Why your employer should care more about financial wellness solutions
Unfortunately, financial stress is still alive and well.
Earlier this year, 63% of workers claimed their financial stress has increased since the start of the pandemic, according to PwC’s 2021 Employee Financial Wellness Survey.
Now, with the Delta variant taking hold of the nation who knows what that will do to the economy and personal finances.
Have your savings been tapped into? Did you tap into retirement this last year? Did you open a new credit card or take out a loan to pay for expenses this year? So many Americans had to be resourceful over the last 18 months when it came to their money and money habits.
Does your employer provide financial wellness options? And when I say options, I mean more than financial counseling or education opportunities…
When employers provide the financial resources that you have asked for, there are a multitude of benefits for both you and your employer.
Here are 4 reasons why your employer should care more about financial wellness
1. Financial wellness enhances the employee experience
Employees who feel their voice is heard are 4.6 times more likely to feel empowered to perform their best at work. Employees have been asking for financial wellness benefits for years. And from a recent TrueConnect survey, we know that about 66% of employees were living paycheck-to-paycheck before the pandemic hit. Financial wellness options are a great addition to your an employee benefit program and ultimately enhance the entire experience.
2. Financially stable employees are engaged employees
Disengaged employees can cost organizations up to $550 billion a year. These employees who are disengaged usually know why they are disengaged too. Many times, this is because of financial stress. When employers provide financial wellness solutions, they can re-engage employees over time.
3. Organizations that provide financial wellness options are more enticing to work at
Attracting and hiring the right talent right now is a challenge. There are so many people looking for jobs and/or looking for new opportunities. What helps organizations stand out in today’s world are the benefits offered. Offering financial wellness benefits provides a competitive advantage and entices the best talent to want to work at your organization.
4. Employees need resources (benefits) that actually adhere to their needs
Throughout the last 18 months, the government has provided a number of different solutions to keep the economy intact and families supported. But most of the solutions have been band-aids; something temporary to ease the pain. What employees need and want is an actual solution to help them get back on their feet, build their credit and become financially stable for years to come.
How to bring financial wellness options to your employer
Asking your employer for a financial wellness solution is the best way to make a change in your organization. Many HR and Benefits Directors are proactive in finding the best solutions, but the best way to actually bring what you want to your organization is to ask.
HR and Benefits teams are more proactive when it’s something they know you specifically want and would use.
To learn more about TrueConnect’s No Credit Check Advance program which does not require a credit score but may help you build your credit*, watch this short demo.
*Approval if you meet identification criteria