It’s almost that time of year again: open enrollment season.
While healthcare and 401(k)s tend to take center stage during open enrollment, it’d be a huge miss if you didn’t incorporate and highlight other benefits your employees are silently begging you for. Financial wellness is one of those benefits.
The ability to take care of your financial wellness without having to ask a family member or friend, or from going to a predatory payday lender is a benefit that so many of your employees would use if presented to them. Financial health is just as important as taking care of your physical well-being, especially since we know that financial stress is alive and well.
Where should you start?
What is financial wellness?
First, let’s get clear on what financial wellness is and isn’t.
The Society for Human Resource Management (SHRM) reports that 83% of employers believe that financial wellness programs help employees become more productive and engaged at work.
Financial wellness isn’t lending money to your employees or creating a “quick fix.” It’s a whole package deal that provides options for employees to get out of debt, rebuild their credit score and get educated at the same time.
Financial wellness is all about gaining control of your finances and making smart financial choices. It’s the ability to manage your money effectively, plan for the future, and reduce financial stress.
3 reasons to include financial wellness
1. Better Employee Financial Health = Happier Employees
Did you know that financial stress can have a significant impact on employees’ happiness and job satisfaction? When employees are struggling with money matters, it affects their overall mental well-being, productivity, and even physical health. By offering financial wellness programs as part of your open enrollment, you’re showing your employees that you care about their financial well-being. This can lead to happier, more engaged employees who can focus better on their work and feel supported by their employer. In fact, 90% of employers believe that financial education programs positively impact employee well-being.
2. Increased Employee Retention and Attraction
In today’s competitive job market, employees have options. Offering financial wellness benefits can be a game-changer when it comes to attracting and retaining top talent. According to a survey by Bank of America, nearly 60% of employees consider the availability of financial wellness programs to be a key factor in choosing an employer. By incorporating financial wellness into your open enrollment, you’re signaling to potential candidates that you value their financial well-being and are invested in their long-term success.
3. Boosted Retirement Readiness
Retirement planning can be daunting, and many employees struggle with saving enough for their golden years. By including financial wellness in your open enrollment, you’re providing employees with the tools, resources, and education they need to make informed decisions about retirement planning. This can significantly boost employees’ retirement readiness and help them achieve a financially secure future. And hey, when your employees are confident about their financial future, they’ll have one less thing to worry about, which can lead to improved job performance and peace of mind. A study conducted by Financial Finesse found that employees who engage with financial wellness programs are more likely to take positive financial actions.
Successful financial empowerment
Incorporating financial wellness into your open enrollment this season is a win-win situation.
It benefits both your employees and your organization as a whole. By taking care of your employees’ financial well-being, you’ll have happier, more loyal employees who are better equipped to handle financial challenges.
Including financial wellness in your open enrollment is an investment that pays off in more ways than one.
Questions about how to incorporate financial wellness into your benefits program? It’s never too late. Learn more about TrueConnect’s no-cost Financial Wellness Platform.