Four Ways Adding Financial Wellness Helps Your Employees and Your Bottom Line
Our guest blog series, where we feature industry leaders and partners and give readers the opportunity to read expert advice from across the wellbeing and employee benefits industries, is back this week with a post by Ilyce R. Glink, Founder/CEO of Best Money Moves. Best Money Moves is an award-winning, cloud-based mobile-first financial wellness platform that has partnered with DHS Group to bring financial wellness to customers nationwide.
This week, Ilyce shares about the importance of including financial wellness in your employee benefits programs and the benefits that it can bring to your workforce.
If you care about your employees, you’re worried about their overall wellbeing and have likely added health wellness to the regular pile of benefits you’re already offering.
But, have you measured your employees’ financial stress lately? Turns out, more than 80 percent of employees say financial stress is their #1 stressor. According to a Mercer study, employees spend an average of 12 to 15 work hours per month fretting about their finances. That’s time they’re not spending on the work you pay them to do.
“Offering a top-notch financial wellness platform like Best Money Moves offers an incredible payback to employers on many levels. Employees are more engaged, they’re less stressed and they’re happier, not to mention healthier. The ROI for companies is off the charts,” explained Angus Carroll, President of Best Money Moves.
Here are four ways that adding a high-quality, thoughtful, mobile-first, personalized financial wellness product like Best Money Moves will help your bottom line:
#1 Financial wellness helps reduce healthcare costs and improve healthcare outcomes.
Last year, CreditCard.com released a survey that showed two-thirds of Americans are losing sleep over their financial woes, nearly at the 69 percent level seen in 2008, during the height of the Great Recession.
Thirty-eight percent say they lose sleep over healthcare bills and insurance premiums, and 37 percent spend the night worrying about retirement. Either way, lack of sleep and increased financial stress are harbingers of poor health, according to numerous studies. For example, financial stress over indebtedness has been tied to an increase in cardiovascular incidents, according to BMC Public Health.
#2 Financial wellness makes your Millennial employees happier.
According to the 2017 Workplace Benefits Report from Bank of America Merrill Lynch, some 70 percent of Millennials are positive about their financial prospects, but are concerned about whether they’ll be able to achieve the financial goals they’ve set for themselves.
Increasingly, Millennials are turning to their employers to get financial education that goes beyond retirement topics and help them manage their money more effectively today. When you provide financial wellness, Millennials become more engaged and participate in employer-sponsored savings plans at higher rates.
#3 Financial Wellness boosts productivity.
Mercer’s Inside Employees’ Minds survey found that employees spend an average of 12 to 15 work hours per month dealing with financial issues. Creating an atmosphere where financial wellness is prized and is integrated with overall wellness at work will reduce financial stress and allow employees to focus on their jobs.
#4. Financial wellness attracts top talent.
Last year, the American Benefits Council conducted a survey about benefits and found that by a two-to-one margin, employees would prefer a richer benefits package over more pay. Seventy-three percent of employers are looking to add financial wellness to their benefits package, a move that benefits consultants say may be the deciding factor for two otherwise equal jobs. And in a tough job market with near record-low employment, every perk matters.
The simple fact that so many employers are talking about adding financial wellness to their slate of benefits is indicative of how much the benefits world has changed. If your employees need financial help, give them Best Money Moves, the innovative choice for financial wellness.
Best Money Moves will be joining DHS Group at this week’s Health Benefits Leadership Conference in Las Vegas (April 4-6). If you’re interested in learning more about financial wellness and its valuable place as part of your complete employee wellbeing solution, stop by Booth #521. We look forward to seeing you there!