Wellness programs — and the idea that investing in employees’ social, mental and physical health can deliver solid returns — have been a well-established talent acquisition and retention pillar for quite some time. As wellness continues to evolve from simply a health focus to incorporating a financial focus, many employers are considering how they can implement a financial wellness program that will be beneficial to their employees and cost-effective for their business.
Human capital management provider ADP, in cooperation with SourceMedia, recently conducted a study that uncovered the benefits of financial wellness for both employers and employees and some of the obstacles that might prevent companies from offering them. Respondents — which consisted of employee benefits decision-makers — see financial wellness programs as having a positive impact on their workforce, but only one in five companies currently offer this benefit. However, interest appears to be growing; more than a third (36%) say they have a strategy or are considering financial wellness programs.
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