All great businesses start with the success of their employees, and that includes the success of your rank-and-file employees. A recent study from MetLife shows that 73% of employees agree that employers also have a responsibility for the health and wellbeing of their employees. And 83% of employers, 9% more than the percentage of employees, agree. This should not be surprising. Of course employers care about the financial wellbeing of their employees.
But how can employers show that they care? The fact is that most businesses are facing high employee turnover rates, and something has to be done. Introducing new financial wellness benefits is an important step for an employer. Additionally, employers need to be cautious of credit products cloaking themselves in the garb of financial wellness solutions because in reality they push employees into another debt trap.
Employers need to look beyond the traditional benefits package and look for companies with innovative ideas in providing services that help employees with better managing their personal finances, solving their problems of today, and setting them on a ramp to success and savings. Also, it is time to consider that one size does not fit all. Benefits such as retirement plans, life insurance and legal services although important, do not meet the needs of all employees. According to the MetLife study, 72% of employees agree that the ability to customize benefits increases loyalty. Quality of life looks different for everyone, and this includes the type of financial wellness benefits offered to them.
Take the opportunity to show your employees that you care about their future, and you’ll likely surprised by the positive results for your business. So how do employers prepare their business and employees for greatness? Simply said, one solution is to provide a holistic platform of financial wellness. When employees experience financial wellness at the workplace, they feel that the employer understands their financial constraints and isn’t judging them. This in turn creates a culture of loyalty and a virtuous cycle of growth and retention.
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