Data can be a powerful resource to guide decisions on selecting and improving financial wellness programs in your workplace. But data can also be easily misused or misunderstood. The first step in leveraging data in the workplace is to make sure you are using the right information. Without knowing what the financial lives of your
Your employees are currently struggling with personal financial stress, which prevents them from working at maximum capacity. Sure you overhear your employees talking about their lives, but even though financial stress is a huge component, it’s not likely you’ll hear about it. Ninety percent of employees use work time to deal with personal financial issues.
Your Company Just Launched a Financial Wellness Program. Is It The Real Thing Or Just A Sales Pitch?
You’ve received an exciting email message or an eye-catching brochure announcing that your company is offering employees financial wellness benefits. Now what? Is this the best employee benefit you may not have heard of which will give you unbiased guidance to improve your financial wellbeing– or is someone just trying to sell you something? What’s the catch?
When employees struggle financially, their employers struggle. Recent research on short-haul truck drivers conducted at the University of Pittsburgh shows that when employees' financial stress rises, companies experience a $1.4 million increase in costs due to preventable accidents, according to a report, The Cost of Financial Precarity. Intuitively understanding this, more and more employers are
Five years ago, employers were just starting to provide workers with financial benefits beyond their retirement plan, but now financial wellness appears to be firmly entrenched in the benefits space, according to a recent report. Nearly two-thirds of employers say they are very likely to take steps in 2019 to create or focus on the
Employees are worried about money. Roughly half are stressed about their finances, and nearly two-thirds either say their retirement plans and Social Security won’t be sufficient to support them in retirement or they aren’t sure, according to PwC’s 2018 Employee Financial Wellness Survey. And employers are answering the call for help. In a May 2018 Prudential survey,
It’s a new year, and time to look ahead at what it will bring. In 2018, financial wellness was one of the hottest plan advisor trends, and the industry took strong steps toward creating solutions that actually power progress—not only for plan participants and sponsors, but for advisors and for firms. While last year we spent time defining financial wellness, 2019 brings
The corporate wellness industry is constantly evolving, and savvy HR and wellness professionals need to stay on top of emerging trends to ensure their employee wellness program continues to advance. While there are numerous trends emerging in the corporate wellness world today, let's take a closer look at the seven I believe will most affect
Financial wellness programs are popular and sought after but are rarely offered as an employer-sponsored benefit, according to Corporate Insight’s 2018 Employee Financial Wellness Survey. Of the 1,544 employees surveyed, a mere 221 (or 14%) indicated that their employer offers programs or resources to help improve financial well-being; 63% indicate that they use them when
Dive Brief: All but 6% of 1,600 U.S. and U.K. workers said they suffer from stress, and at least a third of them said they’ve experienced “high” or “unsustainably high” stress, according to a new study by Wrike, “The Stress Epidemic: Employees Are Looking for a Way Out.” The study found that respondents are refusing to tolerate high levels of stress.
HR professionals are always on the lookout for the best in employee benefits – more specifically, a robust well-being program for companies who truly want to help their teams get in better shape financially. It’s no longer possible to ignore the ongoing personal finance crisis that’s affecting the lives of millions of American workers. Many employers already have a financial wellness
Health, money, work and life all play a critical role in an employee’s total well-being, according to a study from Fidelity Investments, based on responses from more than 9,000 workers and conducted in collaboration with researchers from the Stanford Center on Longevity and Cornell University. The survey and behavioral analysis focused on the four domains
Something is lacking in employer financial wellness programs. Even though an increasing number of employers are offering these programs and employees express a desire for them, employee participation rates are low. A recent survey of roughly 667 employers who offered 401(k) plans and 657 employees who contributed to a 401(k) plan from Bank of America
Doctor! We have a situation at America’s employers. Some of them are offering financial wellness programs to employees, which is great. But, according to a new Bank of America Merrill Lynch report, there’s a huge disconnect between the kind of financial information and advice they’re offering and what employees really want. Help is needed. Stat! The
Stress. Shame. Confusion. Embarrassment. That’s what comes to mind for millennial employees when they think about their personal finances. It’s draining employees’ ability to stay focused on the work at hand and maximize their creativity and productivity. According to a 2017 PWC Employee Financial Wellness Survey, 65 percent of millennials reported being stressed about their finances. Additionally, approximately one-third
Companies that have sponsored a financial wellness program since 2015 are seeing an increase in the financial health of employees who consistently take advantage of the program, according to Financial Finesse. They also are seeing a major return on their investment because employees who are in better financial health won’t delay their retirement. “Repeat users
More workers are making good use of their employer’s financial wellness program, returning again and again and reaping more benefits as a result, according to Financial Finesse’s Financial Wellness Think Tank’s 2017 Year in Review. Among employers that have offered a financial wellness program for at least three years, repeat users made up 58 percent of the
The number of financial wellness programs offered by employers is skyrocketing, as workers clamor for help in increasing financial literacy and improving their financial wellness. The percentage of employers offering financial wellness programs rose to 83%, up from 20% two years earlier, according to Prudential’s 10th Benefits and Beyond: Employer Perspectives on Financial Wellness study. And
Every employee in America has, at one time or another, felt stressed about the same thing: money. Changes in the healthcare system, tax reform and employer plans are impacting us all. As a result, more and more employees, regardless of age, career or income are turning to their employers for help with their own pP.
Financial wellness programs and efforts to educate employees on retirement plan ins and outs notwithstanding, employers may not be giving employees what they need to navigate the intricacies of finance. What they really need are skills they should have gotten years ago. That’s the conclusion of “The financial skills of adults across the world,” a