Leveraging digital financial solutions is a sure way to improve employee financial health. Tech platforms harvest large volumes of vital data that could help employers identify employee financial pain points and offer individualized solutions. Now more than ever, business leaders and managers need to adopt these tech initiatives to optimize workplace benefits to help workers effectively navigate the uncertain and changing economic climate.
Overall, employers are beginning to take financial wellness and other components of employee well-being more seriously, as these underly the global shift disrupting the workplace. The age-long employee dissatisfaction and poor employee well-being indicators are driving these recent changes in the corporate scene, and employers are beginning to rethink financial wellness to rebuild trust with employees and customers, and also improve employee retention and engagement.
Financial wellness is integral to employee health and productivity, playing a pivotal role in employee health decisions. Therefore, as employers are beginning to recognize the need for a holistic approach to wellness, more financial wellness initiatives need to be integrated into these programs to create a healthier workforce, in the real sense of it.
Financial wellness benefits have been a growing topic of interest among employers, but before you introduce this offering to your organization, it’s important to identify why you want to make this investment in the first place. I know this one seems obvious, right? But bear with me. There are a lot of misconceptions about the role and impact of financial wellness benefits, and I want to take the time to explain how they can improve financial health—and why they’re better than other financially-focused benefits. When someone has poor financial health, they can’t manage, take action, or prepare for their current and future financial needs. This can lead to insecurity, anxiety, and stress about their financial situation.
March 2, 2022