Why the Next Big Win in Benefits Is Supporting Employees’ Everyday Money Problems
With nearly 80% of workers concerned with basic expenses such as groceries and childcare, regardless of income, more employers are prioritizing benefits that support employees’ everyday money problems. In fact, about half of employers plan to have a comprehensive financial program in place by next year. But designing this type of financial benefits strategy requires […]
Will a Benefit Really Alleviate Employees’ Financial Struggles? 7 Key Questions to Ask
More employers accept that employee financial stress isn’t an individual employee issue – it’s a business problem that drives higher turnover, absenteeism, and healthcare costs. Despite the sheer volume of traditional financial wellness and point solutions on the market, finding those that will address the needs of the 70% of employees who are not financially […]
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 […]
Why Financial Illness is a Business Problem Employers Can’t Ignore
Employee financial health is in crisis—and it’s a business problem that costs companies more than they may realize. A WTW study revealed that poor employee financial health costs large employers $3,000 to $4,000 per employee each year. While physical and mental wellbeing programs have grown in popularity, poor financial health remains the most overlooked dimension […]
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 […]