5 companies tackling employee financial wellness
Financial worries are the number one source of stress for workers, and the current crisis has only exacerbated the need for services to help workers cope with the daily stressors in their lives.
Fifty-nine percent of employees say finances are the source of most of their stress, and 35 percent of employees get distracted from their finances while on the job, according to data from consulting firm PwC.
Even before the outbreak of the pandemic, employees were increasingly looking for benefits from their employers that would make life easier for them outside of work. Mental health, long-term care and financial wellbeing benefits have become essential now a year after the pandemic.
“Over a third of companies provide financial advice, whether in a group, online, or face-to-face,” said Liz Supinksi, director of research products at the Society for Human Resource Management. “It is important for employers to invest in financial wellness benefits to educate and inform employees about their options and resources – especially in a changing workplace and a time when personal finances can be uncertain.”
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Financial wellness programs have emerged across all industries as employers recognize the importance of reducing the financial stress of their employees. These benefits bring value to the employee and the company as a whole.
“Employers see in real time how much of a safety net holistic financial wellness benefits are for their employees, especially in difficult economic times,” said Vishal Jain, head of financial wellness strategy and development at Prudential Financial. “You also see the role these benefits play in improving employee productivity and loyalty, which can affect the bottom line of employers.”
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The following employers are contributing to the financial well-being of their employees through innovative services that help them navigate life during COVID and beyond.