Should employers be responsible for the financial wellness of their employees? In a recent ALM Benefits Pro report, Bank of America surveyed a number of employers and found that 97% felt some level of obligation for their employee’s financial wellness. The 2022 survey results are double from 2013 (44%).
Financial stress can lead to missed days from work, anger and a host of other issues that impact the workplace. Addressing your employee’s financial wellness needs from budgeting to planning for retirement to student loan payoff strategies, could yield high dividends for both the employee and employer.
What are the next steps?
A Bank of America study proposed five action steps to deliver financial wellness
- How can workplace education benefit employees? Can it improve recruiting and retention?
- One size does not fit everyone. Tailor the advice available to address different needs.
- Once financial wellness education is available, overall wellness training can support employee health.
- Make employee wellness education available on the employee’s terms. This includes multiple channels like digital training, coaching, and mentoring.
- In addition to making education available, engage with them, helping employees utilize the tools.
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