HR teams have taken a more holistic approach to employee benefits that includes both mental and physical wellness, but one key aspect is still missing from the mix: financial literacy and wellness. With inflation and cost of living continuing to skyrocket, financial stress remains a top source of stress for Americans – and they're looking to their employers for help.
Dana Rogers, vice president of people & great work at O.C. Tanner, discusses how financial wellness benefits boost employee happiness and fulfillment rates at work and share ways to incorporate education into the benefits stack from courses to investment support.
How do you define financial wellness benefits and what does a robust program consist of? How does it differ from current benefits like retirement funds?
A robust financial wellness program provides multiple types of resources for employees to utilize based on their individual needs. Retirement benefits are an important part of a financial wellness program, but there are even more opportunities to support employees financially like educational resources, investment resources, and 1:1 guidance from financial advisors. It can also include more tangible benefits like employer-contributed health savings accounts or profit-sharing bonuses.
The key to building a financial wellness benefits program is to identify what your employees need and find ways that the organization can reasonably assist them in those needs. For example, when inflation hit its peak, O.C. Tanner provided a $250 gift card to all of our employees that they could use for things like groceries or gas. It's all about meeting your employees where they are and staying in tune with the struggles they're facing to help alleviate some of their stress.
How do financial wellness programs help in creating a more engaged and fulfilled workforce?
Financial stability is a key component of overall wellness that is often overlooked, so providing resources that help employees become financially stable or improve their financial standing directly contributes to their well-being in life and at work. Employers can also help reduce finance-related stress through education and investment assistance – which is a top concern for most Americans. This approach helps them show up to work energized and ready to make meaningful contributions. Addressing every aspect of employee wellness positively impacts performance and drives a more engaged and fulfilled worker.
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