Financial Wellness Providers for Workplace Programs
Money problems are affecting a large proportion of the workforce today, which is why so many employers are seeking financial wellness providers to present programming in the workplace. The stress of financial issues burdens employees even while they’re at work, which in turn has impact on their productivity and job satisfaction.
Multiple options exist for providing an employee financial wellness program, but in general there are three modes of delivery: in person, online, or one-to-one counseling. Some employers select a hybrid combination of those delivery choices.
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Why Employers are Looking for Financial Wellness Vendors
What are the problems caused by employee money worries, the reasons why employers are looking for financial wellness vendors to present programming in their companies? Consider how many people today are suffering from these problems: about half of the American workforce is dealing with financial stress, according to a recent study. And those stressed-out workers are 2.2 times more likely to be looking for work elsewhere.
From the other point of view, the company’s bottom line also takes a hit when employees are dealing with money concerns. Productivity and performance plummet and employees are more likely to miss work. The stress affects employee physical and mental health as well, which leads to increases in the cost to provide health care programs.
How Finding Financial Wellness Providers Benefits the Organization
When an employer succeeds in locating the best financial wellness providers to offer programs in the workplace, the benefits can be impressive. When employees realize some relief from their financial stress, they become more engaged in their work, perform better, feel greater job satisfaction, and increase their productivity. Happier employees are more loyal, feeling that their employers are trustworthy and truly care about their welfare, which improves turnover rates. Those workers also demonstrate positive changes in their financial behaviors, and therefore feel more confident and capable to make sound choices regarding their health care and retirement plans. The financial wellness employee benefits realized thus are well worth the price.
Potential benefits to the employer from providing financial wellness training are just as powerful. Greater productivity means higher profits, a clear advantage to finding workplace financial wellness vendors. The savings in health care costs can be significant. The workplace culture is likely to become more vibrant and collaborative as employee morale improves. More engaged employees perform their tasks better and have stronger ideas to contribute. And the cost to provide workplace financial education can be quite low, as little as $100 per employee according to some research.
Characteristics of the Best Financial Wellness Vendors
The best financial wellness providers for workplace financial education courses and training share certain characteristics. They provide options for delivery methods which might include live workshops, digital instruction, or individual coaching. Choosing the paths that best suit your organization should be guided by accurate data – through surveys, tests, or interviews, gather information about employees’ current money management knowledge to serve as your baseline.
Your employees and your work environment are unique, so you should take steps to find out which program components will work best for your organization. Some top practices among financial wellness vendors, however, include peer-to-peer support features; state-of-the-art use of technology; high-grade resources and curriculum; project-based learning; and ongoing education to follow up after the initial program has ended.