Besides pay, employee benefits are one of the top things future employees consider when researching a new employer. In the past, added benefits such as health insurance and 401(k) options used to be enough to attract new talent. Nowadays and with the unemployment rate so low, employers are competing hard for skilled workers—and many are investing in financial wellness programs to both attract and help retain top employees.
Why? According to MetLife’s Annual U.S. Employee Benefit Trend Study, 63% of employees say personal finances are their primary source of stress, despite feeling financially competent. We know that personal financial fitness plays an important role in an individual’s overall wellness—and ultimately job satisfaction. When someone doesn’t have to worry about how they will make their next mortgage payment or pay to repair their car, they are better able to concentrate on work and become more productive. In addition to distractions at work, financial stress can lead to absenteeism and high turnover.
Herein is where employers come in, as more companies are looking for ways to help their employees become financially well. And we’re not necessarily talking about becoming rich— more so about gaining financial freedom from unexpected expenses or debt—and ultimately meeting the individual’s short- and long-term financial goals.
FINANCIAL WELLNESS PROGRAMS
Through financial wellness programs, organizations can help their employees determine where they need financial assistance. These programs can do something their salary and benefits alone can’t: help employees better understand their financial situations.
Many financial wellness programs offer financial education through seminars on topics such as credit, budgeting, debt reduction and retirement planning. The wide range of different financial topics helps any employee regardless of what financial stage of life they are in, such as:
- The employee looking to create a budget, so they aren’t living paycheck to paycheck;
- An individual who is ready to purchase their first home;
- A senior employee who needs assurance their long-term retirement goals are on target.
Savvy financial wellness programs will provide on-site education for employees, which saves time and creates convenience for employees who never have to leave their workplace.
Additionally, most financial wellness programs offer one-on-one financial counseling and coaching.
PARTNER WITH CONSUMERS
Consumers @Work is a financial wellness program for employees that offers free financial seminars and counseling, informational materials and account setup for more than 175 employers across West Michigan.
We invite you to partner with us to provide your team with complimentary personal banking seminars, onboarding assistance and special financial services deals for your employees.
Contact us today to see how we can help your team achieve personal financial wellness. Federally insured by NCUA
1 MetLife. “Financial Wellness Programs Foster a Thriving Workforce.” MetLife.com, 6 March 2020.
Senior Business Development Representative
7200 Elm Valley Kalamazoo, MI, 49009