It's no secret that humans who are happy and healthy make better employees. In turn, happy and healthy employees are more productive, which drives your company's bottom line.
In recent years there has been a surge in new wellness benefits that seek to address this exact opportunity. But, many fall short. Truly innovative companies know that while massages feel nice, fitness challenges can be fun, and healthy office snacks are the standard, they need to be doing more to solve for the core issue that's keeping employees unwell -- Stress.
Not just any kind of stress, though. They're going after the #1 cause of stress in the American workplace -- financial stress. As their employees main source of income, cutting edge organizations have identified a unique opportunity to help their people plan for their financial future and offer support along the way.
It's good for hiring, it's great for retention, and it's really moving the needle on employee wellness.
Here's how 4 major companies say they're doing it.
“We offer benefits at Lionsgate such as: tax advantages savings accounts (401k, health savings accounts, flexible spending accounts, commuter accounts), a strong 401k employer match, health savings account seed money, education like financial wellness lunch and learns throughout the year, free and confidential phone and in-person financial consultations with professionals, and a financial wellness platform full of additional education, support, and resources.
"We understand the importance of wellness as a whole for our employees and our bottom line. We also are well aware that financial stress affects everyone and that stress is easily brought into the workplace, which is why we offer these benefits.”
— Ross Pollack, EVP & Chief Human Resources Officer, Lionsgate
“We give a company match of $0.50 for each dollar contributed [to the company 401k] up to 6% of pay, 3-year graded vesting schedule and employees are eligible the first day of the month after 30 days of employment.
"We automatically enroll each eligible employee at a 6% contribution rate however, the employee has the option to decrease or increase this amount at will. The maximum amount that employees can contribute into their 401k account is 50% of their pay.
"Offering the 401k benefit shows that Greyhound cares about the financial wellness of their employees and employees have the flexibility to manage their account as they see fit to achieve their own financial goals."
— Regina Franklin, Senior Benefits Manager, Greyhound Lines Inc
"In addition to providing private retirement and pension programs in those countries without statutory or socialized programs, HR at Fuze engages with employees regularly to encourage saving, planning for the future, and participation in sponsored programs designed to enhance financial security and wellness.
"Our goal is to ensure employees feel engaged with Fuze programs, certainly -- but more importantly, that they feel in control of, and plugged-in to their own financial wellness. These are uncertain times and we have an employee base with a high percentage of younger employees, often most significantly burdened by financial worry. The less outside anxiety and stress employees feel from these factors in their personal lives, the happier and healthier they are - enhancing both their personal wellness and their job satisfaction - two halves of a very important whole!"
— Ryan Higginson-Scott, Director of Global Benefits & HR Operations, Fuze
“The Thrive department at Movement Mortgage was created based on the philosophy we have that our employees should thrive because they are here, and not just professionally.
"Our team focuses on four areas: families & relationships, health & wellness, personal finance & community involvement. I compare those four things to four legs of a table – and if any of them are broken or short…. It creates an uneven, wobbly surface with which to conduct their lives.
"Our role is to try to help them strengthen each leg of the table so they can become the best version of themselves. Also, we run annual challenges around managing budget, saving and paying down debt.”
— Aimee Dodson, Thrive Department Director, Movement Mortgage
These organizations are leading the pack when it comes to employee benefits, but it won't be long until financial wellness is a standard across the board. What is your company doing to stay ahead?
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