The world of the workforce we're currently living in has significantly changed, particularly in the way in which employers and employees both see each other and interact. It used to be that employers had the all the power. Today, it has flipped; employees have the upper hand on employers, which is causing some very interesting nuances, moving this interaction further and further away from the older, more traditional employer-employee relationship.
One thing is for certain: gone is the strategy that employers can simply present a job to possible employees as, "here's the job, take it or leave it." Considering today's employee psyches, most will do the later and they will leave it. The current reality is other employers out there are doing more to both attract and retain their employee base, and prospecting employees know it.
One of the primary areas employers are focusing on to get new employees through the door is a more concentrated effort to support overall employee financial wellness, especially when so many employers know that a lot of employees today are literally surviving paycheque to paycheque.
When you look at how everything is evolving in our financial lives, it’s all moving faster and faster. Simply issuing a pay cheque to an employee is just not good enough to be considered proper financial support from an employer. More has to be done to help employees understand how to manage their income accordingly, after the pay day.
Focusing on employee financial wellness has been forecasted to have a ROI of more than twice that of any other benefit or perks based program.
Every workplace is different and every employee has unique financial wellness needs, so what works for one employer may not be the exact same program for others. However, there are some baseline areas that any employer can focus on to support employee financial wellness
Borrowing - Affordable loan rates available to employees. If employees need to pay off credit cards or payday loans or simply need extra finances for an emergency they now have a better borrowing option. The loan repayments are deducted straight from their paycheque so there's never a worry about missing a payment.
Learning - Financial wellness starts with knowledge. Financial wellness education offerings will help employees become more aware of their overall financial wellness and ensure they’re able to better plan for a stable and successful financial future.
Saving - Encouraging employees to automatically direct a percentage of their pay cheque to a savings or investment product specifically designed to meet their important financial goals and aspirations.
Investing in the overall financial wellness of employees directly translates into an investment in the overall productivity of a business. It's Employers that understand and address these financial wellness needs of their workforce that are destined to flourish in the years to come.