Are you running or managing a business? As businesses feel the effects of the pandemic, you must determine the key areas that need utmost focus and attention.
As for the sustainability of any business, employee wellness is paramount. The effects of the pandemic are encompassing. Apart from affecting the mental and physical well-being of employees, the pandemic also hits hard on the financial side of things.
Thus, you need to look at employee financial wellness. But before you implement anything, you need to learn about the trends that will affect employee financial wellness strategies.
Continue reading below for five important financial wellness trends you need to follow.
1. Employees Will Want “Real” Help
Financial planning is no easy task to implement especially for small businesses. With so many grounds to cover, employers tend to overlook what their employees truly want. Sure, the workers are looking for financial respite.
But the question is how do business owners bring help to their people? Do they use the proper approach and methods that align with the needs of their employees?
One key trend is that workers will look for real help. Employees will want to see something they will find actionable. Advising on saving money is good.
But learning about the appropriate actions is another thing.
Thus, avoid using a comprehensive and heavy approach to employee financial wellness. This will tend to overwhelm your employees. Instead, consider integrating your financial wellness approach into mental and physical programs.
Don’t merely zoom in on your workers’ finances. Try touching on their overall well-being. This means going beyond the basics of saving for rainy days.
Connect in a more personal manner by teaching them how to buy a home. Teach them how they can reduce and eliminate their debts. Guide them on saving for bigger milestones like weddings.
2. Personalization Through Technology
Another important trend is personalization through technology. Though the two concepts may seem contrasting, they can work hand-in-hand.
More employees will clamor for tech-driven solutions that offer personalized assistance. Make sure your financial planning solutions feature simple yet modern tools and interface.
With the financial, mental, and emotional stress of the pandemic, employees want to experience the benefits of employee financial wellness without hassle. For starters, workers want to see solutions that outline their current financial standing.
As we discussed earlier, they want the solutions to use a personalized approach. They also want solutions that make them accountable for reaching their goals.
Moreover, they want to see digital solutions. They also want them to come with a high level of functionality. Hence, consider using tools that use account integration.
Furthermore, your tools should feature personalized budget planners. You also want to invest in programs that come with repayment calculators and finance snapshots, among others.
And to further up the ante, invest in SMS alerts and live webinars. You can use these tools to update your employees concerning their progress.
3. Increase in Financial Wellness Programs
There will also be a trend in different types of financial wellness programs. As we mentioned earlier, you need to offer something that doesn’t use only a financial approach. Thus, more companies will offer programs that also focus on success, productivity, and engagement.
But why is having a diverse approach important? Surveys reveal that financial problems affect the performance of about 83% of workers. This means workers will be looking for financial wellness programs that use a holistic approach.
Personalization will again play a major role in this aspect. Since each person has different needs, they will look for programs that will help them reach their wellness goals depending on their specific requirements.
Furthermore, workers will also look for programs that will help keep them healthy. With the mental and physical toll of the pandemic, employees will want to join a program that will keep them fit both in mind and body.
And of course, they will want to join a program that tackles financial training and literacy. This program should help them deal with financial challenges during the pandemic. It will also help them prepare for life after the pandemic.
Additionally, they will look for solutions that allow them to access their earned pay anytime they want. Check out this service to learn more about Earned Wage Access.
4. Increase in Educational Financing
As some workers are still paying for their student loan debts, there will be a call for more solutions that help workers pay off their existing student loan debts. And if you’re looking to hire new graduates, expect them to pay higher loans; no thanks to the rising cost of education.
Hence, you will see companies offering loan repayment education. This program can help your employees plan and strategize their student loan payments. It will create a more feasible payment structure that will help them put their loans to bed faster.
One key benefit of this program is that you develop loyalty in the company. By providing a solution to pay off your employees’ debts, they will perform better at work. They will develop a deeper appreciation for the company.
5. Data Analytics to Play a Bigger Role
Last but not least, data analytics will have a huge impact on financial wellness. Since personalization is non-negotiable, the need to perform data analysis becomes more important than ever.
In 2021, you will see companies using analytics to better understand their employees. This will help them categorize their workers.
Through analytics, companies can differentiate their workers via their demographics. In turn, they can develop more financial wellness programs that are more suitable to their employees.
Go Beyond Employee Financial Wellness
By following the trends in employee financial wellness, you can assist your employees better as they go through the challenges of the pandemic. In the same way, you will also help your business stay afloat in these challenging times. But financial wellness is only one of the many bases you need to cover.
We encourage you to expand your knowledge of business management. Check out our other articles where we discuss important topics that will help your business grow the right way.