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There's a commonly held understanding that dealing with money is stressful. What employers also understand is that it is time-consuming. They know that when employees feel like they lack control of their financial health, they bring their money stress into the workplace. The result is that valuable work time is often spent dealing with personal money issues—even causing absenteeism when financial emergencies arise.
The rising interest in company-sponsored financial wellness programs indicates that employers are taking employee financial health seriously. In a recent survey of over 500 employers, eMoney found that 91% believe that offering their employees financial wellness support is important. Employers who do offer a financial wellness program revealed that these benefits have led to happier, more productive employees who stay in their jobs longer.
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But many employers who say they want to provide financial wellness benefits still haven't done so. Here's why they should seriously consider moving forward.
1. Financial wellness programs help employees prepare for the future
Our survey revealed that there is agreement by more than half of the respondents that financial wellness programs have helped their employees better prepare for retirement (54%) and feel financially prepared for the future (52%). Additionally, employers indicated that their program has provided employees with a sense of financial security (42%) and helped them with goal setting and saving more money (41%).
2. Happier, more productive employees that stay longer
When asked about measuring the success of their financial wellness programs, employers indicated that they have found their employees who participate are more productive and stay longer. Rising to the top of the success measures these companies tracked were improvement in company culture (44%), increased productivity (42%), increased retention (41%), and increased employee morale (40%). Participation in the program was another important metric and came in at 44%.
3. Increased benefits participation
The employers we surveyed who have financial wellness programs in place indicated that their average participation rate is nearly 60%. Not only that, but these employers also found that employees increased their participation in other company-sponsored benefits by 31% and increased their retirement plan contributions by 39%.
4. Anytime, anywhere accessibility
Over 50% of the employers we surveyed favored financial wellness programs that are accessible via an online platform or app. By meeting them where they are, employees are never far from accessing the advice they need when they need it. For employers who currently field financial wellness questions, the accessibility of an app can free up valuable time and resources. Digital platforms also provide the privacy employees desire while giving employers anonymous reporting to track successes, trends, and opportunities for improvement.
5. Depth of support
Employers indicated that they want robust programs that offer a variety of features that address the whole spectrum of employee financial needs, from short-term budgeting to long-term retirement planning and everything in between. Among the most popular features cited were financial planning (62%), financial goal setting (53%), budgeting tools (49%), financial wellness scoring (48%), and access to financial advisors (41%).A feature-focused financial wellness program ensures depth of support to employees for any financial need they may have.
6. Staying ahead of the competition
Of the companies surveyed, 91% of respondents believe offering financial wellness benefits is somewhat or extremely important, yet only 33% currently do. Of those who don't offer financial wellness benefits, 85% said they are considering it in the future.
Right now, offering financial wellness benefits serves as a differentiator for hiring in a competitive labor market, but that may not last as more companies add them. As talented employees are deciding on their next career move, financial wellness programs are a benefit that becomes a deciding factor.
Implementing a financial wellness program with a retirement advisor
It's clear from our research that employers understand the value of financial wellness programs, especially for remaining competitive in a tight labor market. So, for the 77 percent who do not have a program in place but want one, what's the best way to get started?
Our survey respondents indicated that financial advisors are critical to the selection (68%) and ongoing management of these programs (61%). Additionally, those who chose to partner with an advisor were highly satisfied with the support they were receiving.
When working with a financial advisor, survey respondents indicated that they prefer to make decisions about financial wellness programs in conjunction with other benefits, so finding a retirement benefits provider that also partners on financial wellness can dramatically streamline the process.
One-half to two-thirds of companies let us know that they want a financial advisor's help with specific aspects of their financial wellness program, from selection to implementation to program management.
Not only that, but most employers expect their financial wellness partner to take the lead or do it all when providing support items such as coaching (79%), program materials and collateral (75%), customer support (75%), reporting (69%), and driving engagement (61%).
Backed by an understanding of the benefits of implementing a financial wellness program, start by looking for a retirement advisor who can meet the expectations of the program you want to implement to meet the needs of your diverse workforce.
With experts indicating that the tight talent market could last until at least 2030, there's no time like the present to add a financial wellness program to your company's benefits package.
Celeste Revelli, CFP is Director, Financial Planning, eMoney Advisor.
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