4 Reasons Why Your Company Should Offer an Employee Financial Wellness Program
When your company is recruiting for new talent, do you offer everything a future employee is looking for? If not, it may mean a person who is perfect for the job will be heading elsewhere. Staying competitive and grabbing the best available workers depends largely on benefits. People will always take pay into consideration, but more and more, employees are looking for something other than just a paycheck. An employee financial wellness program may just be the key to getting, and retaining, the best candidate for your business.
1 - Stressed Employees Don’t Perform as Well
When people take care of their health and wellbeing, they feel better. The same is true with finances. Many people are burdened with student loan bills, credit card debt, and health care costs that are continually rising. A lot of employees who worked through the Great Recession, and more recently the pandemic of 2020, saw their retirement plans take a huge hit. All of these issues can contribute to stress for an employee, and those who are feeling the pressure are less likely to perform well. While many of these financial concerns can be stressful, employers are in the perfect position to help.
2 - Lack of Financial Literacy Impacts Personal Finances
School has rarely been the place to learn true financial literacy, so when people are faced with learning about their finances as adults, for many, it’s the first time they’ve addressed the topic. Not understanding something can cause stress or even avoidance, causing poor financial decisions. Finances don’t need to be complicated, and just having basic math skills and a little knowledge can make a person feel more confident in their ability to have control over their future. By teaching basic banking, retirement, and investing principles, employers can help to fight the stress many employees feel when it comes to financial literacy.
3 - Understanding Retirement Benefits Can Lead to Employee Peace of Mind
Chances are your employees have already started to save for retirement through a pension plan or 401k, but are they saving enough? By having classes to teach employees the basics of retirement planning, you are ensuring that they are more knowledgeable about how to invest, what investments are right for them, and how to feel more secure in the options they choose.
4 - An Employee Financial Wellness Program Can Help Attract Employees You Want
Savvy candidates who may already be financially literate understand how to figure out the best company to work for based on salary and benefits. If two companies offer them a job with comparable salaries, they will undoubtedly choose the one where they can make the most overall. So, if your company offers a better pension or 401(k) package with a higher match and quicker vesting, they will likely choose your company. The same is true for financial wellness programs. If one employer offers a financial wellness plan rich in education and financial counseling and the other does not, it will make a positive impression and can lead to a successful hire.
Financial wellness can encompass a wide range of training, benefits, and opportunities. When it comes to financial literacy, let Orange County’s Credit Union be your partner. We can help position your company to be more competitive when recruiting and retaining employees, and by offering financial wellness opportunities to them, it can result in happier employees who are more productive when they’re on the job.
We invite you to contact us to find out more about how we can help position your company to change the financial lives of your employees for the better. (888) 354-6228 Ext. 7100