast moving business and economic landscapes many of us have ever known. The Great Resignation, increased levels of caregiver responsibilities, financial uncertainty tied to the ongoing pandemic, inflation, and other macroeconomic factors have brought an even stronger focus on the need to support total employee wellbeing in the form of financial wellness benefits.

With 62 percent of employers reporting that they feel “extremely” responsible for the financial wellness of their employees, organizations are taking this challenge more seriously than ever. Back in 2013, just 13 percent of employers said they felt this same level of obligation to their teams.

Companies that offer financial wellness programs have an opportunity to play a vital role in bridging the gap between work and financial health. The advantages of supplying this level of support for employees is well documented, with improved outcomes in areas like employee engagement and productivity, recruitment and retention, cost containment, and workforce management and diversity.

Caregiving Needs Can Threaten Financial Wellness


As employers develop their benefit strategies, it is critical to consider programs that support the needs of employees serving as caregivers – especially those in the sandwich generation caring for both children and older adults.

More than one in five U.S. adults have acted as unpaid caregivers in the past 12 months, a statistic that often goes overlooked by employers as only half of employed caregivers say that their manager is aware of their caregiving responsibilities. Demographic trends indicate the need for caregiving will continue to increase, negatively affecting employers due to rising employee stress levels, decreased productivity, and increased rates of absenteeism.

Employers can help employees balance work and caregiving responsibilities while protecting their financial health by offering tools and programs designed to meet their needs, helping to improve emotional, financial, and physical wellness across their employee populations.

Offering benefits like caregiving support services, paid family and medical leave programs, and flexible work schedules and arrangements can help foster an inclusive and supportive environment for employees that serve as caregivers.

Carrier Partner Spotlight: Prudential


Prudential Financial continues to be one of Empyrean’s strongest carrier partners, and together we are committed to helping our clients’ employees get the financial protection and support they need as they navigate life’s challenges. Through simple and efficient delivery, we make it easy for employers to provide options that help their teams work towards both short and long-term financial goals while simplifying the enrollment process and improving overall employee experiences.

With operations in the United States, Asia, Europe and Latin America, Prudential provides customers with products and services that include life insurance, annuities, retirement-related services, mutual funds and investment management.

There are several advantages for employers looking to offer Prudential’s financial wellness benefits through the Empyrean platform, including:

  • Easy setup and administration
  • Zero cost implementation for employee-paid products
  • Expanded employee choice
  • EOI Connect and EOI decision status update API capabilities
  • Streamlined data integration and reduced production-ready timelines due to standard EDI templates

Access the full Prudential report, “Why Employers Should Care About Caregiving,” to learn more about how to provide increased financial wellness support to the caregivers in your organization.   

For more information about the Empyrean and Prudential partnership, please contact us at info@goempyrean.com.

Empyrean is an independent third-party administrator and is not affiliated with Prudential.

Group Insurance coverages are issued by The Prudential Insurance Company of America, a Prudential Financial company, Newark, NJ.

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