In today’s competitive job market, companies are always looking for new ways to stand out and recruit top talent. One suggestion to gain a competitive advantage over other organizations is to offer financial wellness programs to your employees. If you haven’t heard of a financial wellness program, keep reading to learn how you can help your organization stand out and hire top notch talent.
What is a Financial Wellness Program?
Most employees do not wake up and come to work each day for the fun of it. They are there to earn an income, save for retirement, pay off debt, or other financially-motivated reasons. A financial wellness program can help empower your employees to achieve their personal financial goals.
The Benefits of Implementing Financial Wellness Programs
There are many positive benefits to implementing a financial wellness program in the workplace. One major example is helping your employees decrease the chances of a major financial event that could affect their ability to come to work. Another important factor is that having less financial problems can alleviate individual stress. Offering financial wellness programs to your employees also sends the message that you value your team members and their contributions to your organization.
Examples of Financial Wellness Programs
Employee financial wellness programs can include helpful training in areas like debt relief, student loan repayment options, retirement savings plans, and more. Here are some financial wellness programs your company could consider offering in the future:
- Educational Programs: If your team members are concerned about student loan repayment or retirement savings, have an expert from that field come into the office and help educate your team. These experts can provide guidance and coaching that your team members can implement in real life.
- Benefit Matching: Many employees seek careers with organizations who are willing to match certain workplace benefits, like retirement savings. Consider offering a 401K match, a 529 match, or student loan repayment match to all employees.
- Build Financial Awareness: There are many programs available out there to help professionals succeed. Why not offer a free lesson to your team members? We recommend a monthly lecture series that focuses on different topics that would be helpful to your team. Some examples include a health savings account specialist, a mortgage lender to discuss home loan assistance, how to avoid identity theft, or an expert in medical bill negotiations.
Work with Prescott HR
Does your organization need help selecting a financial wellness program to offer your employees? Hire the experts at Prescott HR to help you. Prescott HR offers a wide range of services that can help your organization plan for one or more layoffs within your organization in a compassionate and authentic way. Our unintimated HR practices allow us to be focused and effective, providing your business with exactly what you need. Give us a call today at 443-351-8818 or contact us online.