As the pandemic rages on, more than 55 million workers across dozens of industries are on the job providing essential services. For front line employees, maintaining wellbeing is crucial to job performance and personal health.
How are employers stepping up to help? Top workplaces are investing in new benefits to ensure employees feel supported at work— physically, emotionally, mentally, and financially.
While offerings like free meditation apps might soothe anxiety in the short term, benefits that drive the largest impacts solve employee stress at its core. That’s why top employers are turning to financial wellbeing programs to help their teams weather this storm.
By providing a financial wellbeing program that blend digital education and tools with access to trustworthy financial guidance, employers are supporting their employees in inspiring ways. Many employers also provide hazard pay or reward their essential workers with monetary bonuses. A financial wellbeing program can help ensure they optimize that extra compensation so that it has the greatest impact on their wellbeing. Here’s how.
Guidance Around Emergency Savings Gives Essential Workers Peace of Mind
Even before COVID, many essential workers were living paycheck to paycheck and had very little in emergency savings. According to a 2020 survey of hourly workers, more than half (51 percent) have nothing at all saved, and a staggering 84 percent have less than $500 stashed away for an emergency. Instead of turning to credit cards or pricey payday advances, essential workers can feel confident knowing they have the cash to cover whatever life may throw their way.
Digital + Human financial wellbeing programs help employees create a financial plan, reducing unnecessary spending and making sure each dollar in their paycheck is optimized. In using LearnLux’s financial wellbeing program, 1 in 2 employees report that Saving for an Emergency is a top financial goal. This presents a massive opportunity for employers to step up and support employees while increasing worker satisfaction on (and beyond) the job.
Budgeting Tools Create Confidence in Rapidly Changing Financial Situations
For essential workers, reduction and inconsistency in hours can hurt their ability to effectively budget. Pair that with big changes in their cashflow - think higher childcare costs with kids home from school but less spending on travel, entertainment, and restaurants - and that makes keeping an updated budget a huge challenge. In order to pay bills on time, fund their emergency savings, and stay afloat during tough financial times, maintaining a budget is incredibly important.
That’s why essential businesses are partnering with financial wellbeing programs that offer interactive digital tools like budgets and cashflow calculators to help. There’s no scary spreadsheet or hard math to do - these innovative solutions help employees understand dollar in to dollar out in minutes. Employers that encourage their team to maintain a budget see lower levels of financial stress and increased presenteeism across a wide range of employee demographics.
Certified Financial Planner™️ Professionals Help Employees Build & Stick to a Financial Plan
When essential workers stick to their long-term financial plan, they can stop COVID-19 from sabotaging their money today, tomorrow and ten years down the line. The harsh reality is that the majority of Americans don’t have a financial plan - and they lack the resources to create one. That’s where workplace financial wellbeing programs with Certified Financial Planner™️ professionals comes in.
Certified Financial Planners work with employees one-on-one to understand their current situation, address immediate challenges, and create a financial plan for them and their families. Not all financial guidance is created equal, so be sure to look for a workplace program that offers advice from true fiduciary professionals (not just “financial coaches”). CFPs can also help essential workers understand and maximize their employee benefits, assist during key decision points like getting married or starting a family, and offer guidance during stressful times like the holidays, tax season and Open Enrollment.
Throughout the COVID-19 pandemic, essential workers have faced greater stress and demands on their money, time, and overall wellbeing. For employers looking to address their team’s health from a holistic standpoint, financial guidance is the #1 benefit they look to offer.
Ready to explore financial wellbeing as a workplace benefit for your company? Use the form below to contact our team today.