For a Financial Wellness Platform to be valuable for employees, it really needs to have the right mix of solutions and programs that adhere to everyone.
These programs should be able to provide for employees no matter where they are in their financial wellness journey. Some of your employees likely have poor or fair credit while some have good or even great credit.
Where many employers struggle when it comes to benefit mixes, is how to include programs that adhere to those with poor or fair credit.
Do your current benefits provide for everyone?
Let’s find out…
Typical financial benefits today…
As you can imagine, when you think of financial benefits today, the first one you likely think of is what you offer for retirement planning.
This has come up A LOT in recent conversations we’ve had with prospective clients. While providing a 401(k) or any retirement plan is so valuable for employees, the caveat is that these programs are valuable for those that have the means to participate. You may think that everyone has the means, especially when employers are matching around 1-3% on average, but it’s not the case.
Retirement plans require employees to take payments out of their paychecks to save for the future. Employees with poor or fair credit, sometimes even those with good credit, don’t feel like they can put aside any money for retirement because they’re struggling with debt today.
What financial wellness benefits should I offer then?
All Financial Wellness Programs should include the following to help employees find a solution that will work for them:
Provide a free option for employees to create an online banking account in minutes with no minimum balance and no monthly fees. Some bank accounts come at a cost and have hidden fees. Working with a partner to provide this at no cost to employees is valuable for everyone.
So many Americans do not have an emergency savings account. By providing some kind of option for employees to start one or contribute to one can help them save better long-term.
Some kind of a tool or program that has a cash-back savings application that enables employees to earn on everyday spending, and automatically apply cash-back to their financial account(s). They’ll spend regardless so why not help them put their daily spending to fund their future?
Everyone can benefit from a financial check-up. Provide free financial counseling sessions that are completely confidential and with a Certified Financial Counselor. This works really well when you offer other programs at the same time that they can tap into while they work on setting their financial goals…
Most people have been in debt at least once in their lives. A program that connects employees to a debt counselor who can help them reduce what they owe and get back on track to being debt free can be monumental for their mental health and productivity.
Prescriptions these days are expensive! Including a discounted prescription program in your financial wellness options that could help employees save up to 80% on prescriptions and find great prices on health and complementary products would be very well-received.
Credit Check Personal Loan
For employees with good or great credit, a trusted and vetted program by you where they can get a personal loan at a great interest rate can be valuable. It saves time and hassle for them of having to vet banks and loan programs themselves when you’ve done the heavy lifting already.
No Credit Check Advance
A loan program that doesn’t require a credit score is a great solution for employees with poor or fair credit. The APR is the same for everyone and since the program is offered through your organization and employees pay loans back through payroll deductions, employees may be able to rebuild their credit. Eventually, they could take this money that’s been deducted and apply it to their emergency savings OR to their retirement savings.
How to choose a Financial Wellness Platform?
It’s simple. Find a program that offers all of the above and your employees will thank you.
To learn more about TrueConnect’s Financial Wellness Platform, with access to financial advisors, emergency savings plans and loan options for your employees, click here.
To learn more about how to implement a Financial Wellness Platform in your organization, check out this blog here.