At a time when hiring and retaining quality employees is a challenge, some businesses are finding success by focusing on employee financial wellness, not just salaries (although those are important too). This strategy can not only boost recruitment and retention efforts but also improve employee productivity. After all, financial concerns are a leading cause of stress and distraction for workers, which can spill into working hours.
Businesses can help employees achieve financial wellness by partnering with business advisors and benefits providers who make wellness a focus. These programs offer one-on-one and group sessions to guide employees, along with tools they can use to manage their individual goals and progress, helping workers take control and gain confidence without requiring the employer to manage the programs.
Look for ways to help employees take action
People have the best of intentions when it comes to financial wellness but often fall just short of taking action. Employers can help overcome inertia by making it easy to engage – let employees talk with advisors during business hours, offer virtual meetings, and reward participation. Don’t forget the importance of education in financial wellness. Consider recording financial education sessions so employees can view them when it’s convenient.
Get creative to help employees save
One of the hardest financial wellness goals for many people to achieve is building emergency savings. Employers can help encourage their employees to save by choosing a financial wellness program that includes the option for employees to establish emergency savings accounts. These accounts offer a higher yield if the account owner deposits funds on a regular basis and lets it build up. Helping employees set up automatic deposits from their paycheck makes it even easier for them to save.
Employee interest in health, disability, and life insurance has spiked
The COVID-19 pandemic raised awareness and interest in all types of insurance. Many workers took a closer look at their health insurance and became more savvy about comparing offerings. Meanwhile, it also became readily apparent to many why safety net insurance, like life insurance or long-term disability coverage, is so valuable. Employers should reexamine their offerings and consider offering or promoting these benefits as part of a complete package.
Managed account programs provide personalized retirement strategies
Retirement accounts are still one of the most visible and attractive benefits for employees, but like all aspects of financial wellness, they need to be used properly to have the desired impact. Managed accounts allow participants to prioritize their retirement goals and provide personalized strategies, making it easy to take action and navigate retirement planning with confidence.
Make financial wellness easy for businesses to administer, too
Making it easy to take action applies to employers, too. Offering a financial wellness program should be as easy to set up and administer as it is to use. Fortunately, the trend towards automation, online self-serve portals, and remote assistance from professionals allows business owners and administrators the same kind of convenience and time-savings the program is designed to deliver for workers.
At Alerus, delivering holistic financial wellness is part of our mission. We have been innovating our offerings over the years, and like many organizations we made a major investment in digital engagement and technology during the COVID-19 pandemic. We now offer more webinars, remote meetings, and online tools than ever before. Talk to one of our benefits specialists to learn more about our workplace financial wellness offerings and how they can help your business and employees thrive together.