You’ve likely heard the buzz around financial wellness at work and the benefits it can offer a company in terms of reducing employee stress and turnover. But, what are the best ways to go about supporting your employees’ financial wellbeing?
While there are many different strategies for promoting financial literacy and wellness, providing employees with financial coaching offers a unique opportunity for employees to get personalized, unbiased support, improve their financial knowledge, and make better decisions.
Having a trusted financial expert to answer questions and receive guidance that an individual might not be able to get anywhere else can help them feel more in control of their financial situation and confident in their ability to improve it.
Why Invest in Financial Coaching for Employees?
According to the Money and Mental Health Policy Institute, 46% of people who are going through financial difficulties also experience mental health problems. The added stress of finances can not only be detrimental to a person’s psychological and physical health, but that stress can also impact an employee’s ability to focus and engage, and it can even affect their attendance.
Considering that 56% of Americans can not cover an unexpected $1,000 emergency expense, this is not an isolated issue that only some deal with. More and more employees are interested in receiving some sort of financial wellness benefit from organizations, particularly among young workers. With student loans taking such a burden on many workers entering the workforce, this type of benefit is becoming a priority.
If you’re thinking about how you can improve your company culture and support your employees to thrive, financial wellness resources shouldn’t be overlooked.
As each individual has different backgrounds and experiences in their lives, not everyone receives the same kind of financial education (if they receive any at all). As a result, some may be shy to ask certain questions in a group setting.
Rather than offer a standard or one-size-fits-all approach to financial wellbeing programs, financial coaching lets each person get the kind of personalized assistance they need to make informed decisions around their finances.
The Benefits of Providing Employees With Financial Coaches
One-on-one financial coaching creates a space where each employee is free to ask questions, learn the basics of different financial concepts, and get the tools they need to improve their situation. A financial coach is not only there to give employees guidance; they’re looking at the big picture of the employee’s financial situation along with them so that everything is put into context and understandable.
According to a survey conducted by SoFi, 48% of those surveyed would be more committed to staying with their employer for longer if the organization offered financial wellness benefits.
When looking at the impact the financial wellness programs, some benefits they can have on an employee’s personal and work life include:
Less stress and anxiety around finances
Increased performance and productivity
Greater job satisfaction and engagement
Financial wellness resources can also help organizations boost their retention and reduce turnover. The key takeaway is that when employees are supported and are given the tools they need to improve their finances, this gives them the foundation to be more present at work.
Finding the Right Financial Coaching Program
There are a variety of financial wellness resources for employers to choose from, and this amount of choice can make it difficult to find the right one for your organization. BrightDime’s financial wellness program is designed to offer everything an organization needs to succeed with financial wellness.
BrightDime’s financial coaching program includes:
On-demand coaching to support employees
Guidance in making financial decisions and goals
Personalized tools to help the employee gain financial literacy
A platform employees access to track progress and review goals
Offering your employees a financial wellness solution with personalized coaching not only helps your employees improve their lives, but can help you achieve your business goals as well. For an employer, providing BrightDime’s financial wellness solution will ensure employees have unlimited expert financial coaching, easy-to-understand articles, and personalized money tools tailored exactly to their financial needs.
BrightDime coaches provide employees financial guidance to improve their security and reduce money stressors. Plus, by empowering your employees with the capability to make well-educated financial decisions, you are supporting your organization's long-term HR goals, caring culture, and ultimately the bottom line.