Financial concerns are the biggest cause of stress among employees, and the current crisis has only exacerbated the need for benefits that help workers navigate the daily stressors in their lives.
Fifty-nine percent of employees say finances cause the bulk of their stress and 35% of employees are distracted by their finances while at work, according to data from consulting firm PwC.
Even before the outbreak of the pandemic, employees had been increasingly looking to their employers to provide benefits that help them with their lives outside of work. Benefits that address
“Over a third of organizations offer financial advice, whether it’s in a group, online, or a one-on-one setting,” says Liz Supinksi, director of research products at the Society for Human Resource Management. “It’s important for employers to invest in financial wellness benefits to educate and inform employees about their options and resources — especially amid a changing workplace and a time when personal finances can be uncertain.”
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Financial wellness programs have been cropping up across all industries as employers realize the importance of easing their workers’ monetary stress. These benefits bring value to the employee and the company overall.
“Employers are seeing in real-time how much of a safety net holistic financial wellness benefits are for their employees, particularly during challenging economic times,” says Vishal Jain, head of financial wellness strategy and development at Prudential Financial. “They are also seeing the role these benefits play in improving employee productivity and loyalty, which can impact employers’ bottom line.”
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The following employers are making a difference in their employees’ financial well-being through innovative benefits that help them navigate life during COVID and beyond.
