Attracting Talent with Financial Wellness as an Employee Benefit
In the modern workplace, financial wellness has become more than just a trend – it’s a fundamental need.
Employees across various sectors are actively seeking ways to improve their financial health, presenting an unparalleled opportunity for companies to attract top-tier talent. By adding financial wellness benefits to their benefits portfolio, employers can improve recruitment and retention while addressing the genuine concerns that plague their employees.
Let’s explore the escalating need for financial wellness and how employers can rise as providers of financial wellness solutions.
The Employee Need for Financial Wellness
The increasing financial stress among employees is a disturbing trend with significant repercussions on productivity, engagement, and retention rates. According to PwC’s 2023 Employee Financial Wellness Survey, a staggering 60% of full-time employees are burdened by financial stress. Notably, this anxiety is not limited to those with lower incomes; 47% of employees earning upwards of $100,000 annually report high levels of financial stress. These numbers have surpassed those during the height of the pandemic, reflecting a concerning pattern.
Financial stress has tangible impacts on work performance and loyalty to an employer. One in three full-time employees admits that financial worries have hurt their productivity at work, with 56% of financially stressed employees spending three or more hours weekly dealing with personal finance issues during work hours. Additionally, financially stressed employees are twice as likely to look for new job opportunities, and 73% would be attracted to an employer that prioritizes their financial well-being.
These findings underscore a direct link between financial stress and diminished engagement, satisfaction, and workplace productivity, highlighting a critical need for employer intervention in financial wellness.
Employers as financial wellness providers
In response to this pressing need, forward-thinking employers are recognizing the importance of stepping in as financial wellness providers.
By integrating comprehensive financial wellness programs into their benefits packages, companies can address a wide array of financial concerns, from debt management and savings strategies to retirement planning and emergency fund creation. These programs not only demonstrate an employer’s commitment to the well-being of their staff, but also contribute to a more focused, productive, and loyal workforce.
Key components of an effective employer-provided financial wellness program include personalized financial coaching, access to financial planning tools, educational workshops on budgeting and investing, and platforms for tracking financial goals. Additionally, offering benefits like student loan repayment assistance, competitive retirement plans, and emergency savings contributions can further alleviate financial stress among employees.
Meeting employee needs
To implement a financial wellness program, employers should start by assessing the specific needs of their workforce through surveys or focus groups. This assessment can help tailor programs that address the most pressing financial concerns among employees.
Following the assessment, companies can collaborate with financial wellness providers to develop a suite of services and tools tailored to their employees' needs. It's crucial for these programs to be accessible and easy to use, encouraging maximum participation.
Communication and continuous education are key to the success of any financial wellness program. Employers should regularly promote the program’s benefits and provide ongoing support and education to encourage utilization and engagement.
How Paperwork can help
Paperwork delivers a tailored financial wellness app that caters specifically to your employees' needs. Our expertise lies in aiding employees to set and accomplish their financial goals through personalized advice, goal tracking, and actionable steps. Our app seamlessly integrates with your employee benefits system, ensuring that employees fully leverage their compensation packages. Additionally, Paperwork offers document organization, emergency contacts, and access to financial coaching, further enriching your financial wellness offering.
To explore how Paperwork can elevate your employees' financial wellness journey and to see our platform in action, we invite you to schedule a demo today.