Boston area companies are embracing financial wellbeing programs more than ever before. As cost of living continues to rise in Massachusetts, along with economic turbulence being an ongoing issue, HR and benefits leaders are doubling down on supporting employee financial resilience.It's more than just a benefit – financial wellbeing programs are about transforming employees' lives and creating a thriving, financially empowered workforce. Let's dive into the success stories and concrete results achieved by these forward-thinking companies.
What is Workplace Financial Wellbeing?
Financial wellbeing in the workplace can take on many definitions, as it encompasses elements of economic stability along with the emotional and psychological aspects of one's financial health. For some, it may mean having a robust retirement plan, while for others, it could be about managing day-to-day expenses with ease. These diverse interpretations underscore the importance of tailoring financial wellbeing programs to meet the unique needs and goals of employees.
Leading financial wellbeing programs support employee's holisitc financial health across all income and asset levels. Financial wellbeing solutions like LearnLux blend digital tools, interactive education and 1:1 guidance from Certified Financial Planner™ professionals to meet every employee where they are.
Reduced Turnover, Increased Workforce Stability
Boston companies implementing financial wellbeing benefits have experienced a remarkable drop in employee turnover. In fact, employees are 51% more likely to be at their organization in 12 months when offered financial wellbeing as a benefit. The ripple effect? Increased stability, continuity in teams, and a workforce that's not just productive but also staying put. Boston companies that offer financial wellbeing as a benefit have distingushed themselves as workplaces where professionals build careers, not just jobs.
Boston Company Case Study: New Balance
"At New Balance financial wellness means every associate is free of financial stress and anxiety. They feel confident in their financial future and are able to direct their attention and full energy to other aspects of their lives and their work. In the past, only high net worth individuals had access to financial planning resources. With our LearnLux program, we are enabling access to financial planning services for all associates, regardless of their financial means."
Glenn Haskell, Director of Benefits at New Balance | Boston, MA
Elevated Job Satisfaction Levels
Recent studies reveal that financially healthy employees are 75% more likely to be satisfied with their employer. Providing financial guidance through a workplace financial wellbeing program demonstrates an employer's commitment to supporting their employees during prosperous and challenging times. Financial wellbeing benefits have become the secret sauce for companies in Boston, fostering an environment where workers feel supported, valued, and genuinely satisfied with their total rewards.
Productivity Skyrocketing to New Heights
Studies show that financially healthy workforces are significantly more productive. According to data from MetLife, 85% of financially healthy employees are more productive at work. Boston companies investing in financial wellbeing see a surge in productivity. Financially resilient employees are bringing their A-game, relieved from the distractions of financial stress. This productivity boost translates directly into business success for comapnies in the Boston area.
Attracting and Retaining Top Talent
Boston is a competitive job market, but companies with robust financial wellbeing benefits are the magnets for top talent. And they're not just attracting; they're retaining the best in the business. According to Bank of America, 84% of employers say that offering financial wellbeing tools increases retention. Including financial wellbeing as a key pillar of a comprehensive wellbeing benefits stack creates a workplace that's a powerhouse for talent, driving innovation and excellence.
Healthy Work-Life Balance
According to the Forbes Health-Ipsos Monthly Health Tracker, 90% of employed respondents note that “work-life balance is an important aspect of their job.” Financial wellbeing programs are paving the way for HR and benefits teams in Boston to show employees they care about their wellbeing both in and outside the office. Employees are finding harmony between their professional and personal lives while making the most of every paycheck, leading to reduced stress and increased overall wellbeing.
As companies continue to recognize the importance of fostering a financially resilient workforce, they are setting the standard for workplace excellence in Boston and beyond. As the focus on employee financial wellbeing continues, it is likely to reshape workplace dynamics, making these programs a cornerstone of progressive and forward-thinking companies.