Most well-established construction and manufacturing firms have generous, comprehensive employee benefit programs. However, many are still missing a must-have, most-asked-for benefit; Financial wellbeing.
It's no secret that we are living in financially stressful times, and this pressure takes a toll on employees every day. As you explore options for offering financial wellbeing at your workplace, you'll learn that not all financial wellbeing programs are created equal. Every workforce has different needs that they must consider when selecting a solution that can best support their employees. Construction and manufacturing employees have vastly different needs than office workers.
Here are a few key considerations to keep in mind when choosing a financial wellbeing solution for your company, and how LearnLux can help you meet all of your employees where they are.
Stress leads to workplace accidents.
Financial stress is the #1 cause of stress in the workplace, which leads to issues such as absenteeism and physical symptoms which can cause employees to be distracted at work. For construction and manufacturing employees, this can lead to safety issues if their mind isn’t fully present.
“We believe that financial wellness is a key aspect of overall wellbeing,” says Theresa Cappel, HR Director at Messer Construction Co. “If employees are distracted by things like financial stress, that’s a recipe for getting injured on the job.”
Offering a holistic financial wellbeing program that helps employees address all of their financial concerns can significantly reduce financial stress and lead to increased safety at job sites.
Irregular shifts demand program flexibility.
It’s likely that many of your employees are not working a traditional nine-to-five job, and the benefits available to them need to reflect that. When it comes to financial wellbeing, look for a program that equips employees with 24/7 access to mobile and desktop-friendly digital tools that can help them build a financial plan. Providing employees with access to human advisors who are true fiduciaries, such as Certified Financial Planner™ professionals, is also key. Make sure that advisors have morning, evening, and weekend availability to accommodate your employees schedules.
Pro-tip: LearnLux financial planners are available via chat, email, phone and video call with extended hours. One of the most popular days they take meetings with members and their families? Saturdays!
Diverse workforces need a benefit that will meet them where they are.
When looking at new benefits, it’s critical to look at your employee demographics. Younger employees early on in their career have different needs than those approaching retirement or preparing to send their children to college. If you have a diverse workforce, look for a holistic financial wellbeing program that can support employees at all stages of life. LearnLux can help employees with everything from the basics of budgeting and building emergency savings to estate planning, saving for retirement and understanding 529 plans. Plus, we can help your employees understand any other amazing benefits that you offer through custom benefits content which drives participation in 401ks, HSAs, FSAs, and more.
“The advisors were fantastic to work with. They always had great advice, and answered my questions effectively. The LearnLux app is easy to use and the advisor calls are a great resource I would highly recommend to friends and colleagues.” -Omar Cruz, Project Engineer
Custom communication is key.
Communicating new benefits likely isn’t as simple as sending out a mass email or posting an announcement on an intranet page for your dispersed workforce. Perhaps many of your employees don’t even have company email addresses. It’s crucial that your financial wellbeing program provider offer a robust communication toolkit and support that can reach all of your employees. Instead of email templates, consider communicating with text messages or sharing talking points with supervisors to share information by word of mouth. Are you regionally based? If so, consider sharing a press release and have the news of your new program shared on local media outlets. LearnLux works closely with all of our employer partners to build a comprehensive communication plan that drives best-in-class engagement.
Pro-Tip: LearnLux's employee communication experts that act as an extension of your benefits team. For construction partners, we have created custom postcards, intranet banners, toolbox tags and more.
Interested in Learning More?
If you’re interested in learning more about how LearnLux can support your specific workforce, let us know by filling out the form below. As a bonus, you’ll gain access to a case study on LearnLux’s partnership with Messer Construction.