Can you believe that 2022 is already here? As we enter the new year, top of many of our minds is moving from the pandemic to an endemic and navigating a “new normal”. It’s also that time of year when many employers are offering open enrollment for health benefits. It’s the time employees must assess their health care needs, while balancing the cost for those benefits. For some it may seem as stressful as looking through a crystal ball while balancing on a high wire. Not to mention, inflation rose to 7.5% and our economy lost 300,000 jobs. With recent events, many Americans are struggling physically, emotionally, and financially. Below is why employer financial wellness is a “must” employee benefit. The reasons may surprise you.
For many individuals, there is an underlying financial stress that weighs heavily on their mental and physical health. In PWC’s 2021 survey, 63% of employees reported that their financial stress had increased at the onset of the pandemic. More than 75% struggled with finances and live paycheck to paycheck. These employees overwhelmingly reported their desire to get help with their finances. In fact, 1/3rd ranked a financial wellness benefit with access to unbiased coaches as the employer benefit they’d most like to see added at their place of employment. Our financial coaches see firsthand how increasing debt, inflation and housing concerns are exacerbating the high levels of financial stress that already exist.
While financial stress is not mutually exclusive to employers/employees, human resource leaders know financial concerns can have an impact on an employee’s mental health and productivity. According to Bureau of Labor Statistics in 1 month the U.S. workforce works about 3.9 billion hours total. However, managing finances is leaving employees stressed and distracted at work. If employer financial wellness is not addressed, it could take a toll on productivity.
The Cost-Effective Solution
Employers are uniquely positioned to play a vital role in the financial health of their employees, simply beyond a paycheck. Employers can create a culture of well-being by implementing financial wellness programs, as an employee benefit. Through digital innovation, financial wellness platforms such as IRIS ConnectED give employees access to curated, on-demand financial content that is relevant, relatable and engaging with an added benefit of connecting with a financial specialist for unique financial concerns. Based on Apprisen’s 6 Steps to Financial Health, IRIS ConnectED is a cost-effective delivery of financial wellness services that can lead to financially healthy and happy employees. In addition, our financial coaching programs empower, support and provide accountability that leads to financial success. Our employer financial wellness programs are customizable and can be tailored to fit the needs of your employees.
To learn how you can bring convenient cost-effective financial wellness programs to your organization, contact us at email@example.com. We have custom packages to fit any size organization or company. For more information, click here.