Employee financial wellness affects every stakeholder in the company—not only employees. Those under financial strain tend to have difficulty concentrating in the office and are more likely to make mistakes on the job. This has a direct impact on business productivity and, in the long run, can have a severe impact on the company’s bottom line; not to mention increased employee stress levels and poor health.
Considering that over 50% of employees in the US find dealing with their personal finances to be a stressful experience, your business should seriously consider implementing a financial wellness program (if it doesn’t have one in place already).
Here are four of the most important questions to consider when searching for a financial wellness program for your company:
Do Any of My Current Benefits Providers Offer Financial Wellness Services?
If you currently have employee benefits systems in place, such as medical, retirement, and EAP, some of your benefits providers might also offer financial wellness services. This is a great first place to start, as implementing the new program might simply be a matter of adding an additional service to your existing package. That said, just because one of your providers does have a financial wellness offering doesn’t mean you should take it. Make sure to look around and compare their service with other available options (like TrueConnect)
What Free Personal Finance Resources Are Currently Available?
It’s also important to determine whether any free resources are available that would be useful for your company, to both inform your search and provide information and insight to employees. Look into any NGOs or governmental organizations that have offices in your area, or seek them online. While connecting your employees with valuable personal finance resources won’t magically fix any of their financial woes, it will reflect positively on your company and set the tone for the financial wellness program you end up implementing. Some helpful resources include the FLEC’s MyMoney.gov and the CFPB’s online archive.
What Kind of Financial Wellness Program Would Be Best For My Employees?
There is a wide variety of financial wellness services available, so it’s important to implement only those that cater to the specific needs of your organization. Consider surveying and assessing the financial wellbeing of your employees, with a focus on financial strain and any contributing factors. Are low- and mid-level income employees struggling with monthly expenses? Are employee financial management skills lacking? What about long-term financial well-being, like saving for retirement? It’s vital that you consider each need when searching for a financial wellness program so that all bases are covered.
How can I spot and Avoid Predatory Lending Services?
The last thing you want to do is help employees in the short term at the cost of their long-term financial health, which is unfortunately what happens with predatory lending services like payday and car title loans. Make sure to research any potential program before signing the dotted line, with a keen focus on previous customer reviews and their Better Business Bureau rating. At TrueConnect, we only work with CDFI certified banks to ensure the safety and financial well-being of every employee who uses our services.
TrueConnect provides voluntary employee benefit services that offer companies a quick, easy, and effective way to help employees with their personal finances. If you’re interested in taking action to alleviate financial strain in your workplace, get in touch today.
