Have you ever considered:
- How many employees are living salary to salary or paycheck to paycheck?
- The relationship between productivity and financial wellness?
- How many employees have their retirement savings exhausted before actual retirement?
- How many employees, both men, and women, actually agree that their compensation is keeping up with their cost of living?
Most employees are not vocal with their employers about their financial issues. According to data from the Employee Financial Wellness Survey by PwC, only 43% of men say their compensation is keeping up with their cost of living. The number is even lower for women – at 30%. No surprises, then, that increasingly, financial wellness is seen as a must-have employee benefit.
Armed with financial information, data, and the advantage of easy access to employees, employers, have a unique opportunity to introduce programs to improve individuals’ financial literacy and well being.
For the success of such financial wellness programs, employers must start with a clear strategy inculcating business objectives. Financial wellness includes understanding the areas of an employee’s economic life that are influenced by an organization and then taking steps to improve it.
Make your workforce understand
Explain what a complete financial wellness offering appears and how the programs that you introduce in the future can support it. List all the financial benefits that you offer, ranging from banking services to retirement plans.
Know your audience
Understand your audience – in this case, your employees. This should help in catering to the needs of a diverse range of employees.
Simplify the process
Make it simple for employees to find and use your financial wellness programs, including automated solutions. Always ensure a quality service. This helps in generating and maintaining positive perceptions and increases the usage of such programs.
Remember that sometimes, the employees are not the financial decision-maker in their family. Make it possible for the employee to involve other family members in accessing the plans.
Keep a single portal or platform for all your benefits offerings. Research your population’s priorities, and depending on that, promote content in segmented ways.
Analyze what’s working and what’s not. Adjust according to the feedback.
Explore established and emerging solutions
There are many programs that help diagnose employees’ financial wellness issues and also implement custom solutions to meet those needs. Partner with vendors – such as EarlySalary – that can offer financial assistance and insights to your employees
Emergency Back up
Consider auto-enrollment benefits to an emergency savings program such as EarlySalary. This ensures that your employees’ financial situations are secured.
A variety of firms can help your employees understand the right ways when it comes to spending and saving. Owing to innovation and technological progress, there are sophisticated methods of tracking money habits online.
Simplify the complexities inherent in investing and make information easier to understand for your workforce.
Introduce a variety of tools that help your employees develop financial action and budget plans.
Show the full picture
Several vendors and platforms are available to help employees understand their financial states and cycles – from spending to savings, and including everything in between.
EarlySalary’s Financial Wellness program can help your employees feel financially secure. We’ve partnered with more than 280+ corporates and have delivered effective financial wellness services to more than 50,000 employees.
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