When employers offer competitive benefits and compensation packages to their workforce, it can be confusing when employees are still financially stressed. Yet, over half of employees polled in an Employee Financial Wellness Survey said that they were stressed about their finances . Our very own Winston Ball, hubbub COO, and Adam Potter, President of SimpleFi, provided a webinar on September 13th addressing this conflict and offering up ways that employers can add benefits that reduce financial afflictions and bring everyone more fortune. You can view the entire webinar here, or catch up with these three lessons learned:
Employees’ personal finances are everyone’s problem. Being the biggest cause of stress and relationship problems, financial issues can hobble employees’ personal wellness. But it doesn’t end there, because employees can’t just leave these worries at home and often end up spending work time handling financial issues. Worse yet, being unable to make ends meet leaves employees to feel dissatisfied with wages and benefits. The end result is unproductivity, turnover, and general unhappiness.
Financial wellness is the answer. What is it? Financial wellness is defined as having the confidence and capability to face financial obstacles and take advantage of financial opportunities. Everyday examples of this are understanding loan interest rates and having savings plans. This type of wellness allows employees to know what types of loans they can actually afford and to have the skills to build up savings in the bank so that if an obstacle or an opportunity comes up, they have the money to address it.
It takes two to make a thing go right. Employers can help their workforce with financial wellness using a proven two-pronged approach – they can create access to the resources needed to reduce financial problems and they can help employees learn how to build and maintain financial health. This effective approach is where solutions like hubbub and SimpleFi come in. hubbub helps employees build healthy daily habits surrounding finances through their new Prosper category of challenges, which is part of their comprehensive approach to wellness. SimpleFi offers clients’ employees important resources and tools such as financial coaching, and Quick Assist and debt clearing loans.
View the entire “Financial fortune or affliction?” webinar here.
Learn more about hubbub health wellness plans here.