Over the past few years, the concept of employee benefits has changed. In the old days, a company could provide its workers with a package of paid time off, decent health insurance and a 401(k) plan, and be in the running for “Employer of the Year”. These days, companies need to do more to attract and retain the best employees, offering benefits that address their real-world needs. In these increasingly uncertain economic times, another perk has been added to the list of items companies are offering employees: financial wellness benefits. These include comprehensive programs that educate, encourage and assist employees to become more financially literate.
There is a real need for these benefits. According to a recent survey by the National Foundation for Credit Counseling, 64% of Americans don’t have enough money on hand to cover an unexpected expense of $1,000. Let that sink in. Only about a third of us have a rainy day fund available to pay for any one of the many curves life throws at us, such as an emergency car repair or a trip to the dentist to repair a chipped tooth. Living this close to the financial edge can be stressful, to say the least. Many people cope with that kind of stress in unhealthy ways by engaging in unhealthy behaviors, such as overeating and alcohol abuse, which all too often translate into increased expenses for their employers. Employees who are obsessed with their finances are more likely to be less productive on the job, which can have a direct impact on the bottom line.
It’s not enough anymore for employers to match contributions to a retirement plan. They need to adopt a holistic approach, empowering employees with the tools needed to set budgets, dig out of debt and set their sights on a realistic plan for retirement. A solid financial wellness program should include personalized and focused information that is unbiased, workable financial tools and available live coaching from experts. It’s important to realize the race to the financial finish line is a marathon, not a sprint.
AmeriSource Development Solutions makes it easy for you to offer your employees financial wellness benefits. We have partnered with Financially Fit, an online program that includes on-spot personal finance training videos and exercises that will teach them what they need to know to increase financial fitness and achieve financial goals. When your employees join Financially Fit, they’ll have access to the CORE Curriculum, unlimited access to a team of professionals, and the Financially Fit for Life eBook.
Watch the video to learn more about the advantages of the Financially Fit program:
If this video has inspired you to offer this vital element to your employees, contact us today. Let us help you to boost employee morale, lower turnover, and bolster your bottom line.
AmeriSource…Developing YOUR People Strategy.