Financial well-being, or lack thereof, affects all of us; if an employee is stressed about their finances, it can have an impact on their job performance. Successful programs need leadership buy-in and ongoing support. Illustrating this need against the backdrop of your company, employees, and culture is the first step in this journey. Create a value proposition for a financial well-being program by understanding the state of employees’ financial well-being across the board, in your sector and in your own company.
Providing employees with financial education and support positively affects absenteeism, presenteeism, productivity, employee satisfaction and helps employees maximize the benefit programs employers work hard to provide. In addition, it aids in talent attraction and retention. Employers can achieve an average ROI of $3 for every $1 invested in a financial well-being program.* Enrich Financial Wellness published a report on how you can calculate the ROI for employee financial well-being. It also includes examples of how to build a successful program.**
Potential strategy drivers