Offering a financial wellness benefit to employees can create a ripple effect of positivity and productivity throughout your business.
Many employers don’t realize how a financial wellness program can help their employees’ quality of life financially, which only helps the employer in the long run.
In this episode, I speak with Ilyce Glink, the CEO of Best Money Moves and an expert on financial wellness programs. She will share with our listeners why a financial wellness program is important, how it benefits teams and organizations, and how an employer can successfully incorporate a program like this.
It’s not about providing 401Ks or loan calculators. True financial wellness provides context for making better financial decisions. It looks at everything from healthcare costs, to how people are paying their debt, to identity theft protection and reputation management, to even relationship issues related to money.
Stress comes from many areas of our lives but probably none more than money troubles. A good financial wellness program will truly help the root causes of employees’ money issues.
Some parents feel unqualified to teach financial lessons. Maybe they made bad financial decisions in the past. A financial wellness program can step into that void and provide the help employees need to feel confident teaching their kids about money.
This confidence will help them to sit the kids down at the table when they are doing bills. Explain taxes. Talk to them about the process they use to make big purchases. All of this will give their kids context and help them understand how money works. Too many people in older generations didn’t learn about money as kids and it cost them later.
Employees have more student loan and credit card debt than ever — leading to loads of financial stress. More and more employees want financial wellness as a benefit. Happy employees are more productive. Good leadership will be sensitive to this. If not, they will eventually leave for somewhere that is.
Financial wellness is the number one requested benefit by employees. Everyone wants to make smart decisions with their money, and this gives them the tools to do it. The benefits to employers are extraordinary, and you won’t believe how inexpensive it is.
The bottom line is that a financial wellness program creates wins from top to bottom for employers and employees.
When you’re ready to get a better product at a better price, give us a call to learn how our experts can help you and your business achieve financial wellness and reach their full potential.