Recordkeepers and employers are beginning to rethink their approach to financial wellness. Almost all employers say they offer financial wellness benefits of some kind.
But many employers face a hurdle. Defining a tangible ROI for a wellness program can be difficult.
Financial stress affects employees’ health and it costs businesses billions each year. Employers can save money and create a healthier workforce by addressing it. The right tools can lower insurance premiums and reduce absenteeism.
Financial wellness popularity continues to grow 2019. In a new report, that isn’t slowing down anytime soon. Opting for Financial Wellness The report outlines the next next five years for financial wellness. It found that employers will almost all offer financial wellness programs. That includes budgeting and plans to help with debt. So far, 30%…
Financial wellness for women is often harder to achieve. Wage gaps, workplace norms, and career opportunities all affect how women prepare for the future. Retirement Age For starters, women tend to live longer than men. As much as five yearslonger. This can make it difficult to plan for retirement, both by themselves and with a…
Many employers rely on their record keeper for financial benefits. That means record keepers have a chance to help with financial wellness. But financial wellness can’t just be offering retirement plans. They must also offer help with budgeting, saving, and debt management. Retirement saving is only possible when employees feel financially confident. Financial Priorities Many…
Recent labor report shows that unemployment rates are at the lowest they’ve been in almost fifty years. This makes keeping talent even harder. Economists believe we are at full employment. The national average unemployment rate is 3.6%. But because the job market is tight, employers need to get creative with how they find and keep good…
Businesses feel like they’re missing out on talent because they don’t have the right perks and benefits. While perks are secondary to a benefits plan, they can’t be a passive rollout. Choosing the right perks can either amplify or damage your company culture. What is the perk for? Before buying a ping pong table for…
A recent MetLife survey asked employees about their top sources of financial stress. It found that employees have very different short and long-term financial stressors. Slow wage growth and rising living costs are often the root causes of this stress. Employers focus on helping both short and long-term stressors when creating benefits plans. Long Term…
A recent Gallup survey found employers with the strong employee wellness programs saw increases to their bottom line in the last recession. These employers saw an average of 26% increases to their profits during the economic slowdown. That’s compared to similar firms. Financial Problems Overflow Employees’ pocketbooks aren’t the only thing affected in the pinch of…
Most financial wellness programs try to help with personal finances. Less talked about is how career growth may also affect financial stress. Career growth can be a strong indicator of future financial success. When employees have a strong career path they’re less worried about paying bills. This is why you should help employees grow both…
Edukate integrates with your current employer benefits provider.
Most of our programs can be rolled out in less than 30 days.