Most of the time when you think of an employee benefit, you think of a program that helps you attract and retain employees. It benefits your staff but not really your company. In fact, you might even think of them as an expense.
But what if there was an employee benefit that helped both your employees and your company? That would be something you’d definitely be interested in, right?
Employee financial education programs do exactly that. A total of
Today, 80 percent of employees are in clear need of financial literacy education, but only
Help Employees Plan for Emergencies
There are a lot of great ways to educate without crossing the line into giving financial advice. Seminars, online workshops, and more are all great ways to educate without causing more stress.
When your staff feels better equipped to handle financial emergencies, they’ll be less stressed. That means they’ll be more focused and productive, which is a huge boost to your business.
Encourage the Use of Your Other Benefits
Employees will usually not take advantage of some of the benefits you offer simply because they seem too complicated. This means that they aren’t getting the gains you intended for them, and that you’re not getting the hiring and retention benefits either.
When your staff has a better grasp of their financial situation, they’ll be better equipped to use benefits such as life insurance, 401(k), and more. In fact, you can include these programs in your financial literacy program.
As employees take advantage of your various benefit packages, they’ll gain the perks you intended them to have. This will help them feel more confident and bind them to your company as well. Increased loyalty is a big gain for your company.
Better Morale and Productivity
When employees feel better about their finances and have the security they need, everyone benefits. The mood in the office is much better. Morale improves and people feel more confident in every area, including their work.
You may notice better ideas being generated. Employees will be less distracted and frustrated. Productivity also improves significantly when people aren’t worried about their financial life outside the office.
You’ll also retain more employees because your staff won’t feel the financial pressure to find a better paying job. There’s a lot to be said for cultivating an employee base that isn’t constantly looking for something else!
These are benefits that employers often don’t think about, but definitely notice after they implement an employee financial education program.
Better Health and Lower Health Care Costs
Stress — of any kind — causes a
Low energy, headaches, upset stomach, frequent colds or infections, and even heart disease and high blood pressure can result from long-term stress. These not only cause absenteeism that hurts your business, but they increase your health-care costs as well.
Taking care of these concerns seems like it should be complicated, but a financial education program and other associated benefits are often all that’s needed. There’s no reason not to bring it into your company!
Get the Financial Education Program Your Employees Need
The good news is that you don’t need to create your own financial program from scratch. There are many existing programs that you can bring into your workplace — either in person, online, or a mix of both.
Education is an excellent benefit for your employees, and it can do a lot to give your staff the tools they need to address their financial concerns outside of work. However, most financial literacy programs stop with education.
It’s a good idea to consider taking a step further — as Integrity Data does. The
These services include:
- Student loan repayment assistance
- Financial help getting to the next payday
- Advocacy to help employees keep out-of-pocket health-care costs low
- A mobile-first financial education service
When you choose an employee financial education program to add to your employee benefits, why not combine education with real, practical help? It can reduce stress and improve your workplace morale much more quickly than education alone.
Financial Education Benefits Everyone
It’s clear why employee financial education is becoming a benefit that employers around the country are offering. It not only helps employees where they need it most, but it also benefits the company directly through increased focus, better morale, more productivity, and lower health costs.
If you’re one of the 80 percent of employers noticing that employees’ financial concerns are affecting them at work, it’s time to make a difference. It’s vital for both you and your staff!