How to help employees achieve financial wellness
Employee financial stress is a very real problem. It's in employers' best interest to help as best they can.
The glib answer to the problem of how to help employees overcome financial stress is “Pay them more money.” Indeed, wages have stagnated, in spite of a tight labor market.
But, as a Taoist guru once said, “If you have trouble making ends meet on $3,000 a month, what makes you think you won’t have trouble at $6,000 a month?” That is, beyond paying off bills, improving one’s standard of living, and seeing to basic needs, you can be broke and still make what many would think is a great salary. (If only they could see all the bills!)
You know it. You know people it’s happened to. It’s called lifestyle creep.
Check out or bookmark a few of my favorite BenefitsPRO resources on financial wellness (and retirement):
5 ways employers can help improve employees’ financial literacy and wellness
10 millennial retirement, money and work strategies
The truth about financial wellness
Millennials have different views about retirement, longevity, finances
10 tips to improve financial wellness programs
The 10 biggest 401(k) misperceptions
5 retirement plan changes employers should consider