Traditional Employee Financial Wellness Programs Are Failing. Here’s Why.
Every year, nearly $90 billion is invested in employee workplace wellness programs, according to Financial Health Network’s “Wellbeing in the Workplace” report. Yet, just 30% of employees are financially healthy – the lowest level seen since 2019. On top of that, the World Health Organization estimates that employee financial stress still costs employers around the […]
Rethinking Financial Wellness: How 3 Employers Are Treating Financial Illness
With just 13% of frontline workers considered financially healthy, financial illness is one of the biggest unaddressed opportunities for any employer with a large frontline workforce. It costs employers an additional $1,200 per employee in higher healthcare costs each year, hinders productivity, and compromises workplace safety. Financial challenges even prevent employees from getting to work […]
The Missing Piece in Wellbeing Benefits: Treatment for Financial Illness
Benefits leaders invest so much time, energy, and resources into selecting wellbeing benefits that help employees thrive, personally and professionally. Yet, more than 70% of employees are living paycheck to paycheck, and Americans are struggling with record levels of household debt. This means that many employees and, by extension, their employers, are facing a crisis […]
Brightside Ranks Among Highest-Scoring Businesses on Inc.’s Annual List of Best Workplaces for 2024
Brightside, the first Financial Care solution for employers, has been named to Inc.’s annual Best Workplaces list for the second consecutive year. Prominently featured on Inc.com, the list is the result of a comprehensive measurement of American companies that have excelled in creating exceptional workplaces and company cultures, whether operating in a physical or a […]
Beyond Financial Wellness: Financial Care for Frontline Workers
If you’re using financial wellness benefits to support your frontline workers, are you seeing any improvements in their financial situations? Most employers don’t – but it’s not their fault. These benefits aren’t designed to address this financially vulnerable group’s financial struggles, let alone improve their financial health. Brightside CEO and Co-founder Tom Spann and Amazon […]
How is Brightside Financial Care Different from Financial Education?
Finances are the leading cause of employee stress, and it costs both employees and employers. While financial illiteracy can contribute to financial stress, it isn’t the only issue at play – and it’s not the root cause. In fact, research shows that one-size-fits-all financial education only correlates to a 0.1% in behavior change. To be […]
10 Reasons Why Typical Financial Wellness Strategies Don’t Work for Frontline Employees
Frontline workers have different needs and barriers to achieving financial health and resilience. These are also the employees driving the most organizational cost in terms of turnover, healthcare utilization, missed work, and more. When you offer a solution specifically designed to improve frontline financial health, your employees’ financial lives improve, and you’ll see it reflected […]
The 2 Sneaky Ways Biased Business Models Hurt Employees
As a benefits leader, you’re in the business of expecting the best from people. But, as the saying goes: Expect the best, and prepare for the worst. During benefits buying season, that means getting prepared for the rock would-be point solutions vendors don’t want you to look under: where they have conflicts of interest with […]
How Overlooking Female Caregivers is Costing Employers
The trouble facing Americas’ (disproportionately female) caregivers is in the news: From careworker shortages to the rise of workers who support both children and aging parents. And that spells trouble for their employers: Lower retention and productivity, as well as inclusion setbacks. Employers have increasingly stepped up to the plate with solutions like remote work […]
Want to Avoid Getting Caught in the Regulators’ Enforcement Crosshairs? Ditch Point Solutions
Key takeaways: The federal watchdog for financial products has put the market on notice. It will aggressively use an increasingly central weapon in its arsenal: The ability to punish practices that are “abusive.” Further, states can also bring enforcement actions using the abusive practices authority. The abusiveness legal standard is very broad. It adds risk […]
