“People don’t want a better job from their employer; they want a better life,” remarked career expert Ken Coleman, host of “The Ken Coleman Show” and author of bestsellers “The Proximity Principle” and “From Paycheck to Purpose.” “They’re no longer looking to companies just for a paycheck. The idea for employers is that if you come work for us, not only are you going to be paid well, but your life is going to be better because we’re going to invest in you — in your mental health, in your financial health and in your physical health beyond medical benefits.”

Employee benefits have a direct correlation to how much employees perceive that their company cares about them. People want their employers to see them as people — to care about their wellbeing both at work and at home. They want their leaders to understand their stress points and help them overcome them with more creative benefits and perks beyond the normal offerings. And financial wellness benefits are foundational to all other benefits: When their finances are in order, employees engage more with their other benefits and at work in general.

A recent research report published by Ramsey SmartDollar, found that after the implementation of a financial wellness benefit, 74% of employees thought that their employer cared about them and their future (versus 41% without a benefit).

“That’s what they’re looking for: Who’s got the best perks to make my life better all the way around?” Coleman added. “Do they care about me — the person — as opposed to just the unit of production?”
A major point of stress in people’s lives is money, and this has only intensified over the last four years with more people struggling to make ends meet. In a recent Ramsey Solutions State of Personal Finance research study, 1 in 3 Americans were late on paying a bill in the last three months. 

“Financial stress is chronic, heavy stress,” said Dr. John Delony, mental health expert, author of the bestselling book “Building a Non-Anxious Life,” and host of “The Dr. John Delony Show.” “It affects your sleep, your relationships, your joy and your overall life. If you’re not safe financially, your body will try to solve for the potential loss of shelter, food, utilities or transportation.”

All that worry about where their money is going and how they’ll cover the next bill causes people not just to lose sleep but also to be unproductive at work. Research indicates that one-third of the employees surveyed reported being distracted by financial worries at work at least once a week. This worry can then prompt employees to leave their job for greener pastures which is costly to companies. But a new job and more money aren’t guaranteed to bring the stress relief employees are searching for.

“When you’re under financial stress, your boss’s demands take on an existential weight,” Delony said. “You begin worrying about your standing at the company, constantly checking to see if your job is safe, possibly cutting corners to get to certain outcomes. You might find yourself gossiping, stressing or otherwise worrying about the work, instead of feeling anchored enough to focus on just doing excellent work. Your focus transfers from doing excellent work to focusing on not getting fired. This is a recipe for burnout, lapses in integrity and stress.”

Related: Saving on shaky ground: Helping employees navigate retirement planning during inflation

Financial wellness programs are gaining popularity as a way to offer employees something unique that will provide lasting life-change. When a financial wellness benefit is implemented, employee confidence increases and stress decreases—resulting in an increase in work productivity. Almost half of benefit users (43%) said the time they spent dealing with personal financial issues during work hours went down. And 22% of employers saw an increase in employee productivity after implementing a financial wellness benefit. Most employers (66%) also reported a positive ROI from offering the financial wellness benefit.

“Leaders are starting to understand: I’ve got to look at the holistic person, not just the employee—and to the extent that I can show them their life gets better in multiple areas because they work for us, then I’ve won,” Coleman said. “Not only do I win by getting them, but I keep them longer.”

In 2025, wellness benefits beyond health insurance are going to play a larger role as both a way to entice new employees and retain those who are already at the job. They promote a positive, hopeful outlook on life, which translates into higher productivity. These benefits impact not only the employee but also the company’s bottom line.