Employee Financial Health

Employee Financial Health

The following article is sponsored by Sunrise Banks.

Each year very large amounts of time and money are invested by employers into their employees’ health. Through workplace wellness programs, fitness partnerships and medical benefits, the physical health of employees is taken very seriously. One shortcoming though, is the financial health of employees. It may not seem like an immediate risk but according to research by the Center for Financial Service Innovation (CFSI), roughly 85% of Americans are anxious about their financial lives. CFSI concluded that employers are in a unique position with that anxiety. Employers are not only able to implement programs to help ensure their employees financial wellness, they can listen to the needs of their workforce and adapt. Every company and culture is different, but the ability to make sure that you are providing the right tools for your employees to thrive is key to overcoming these hurdles.

What does a financial wellness program look like? That depends on the individual needs you’ve discovered. After listening to employee needs, a program can be custom made, incorporating education, workshops, or even benefits. No one of these items is a cure all but when combined they can empower employees to forge a path to financial wellness.

Many employers worry about the costs of addressing financial wellness in their company. Building all of the resources and benefits internally can be daunting, but leaning on the expertise of partner organizations can make or break a wellness program. Many local financial education organizations can help put on workshops or lunch and learn meetings so researching the options in your community is key.

Sometimes even the best educational tools and preparation can fall short on their own. When it comes to benefits to address employee financial wellness, many programs seek to provide options other than payday loans to their employees. One such program, TrueConnect, offers a safer alternative to payday loans, helping employees cope with unexpected expenses.

TrueConnect is offered to employees as a voluntary benefit at no financial cost to the employer and Sunrise Banks N.A. services the loans. TrueConnect provides help at a moment of need while responsibly restricting unnecessary debt, offering employees access to loans up to $3,000.00. TrueConnect loans are repaid through small, secure automated payroll deductions over a full year.

Through providing access to education and employee benefits, employers can take proactive steps to improve their employees’ financial wellness. CFSI’s research has concluded that financial wellness can lead to improved job satisfaction for employees as well as higher retention rates for employers. The first step is employers listening to their employees needs and working toward a solution together.

To learn more about TrueConnect visit truconnectloan.com or contact Jamie Nobozny at Jamie.nabozny@sunrisebanks.com