Supporting Your Employees’ Financial Well-being - Employee Well-Being Exchange
Despite widespread public concern about rampant inflation, soaring prices, and fears of a recession, many employers aren’t assessing or investing in the financial well-being of their workforces. Given the gravity of current economic conditions and uncertainty worldwide, combined with ongoing recession fears, this is an ideal time for organizations to heighten support for the financial well-being of their workforces. Check out Employers are Ignoring Workers’ Financial Worries to learn more.
Top 4 things we explored:
Financial Well-Being Survey. Data from the latest survey reveals that only 32% of large companies are prioritizing support for workers’ financial health. In fact, it’s more likely that organizations aren’t doing so. 36% of business leaders who participated in the Financial Well-Being survey said their organizations are not investing in employees’ financial well-being at all or only to a low extent.
Shifting Investments. I4cp survey results show that 39.3% of respondents plan to increase or significantly increase investment in financial well-being. The poll in our meeting found 35% are planning to increase investments, too.
Current Offerings and Looking Ahead. Many organizations offer a 401(k) and financial advisors. Looking ahead, organizations are considering other programs like redesigning tuition reimbursement programs to support upfront dollars and upskilling programs.
A Case Study. Kaiser Permanente (KP) shared their approach to data-gathering and outlines a multi-pronged approach to policies and practices, employee engagement, and employee resources. Check out the KP Workforce Financial Well-Being Strategy
Building on groundbreaking research by both i4cp and Rob Cross, the Employee Well-Being Exchange is a peer-driven community working group that explores the relational sources of well-being, how personal networks impact this, and the tools to support individual performance and well-being.
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