In recent years, the employer-employee dynamic has undergone a sea change. Although workplace culture naturally evolves with social norms, the country entered a new and markedly different era during the pandemic, driven by changes in employee expectations, technological advancements, and a growing emphasis on mental health and well-being.
Today, “employee perks” go far beyond the old guard. If you want to attract and retain top talent and ensure longevity of your business, now is the time to truly invest in your people.
The approach to great perks should follow a fundamental concept of marketing: solving a paint point. In this case, the “customers” are your employees and their pain points are those of your average American—that is, making life work in a challenging economy with an ever-rising cost of living.
Want to know one sure way to tailor your offerings to this modern predicament? Give your employees perks that will help them save money in the present and have more money in the future. How do you provide perks like that? Sqwire has you covered!
Financial Wellness: A Cornerstone of Employee Well-Being
In a previous blog, we extolled the virtues of employee financial wellness. As noted, a majority of employees reported that financial stress is a significant burden. It can increase anxiety and depression and even lead to serious ailments like hypertension. When employers invest in their employees’ financial well-being, the benefits are overwhelmingly positive. A financially literate workforce leads to less stress for employees and reduced absenteeism and lower healthcare costs for the company.
What’s in a Perk?
Let’s face it: Not all perks are created equal, and not all employers are either. If you’re an employer on a quest to increase workplace happiness in a truly meaningful way (a goal we hope all employers aspire to, by the way), what do you do? Here are some popular options in workplaces across the country:
Remote Work Options: Flexibility in working from home or anywhere.
Professional Development: Opportunities for continuous learning and career growth.
Wellness Programs: On-site fitness centers, yoga classes, and health screenings.
Pet-Friendly Offices: Allowing pets in the workplace to create a more relaxed environment.
Employee Recognition Programs: Regular recognition and rewards for employee achievements.
Dress-down Days: A loosened dress code that allows employees to wear casual clothing.
These are all great ideas to cultivate a more friendly, supportive, fun workplace. However, knowing what we know about the impact of personal finances, we encourage employers to take it a step further by offering your people a perk that will impact their lives in an all-encompassing way.
How can you do this? Offer a financial wellness program.
Benefits of Financial Wellness Programs
Unlike temporary perks, financial wellness programs provide employees with tools and education that reap long-term rewards, in the workplace and beyond.
Improved Productivity and Focus: Financial worries can be incredibly distracting. When employees have control of their finances, it reduces stress, freeing them to be their best as individuals and employees.
Increased Employee Retention: Employees are more likely to stay with an employer who invests in their well-being. Financial wellness programs demonstrate that an employer cares. This can foster loyalty and reduce turnover rates, saving the company money on recruiting and training new employees.
Enhanced Recruitment: Offering a financial wellness program can be a unique selling point in attracting top talent. Prospective employees are increasingly looking for employers who offer benefits that go beyond the standard package. A financial wellness program can set your company apart from the pack.
A Better Bottom Line for All
Need even more convincing that a financial wellness program is right for your company and your employees? Let’s look at a scenario: Employee Jane receives a $50 gift card for a local restaurant as part of your employee recognition program. Jane might use that card or she might tuck it away in a drawer and forget about it. Either way, that $50 could have gone much further for your company and for Jane. How?
First of all, you’re giving out more than one gift card throughout the year. At $50 a pop, that adds up. Plus, there’s no guarantee your people will even use them. Gift cards are notorious for falling through the cracks of the recipient’s busy life.
On the other hand, investing in a financial wellness program like Sqwire is a strategic move that benefits both employer and employee. Again, the numbers speak for themselves:
Instead of putting money toward gift cards, you partner with Sqwire to provide our financial wellness platform. Jane has been stressed out about her money situation and logs on right away to find help. After taking our Fix My Credit course, Jane is on her way to making informed decisions about her finances. Eventually, she pays down her biggest credit card, saving her a whopping $150 a month. Over the course of one year, you’ve saved Jane $1,800! You’ve also saved the money you’d potentially waste on gift cards and—even more importantly—you’ve shown that you’re engaged in the well-being of your people.
In a financially challenging world, helping employees achieve financial wellness is not just a nice-to-have—it’s a must-have. When you focus on the real-life benefits of financial wellness, you make a meaningful difference in the lives of the people who keep your business up and running. At the end of the day, there’s no better perk!
Sqwire is on a mission to help people take control of their financial future. We partner with businesses, organizations, and solopreneurs to provide our SqwireLife platform to employees and customers. Let’s talk about how you can provide them with FREE access to 70+ lessons on personal finance topics, from insurance to investing to retirement and more!
/Photo by Joslyn Pickens: https://www.pexels.com/photo/person-putting-coin-in-a-piggy-bank-3833052/