When Employees State They Want Employer-Sponsored Financial Wellness Benefits, What Are They Really Asking For?

In today's fast-paced and financially challenging world, employees are increasingly seeking workplace benefits that support their financial well-being.

Employer-sponsored financial wellness programs have gained popularity as organizations recognize the importance of providing holistic support to their workforce.

However, understanding what specific financial wellness benefits employees want can be a daunting task for employers. How can employers prioritize employee care?

In this article, we will delve into what employees are really asking for when they express their desire for employer-sponsored financial wellness benefits.

Understanding the Need for Financial Wellness Benefits

The increasing demands of daily life, coupled with rising inflation rates and mounting debts, have placed immense pressure on individuals to manage their finances effectively.

Financial stress is currently cited as the most common and top stressor among adults in the U.S., and it does not only affect people at home.¹ Concerns caused by financial instability often spill over into other aspects of an employee’s life, negatively affecting health, productivity, and overall engagement.²

Employees who request employer-sponsored financial wellness benefits are essentially seeking support and financial empowerment in gaining better control over their personal finances.

They want resources and tools that empower them to make informed decisions about budgeting, saving, investing, and managing debt effectively.

What They Are Not Asking For

Before diving into the specific financial wellness benefits employees want, it's important to clear up a common misconception: your employees aren't asking for handouts.

In fact, a recent study from the American Institute of Certified Public Accountants reported that 80% of employees would choose a job with greater benefits over a higher-paying alternative without these benefits.³

Employees aren't seeking short-term fixes or quick monetary gains from their employers. They are looking for comprehensive, long-term solutions that will support them in achieving financial stability and independence.

While some employees may need immediate assistance (asking for an early or advanced paycheck, raise, or tax cut), it's unlikely that the employees asking you about financial wellness benefits are looking for quick fixes.

Key Financial Wellness Benefits Desired by Employees

So what are they asking for, then? What are employees seeking from their current or even future jobs? If you want to appeal to future prospects and help your current employees, you can start by looking into these financial wellness benefits:

Financial Education Programs

One essential benefit desired by employees is access to comprehensive financial coaching and education programs.

These programs should cover a wide range of topics, such as basic money management skills, retirement planning strategies, investment options analysis, student loan management techniques, and debt repayment strategies.

Offering these educational opportunities through workplace workshops, webinars, or one-on-one counseling sessions, employees can enhance their financial literacy and gain the necessary skills to navigate these complex financial decisions.

Employers who invest in providing comprehensive financial education programs not only empower their employees but also reap the rewards of a more financially confident and productive workforce.

Personalized Financial Counseling

Employees desire personalized financial counseling as part of their employer-sponsored benefits package.

They want access to qualified professionals who can provide tailored guidance on budgeting, debt management, retirement planning, and investment strategies.

Having an expert to turn to for individualized advice can make all the difference in helping employees set achievable goals and develop a solid foundation for personalized financial wellness.

Employers demonstrate their commitment to employee well-being beyond just monetary compensation when they are willing to sit down and help individuals, not just a group.

Retirement Savings Assistance

Many employees express concern about saving enough for retirement and ask for assistance in navigating the complexities of retirement plans such as 401(k) or IRA accounts.

Providing services like automatic enrollment into retirement plans with matching contributions demonstrates a commitment from employers toward long-term employee financial stability.

Employers should also consider providing tools such as online calculators or access to professional advisors who can help employees assess their current savings rate and projected retirement income needs, as well as identify potential gaps that they need to address.

Financial Wellness Tools and Apps

Employees are increasingly relying on technology to manage their finances, and they expect employers to provide tools or apps that simplify the process.

These tools could include budgeting apps, expense trackers, retirement savings calculators, investment portfolio management platforms, or debt payoff planners.

Employees will be able to track their financial progress and make informed decisions about their money with modern tools and apps. The convenience and accessibility of these tools align with the digital lifestyles of today's workforce.

Flexible Compensation Packages

In addition to education programs and counseling services, employees express a desire for flexible compensation packages that allow them to allocate funds toward different aspects of their financial lives.

This may involve options such as flexible spending accounts (FSAs), health savings accounts (HSAs), or reimbursements for childcare expenses or student loan repayments.

Empowering employees with choices regarding how they allocate their compensation not only demonstrates an employer's understanding of individual needs but also provides much-needed financial flexibility for employees facing various life circumstances.

Implementing Financial Wellness Benefits

Implementing financial wellness benefits requires a strategic and thoughtful approach. Here are some tips to successfully introduce these programs:

Conduct a Needs Assessment

Start by surveying your employees to understand their specific financial challenges, goals, and preferences. This will help you tailor the financial wellness benefits to meet their needs effectively.

Offer Multiple Channels of Communication

Ensure that employees have easy access to information about available benefits through multiple channels such as emails, intranet portals, newsletters, or HR platforms.

Provide Ongoing Support

Financial wellness is an ongoing process. Therefore, you should regularly evaluate the effectiveness of your financial wellness initiatives through surveys and feedback from employees. This will help you identify areas for improvement while ensuring that the provided benefits align with employee expectations.

Final Thoughts

When employees express a desire for employer-sponsored financial wellness benefits, they're really seeking comprehensive support for managing their personal finances effectively. If you're an employer looking to support the financial well-being of your employees, it's time to take action.

With the help of Enrich's financial wellness platform, you can do just that. This cloud-based platform is designed to revolutionize the way employers approach financial wellness by providing a comprehensive suite of tools and resources.

The Enrich Financial Wellness platform offers personalized financial education programs, allowing employees to gain the skills and knowledge needed to make informed financial decisions.

It also provides access to a range of user-friendly financial tools, as well as financial counseling for one-on-one guidance tailored to individual needs.

Contact Enrich today for more information on how you can transform your workplace into a hub for holistic financial wellness and employee support.

By offering comprehensive financial wellness benefits, you can make a significant impact on the lives of your workforce and create a more productive, engaged, and satisfied team.

1 - https://www.apa.org/news/press/releases/stress/2014/stress-report.pdf

2 - https://www.pwc.com/us/en/services/consulting/business-transformation/library/employee-financial-wellness-survey.html

3 - https://hrexecutive.com/heres-why-some-employees-prefer-more-benefits-over-a-pay-boost