Even in the face of convincing economic growth, overwhelming majority of Americans continue to struggle with their financial anxieties- juggling bills, paychecks and making long-term financial decisions. According to a report, about 75 percent of employees consider themselves financially insecure and another 60 percent believe that they are stressed by their financial situation. Small increases in income, rising health care costs, inability to meet monthly financial obligations and crippling debts are some other factors weighing on employees’ minds.

It is their Debt, but it is your Problem:
Employees’ growing insecurities about their financial future can cost bundles for employers. Nearly half of employees spend 2-3 hours per week at work to deal with their personal finances, studies revealed. Financially stressed employees tend to be less productive and less focused at work having a knock-on effect on your business’ bottom line. Therefore, their financial concerns are your problem too and addressing these concerns to attain greater financial resilience is must.

Employers have a Role to Play:
Employers have a strong hand in providing true guidance to employees and help them find their right financial footing. With open enrollment just around the corner, it is peak time for employers to step up to the plate and address employees’ financial concerns. However, finding out the right solution is always tricky.

So, how employers can help employees make good financial decisions.? Here are top 5 strategies helping them.   

#Effective Communication must be at the Forefront:
Communicating about the benefits has always been most challenging task for employers but it is the only way that can make their efforts successful. Research your employees’ different learning styles and based upon that find out the best way to communicate. Some of the effective strategies can be- face-to-face communication, a written strategy including employee needs, user-friendly website, etc.

It is not always about the bells and whistles; sometimes keeping it simple can serve multiple purposes in resonating with your workforce. 

#Encourage Financial Literacy:
On the surface, implementing financial literacy programs seems daunting but actually investing in these programs can give employers maximized return on investment in the long run. Providing right financial education help employees understand about how to manage income, expenses and prepare them for the unexpected financial crunches. Simply, the more prepared and educated employees are, the more financially secure they will become.

Also Read: Effective Employee Benefits Communication for Financial Wellbeing

#It’s High Time to Embrace Financial Wellness Programs:
Financial health is a vital component of employee wellness and embracing these wellness programs is a win-win situation for employers as well as employee.
For an employer- a financial wellness program can provide employers reduced employee turnover, lower healthcare costs, higher employee engagement and great productivity.
For an employee- reduced stress, higher satisfaction, better benefits knowledge and great financial security.

#Offer Wide Array of Benefits:
Employees are ready to bear more healthcare costs if they have benefit choices matching their needs, a study found. Provide employees with comprehensive benefits package that match with their financial needs. It ensures increased employees’ financial security along with boosted productivity and longevity with the company.

Rounding It Off:
Financial wellness is not a one-and-done deal. Taking one-step at a time and giving employees year-round access to financial resources and ongoing education can help reduce stress levels aiding in their financial health. Thus, benefitting your business with improved employee retention and developing a thriving work culture.