Financial wellness programs for employees has been saved
Financial wellness programs for employees
How employee engagement tools help enable financial literacy
It’s no surprise that organizations are concerned with the financial wellness of their greatest asset: Their workforce. Leaders know that financial issues rank at the very top of the list of employee life stressors.
- How digital platforms help enable employee financial well-being
- The organizational benefits of platform-based employee wealth management
- The workforce benefits of platform-based employee wealth management
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How digital platforms help enable employee financial well-being
To help their people manage these concerns and achieve financial well-being, organizations offer a variety of wealth planning services. These can range from basic financial training programs that teach people how to calculate appropriate levels of spending, debt, and savings to tax planning to extensive suites of retirement planning services. But ensuring that both the organization and its employees get full value from these offerings can be a challenge. Capturing this value requires that employees are aware of all the financial wellness options that are available to them and understand how to take full advantage of them. Without an intentional approach to these tasks, the return on investment offered by wealth planning services is at risk. Worse yet, so is the financial well-being of employees. Digital workplace platforms can help mitigate this risk by placing wealth planning services at the fingertips of employees. Such platforms provide centralized access to all the systems, tools, and processes, including financial wellness services and content that support employee financial well-being throughout their tenure. In doing so, they can foster the financial health of their workforce while improving organizational productivity and performance.
The organizational benefits of platform-based employee wealth management
These days, almost all organizations are investing in new tools and technologies capable of delivering the services and learning that employees need to work more effectively and efficiently anytime and anywhere. Nevertheless, despite investing billions of dollars, 65 percent of the respondents in Deloitte’s 2019 Human Capital Trends Survey reported that these tools and technology were inadequate or only fair at achieving their organizations’ overall objectives.
Digital workplace platforms can help address that shortfall, especially in the realm of employee financial well-being. They enable more efficient provision and back-end management of financial management services and programs. The potential organizational benefits of hosting these services and experiences on a workforce platform include the following:
The workforce benefits of platform-based employee wealth management
The big payoff in hosting employee financial planning and management services on a digital workplace platform is a more compelling employee experience. Many organizations are already using digital platforms to deliver other elements of the employee experience—such as training and HR- or work-related content. Likewise, a digital platform can leverage an organization’s efforts to fulfill the personal needs and requests of employees related to wealth management, financial and tax planning, best practices, and long-term financial wellness.
Building employee wealth management and planning content and tools into an organization’s digital workforce platform can offer the following benefits to employees:
In all these ways, building wealth management services into a digital workplace platform can help organizations boost the financial well-being of their workforces. There is no better way to provide a more human employee experience—and capture the many benefits that brings—than by providing relief from the most pervasive stressors in people’s lives.