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:
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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.
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In the spotlight: Helping employees take the lead

A foundational aspect of helping employees develop financial confidence is helping them prepare for the unexpected ups and downs that life can throw our way. Your benefits offering is a powerful tool that employees can leverage in building up their personal finances, but as with using any powerful tool, there may be a learning curve.

Whether you provide financial wellness, equity compensation, deferred compensation, retirement planning, charitable giving, or other financial benefits, our research consistently shows that employees want much more help from their employers to understand how to maximize their benefits. Every financial benefits program should include a robust education component, not only to promote general financial literacy but also to help employees navigate your benefits. They need to know what’s there, where to find information, and how to connect your offering to their financial goals.

Related: Employees with money worries? Financial wellness to the rescue

Many platforms are upgrading their user experience for greater seamlessness and scale, but it’s important to connect with your providers to learn more about any upgrades or customizations available, as well as to start conversations around the possible impact of generative AI. As employees develop greater confidence navigating your benefits ecosystem, you’ll also want to find ways to emphasize key financial literacy topics like savings, budgeting, and balancing short- and long-term financial needs. This is especially important when it comes to technically complex benefits like equity compensation.

Personalized guidance can make an even bigger splash, with employees ranking access to financial coaching as their most sought-after benefit when it comes to retirement planning assistance.⁴ Providing access to financial coaches or financial advisors can be a differentiator in your benefits suite and support your employees in making significant strides in building financial confidence for their road ahead, wherever it may lead.
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The show must go on

Whatever is going on in the wider economy, both businesses and individuals are looking to build financial resilience, so it’s important to explore how these dual perspectives work together to drive business outcomes. Remember, data consistently shows that comprehensive financial benefits both strengthen an employee’s sense of commitment to their companies and their sense of progress toward their own financial goals. It’s a win-win.

Just as businesses need to attract and retain top talent, employees want financial benefits that offer them resources, tools, and information they can apply at every stage of life. Help your organization set itself apart in the marketplace by positioning your benefits offering as a steppingstone to help employees find more solid financial footing.

Craig Rubino, Head of Participant Insights, Financial Wellness, and Learning, Morgan Stanley at Work