Financial stress is one of the biggest distractors in our society. A PwC study found that employees who are financially stressed are twice as likely to spend time (while they are clocked-in) thinking about their stress. It also found that financially stressed employees are twice as likely to miss a shift due to financial issues. With those numbers, you can’t afford not to provide financial wellness opportunities for your staff.
Employee financial wellness benefits are a great, cheap way for you to increase productivity, decrease absenteeism, and reduce your turnover.
What Is an Employee Financial Wellness Program?
Employee financial wellness programs can be simpler than they sound. They provide educational resources as well as simple financial tools within the workplace that help employees grow financially. This can manifest in several different ways.
Finance programs can be as simple as offering reading materials or as complex as paying a consulting firm or accountant’s office to help your employees.
Some things you can include in your financial wellness program are:
- Budgeting tools
- Help setting up savings accounts
- Direct deposit pay cards for unbanked employees
- Instant/on-demand pay option (no more waiting for payday)
- Credit score improvement solutions
- Debt or student loan repayment services
- Free or reduced financial advisors
- Stock options
The Benefits of a Financial Wellness Program
If those stats are true, then chances are that at least half your employees have some form of financial stress (probably more).
Reducing your employee’s financial stress by introducing a financial wellness program can have a positive impact on your business. How?
Reduced Stress Improves Productivity
For starters, less stressed employees lead to more productive employees. About half of U.S. workers spend as much as three hours during the workweek thinking about finances. That’s three hours that could be spent serving customers or positively impacting your bottom line.
Easing Financial Burdens Can Reduce Absenteeism & Turnover
Employees who are struggling with finances may need to take time off work to seek help – which of course further exacerbates the problem. They might not be able to get to work because they can’t afford gas until payday comes, or they might have to stay home because they can’t afford childcare. Giving your team the tools they need to save, budget, and easily collect funds when they need it can reduce absenteeism and your overall turnover rate.
Free Financial Wellness Benefits
If your organization is not in a position to offer 401ks or stock options, don’t panic: there are free financial wellness options available that can get you started and fill out your benefits package. Here are some of our favorites:
Rain Instant Pay
Our partners at Rain have created a unique benefit called “early wage access.” Early wage access is not a loan and is not technically an advance. The Rain Instant Pay app simply allows your employees to collect their wages any day of the week instead of having to wait for payday. There is no disruption to your current payroll and timekeeping vendors or your schedule.
Sometimes, your employees don’t need to take out a loan – they just need to get paid a few days earlier so that they can make it to the next paycheck. With 78% of Americans living paycheck to paycheck, this benefit can reduce stress, absenteeism, and turnover within your organization. To sign up for Rain and connect your Beekeeper and Rain accounts, click here.
MoneyFit was built to “address the financial causes for poor employee performance” and “add a valuable benefit that increases employee loyalty,” all while reducing HR strain. Their all-encompassing financial wellness platform gives your employees access to free debt consultations, student loan counseling, bankruptcy counseling, reduced fees for debt management services, and online financial literacy tools.
MoneyFit also sends its business partners free brochures and break-room posters and can host in-person financial workshops in your office – at no additional cost.
How to Introduce Your Financial Wellness Program
For any employee benefit to be successful, you need to have a roll-out plan. Your plan can be as simple as posting flyers in the breakroom or as complex as hosting a series of meetings. The more you do to inform your employees of their new benefit, the higher your adoption rate will be – and the more satisfied employees you’ll have.
Here are some ideas to get you started:
- Start by getting buy-in from senior leadership and making sure they understand the new benefit so that they can answer their employee’s questions. If you have a tool like Beekeeper, share a video and field questions and answers there.
- Send a company-wide announcement about the new benefit via a mobile-first platform like Beekeeper.
- Post about the new Benefit in a company-wide forum like a break room bulletin board or a digital platform.
- Host an introductory Q&A session either in person or by posting a video and hosting a company-wide Q&A digitally.
- Check in with your employees at least a few times each year to find out if they are happy with their benefits and remind them what is available. You can even leverage translatable Surveys in Beekeeper to make sure you’re reaching your whole workforce on mobile.
- If you’re using an external vendor or benefits broker, ask them for help distributing materials or contacting your employees. Chances are that they’ll be more than happy to help, since higher adoption rates will reflect well on them.
- Make the tool accessible to everyone, everywhere. If you’re a Beekeeper customer, add a link to your financial wellness tool in the “More” tab or on “Home” so it’s always visible and accessible to your frontline workforce.
About the Author
Anastasia is a copywriter and the Marketing Manager at Rain, an early wage access platform. She’s passionate about financial wellness, conservation, and sustainable travel.