Archived Insight | December 11, 2020

Financial Wellness Programs Pay Off Big for Employers

Financial security has a positive impact on the physical and mental health of your people. It also has implications for improved productivity and lower healthcare costs.

Analyzing your workforce data can diagnose problems and uncover issues you didn’t know you had. Also, considering your organization’s goals creates a financial security strategy that works for your employees and your business.

In this report, we explore:

  • The cost for employers of workers’ financial worries
  • How financial needs differ across the workforce
  • Caregivers' struggles
  • How employers can support workers' financial well-being
  • Measuring financial well-being
  • How to tailor financial wellness programs to meet individual and organizational needs

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Improve employees’ financial security

Develop a custom strategy by analyzing workforce data, considering a range of factors.

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Defining your strategy for financial wellness

Segal’s retirement and communications professionals create financial wellness programs that address a range of factors.

When developing a strategy, we consider:

  • Absenteeism: what is the rate, and is sick-day use high?
  • Wellness programs: how effective are your wellness programs (including any financial wellness programs)? Do your employees make optimal benefits decisions?
  • Employee assistance program: how many employees are using it, and what services are they using?
  • Student loan debt: to what extent is it preventing employees from saving? Is it a stressor for your employees?
  • Employee deferral patterns: are some employees deferring less than expected to the DC plan, and, if so, why?
  • Investment decisions: do the asset allocations of certain participants indicate that they may not be investing wisely?
  • Retirement readiness: are employees in the latter part of their careers transitioning into retirement in a way that allows for successful workforce planning?
  • Employee perceptions: what are your employees’ thoughts and feelings about their financial wellness?

We focus on your current employee engagement before we recommend options most likely to improve it. We work with you to establish a comprehensive and flexible financial security strategy that can react to the changing needs of your workforce.

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This page is for informational purposes only and does not constitute legal, tax or investment advice. You are encouraged to discuss the issues raised here with your legal, tax and other advisors before determining how the issues apply to your specific situations.