Financial confidence is not a finish line you cross, but rather an ongoing journey—and one in which employees increasingly expect their employers to play a leading role. Even as business conditions continue to fluctuate on the heels of several years of pandemic disruptions, recession fears, and high interest rates, the data is consistently clear: Workplace financial benefits are where business objectives and individual employee financial goals meet, and it’s important to find a mixture that works for both sides. Getting this right—consistently—can make a measurable impact.

So, how can businesses differentiate themselves as a resource to help employees pursue various personal financial challenges and goals, no matter the macro environment? Consider a few key concepts that can enhance how you approach your benefits program to help employees build financial confidence at any and every life stage:

Behind the scenes: HR power moves

As workplace financial benefits continue to gain popularity, it’s no longer a question of whether but how employers should help promote financial wellbeing at work.
The first step is to find a balance between your business’ budget and catering to a broader range of employee financial concerns—such as long-term financial planning, savings, budgeting, managing debt, and finding relevant, personalized guidance. In fact, 89% of employees say they would be more invested in staying at their company if it provided financial benefits that met their needs, with the top-three requests being more help with retirement preparation, financial planning, and maximizing equity compensation or employee stock purchase plans.

With five generations in the workplace, different employee segments are prioritizing different financial goals and may want to interact with their benefits differently. So, personalization is key. Look for a range of options that span both self-guided tools and professional assistance to help employees build financial confidence on their own terms—whether it’s through financial planning apps or websites, budgeting and savings calculators, and on-demand educational resources, or working one-on-one with a financial advisor. Talk to your providers to find out what options they have available to help you close any gaps in coverage and consider how you can upgrade the user experience to efficiently point employees to what’s available and show them how it can help.

If you’re not tracking how your employees engage with your benefits and benefits communications, start today. Ask employees for feedback on their benefits experience and their highest financial priorities. It’s essential to disaggregate employee data by factors such as race and gender and consider how your financial wellness programs can be designed to meet targeted group needs. Once your organization has this information, it opens new opportunities to deliver empowerment and education to meet the needs of specific groups. Talk with your providers—they may be able to provide reporting and metrics from their platforms can help you understand rates of participation, trends in engagement and adoption, employee satisfaction, and where there are any opportunities to make high-impact adjustments. Look for opportunities to enhance both the benefits offerings and the benefits support you provide.