Let’s face it, your employees are facing more financial challenges than ever:
A reported 72% of Americans report feeling stressed about finances
30% Americans are saying they are “constantly stressed” about finances
The impact on your organization is twofold: stress can negatively affect employee health, and employees are spending working hours thinking about financial problems rather than their jobs.
With that in mind, how can you help your employees reduce financial stress and be more financially successful? Consider these 3 guiding principles for what you do next:
Understand what financial success means to your employees: According to Best Money Moves, It looks like, “Not being stressed about finances, having enough money set aside for unexpected expenses and being able to retire when you want to are key indicators of financial wellness, financial preparedness and now, financial success.”
Consider how benefits can contribute to financial success: Health insurance, retirement and health savings, and supplemental financial protections like short term disability and term life insurance can all help employees to feel less financial stress now and in the future.
Ensure your workforce understands what benefits you offer: Are they making the most of the benefits offered? Decision support tools like SelectSmart™ provide education and guidance for employees facing complex benefits choices. Better employee choices means they are less stressed about their financial situation, which boosts confidence and productivity for your employees.
We believe the best way to help employees feel more empowered and happier about their health and wealth is to help them make better decisions today.