#HR Trends and Insights | Money Savings

Their success is your success: Why employee financial well-being matters

June 05, 2023

Financial well-being plays a role in our physical and mental health. And because of this, it also plays a role in how well we’re able to produce at our jobs. Your bottom line depends directly on your employees’ financial well-being.

Depression, irritability, and anxiety may accompany financial stress, ultimately impacting employees’ working relationships, and attitudes about their job. Financial stress can also lead to more sick days and less production. Employees under pressure lose an average of 11.4 hours of productivity each week.

So, what can you do to give your employees the financial confidence they need to perform at their best? Here are a few simple things you can do today to put your employees on the path to financial stability.

Give them the tools to succeed

A 2022 survey found that 72% of employees are stressed about their finances, up from 65% the previous year.

Because of this increase in stress, financial wellness benefits are now the most desired employee benefit, followed by mental health benefits and flexible time off. In fact, 54% of employees named financial wellness their most desired benefit, up from 29% in 2021.

Financial wellness benefits are essential to fostering a workplace culture of care and belonging. Financial wellness benefits help level the playing field for all employee populations by empowering underrepresented groups, who are more likely to experience financial stress, to gain economic confidence and improve financial well-being for future generations.

Nearly 9 in 10 employees expect their employers to offer financial support and resources. Why have people come to expect this benefit at work? It may be partly because personal finance can be complex and overwhelming. Employees may be wary of trusting online resources and may need help knowing where to get referrals. However, most people trust their employers to give them reliable financial information, so offering this an option in your benefits package is essential.

Give them control over their paycheck

Offering flexibility in pay gives your employees financial confidence and sets them up for long-term stability. With AnytimePay, employees have more control over their paychecks. Instead of using costly payday services that loan money at significantly high interest rates, employees can instantly add funds from their next paycheck to a prepaid card with just the click of a button.

AnytimePay gives employees access to their money between pay periods for emergencies, groceries, bills, and more without interest. Employees can request funds as often as needed per pay period up to their funding limit; there is no cap on how many transactions are allowed per period.

Help them save on their commute

Commuter benefits allow employees to use pre-tax dollars on commuting costs and save an impressive amount on income tax.

By enrolling in a commuter benefits program, employees can set aside up to $300 from their monthly paycheck to take the bus, subway, train, ferry, or vanpool to work. They can even use it to subsidize parking fees.

In addition to pre-tax transit and parking benefits, you can also offer biking benefits. The biking benefit allows commuters to spend up to $20 monthly for equipment and repairs.

How Edenred can help

If you’re interested in offering these valuable benefits to your employees, we’d love to help. Together, these benefits will set your employees up for a brighter financial future and help your bottom line through increased productivity and less absenteeism.

Book a meeting with us today to get started.

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