3 Ways a Financial Wellness Program Can Help Your Business Grow

September 28, 2016

Financial Wellness

Joel Manzer

24863464_ml.jpgMany companies are expanding their voluntary benefit options to include a financial wellness program. 

Similar to a physical wellness program, which encourages weight loss and health screenings, most financial wellness programs include a financial education platform that educates employees in money management and encourages their efforts through direct results.

Here are 3 ways that a financial wellness program can improve your business:

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How Successful Companies Make the Most of Their Employees

September 15, 2016

Financial Wellness

Joel Manzer

HomeDepotVest.jpgWhen Home Depot’s HR staff noticed employees were struggling with personal finances, they discovered that “only about half of the employees were participating in the company’s direct deposit program and instead, were cashing their paychecks at check-cashing services because they did not have checking accounts. Others were taking out loans against their 401(k) plans, making early withdrawals from their stock purchase plans, or selling their company stock as soon as they purchased it at the end of the year. Home Depot launched a basic financial education program that featured workbooks and videos on topics [such as] developing a savings plan, understanding credit and your credit report, working with checking and savings accounts, and getting a loan.[1]

Financial struggles continue for millions of working Americans.  Even though employers may have a desire to assist employees with a financial wellness program, a lack of knowledge on the effects of financial challenges could adversely impact their efforts. 

Understanding how an individual employee’s financial wellness could benefit an organization is vital to the development of a company’s successful Financial Wellness Program. 

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Time to Focus on Employee Financial Wellness

10670478_ml.jpgBusinesses count on their employees to effectively and productively service their clientele on a daily basis, regardless of industry, title, or position.  However, when an employee is overwhelmed with personal financial matters, their work performance may suffer, adversely affecting your company’s ability to retain its clientele.

While there may be other factors that contributed to the loss of a client, an employee’s distraction over personal financial matters and resulting decline in work performance may have significantly contributed to the situation. According to a study, employees spend at least 3 hours per week, on average, dealing with their finances at work[1].  It could be as simple as making sure a bill is paid on time or something more significant and time-consuming that impacts their work day.  The bottom line is that their financial stress can have major, unplanned consequences on your business.

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