The Challenge
In today’s economy, the ability to attract and retain skilled talent is paramount. As employers explore benefits packages to better support their workforce, a 2015 PwC Financial Wellness Survey of U.S. employees reported that, on average, employees spend 28 hours per month worrying about their finances while at work, costing companies $5,000 per employee per year in productivity. That same PwC survey shows that financial wellness is the most desired benefit employees don’t currently have, exceeding even the desire for student loan repayment.
It turns out personal financial concerns are the #1 cause of workplace stress, often leading to lower satisfaction in pay, decreased productivity, and poorer health. Americans are looking to their employers for help.
- $5,000loss per employee per year
The Solution
Committed to advancing financial confidence, SunTrust Bank partners with businesses to offer Momentum onUp, an employee financial wellness training program. The program is tailored to each workforce’s unique needs and is offered free of charge.
With expert advice, guidance, and in-person financial training, the program equips employees with the knowledge and tools to achieve financial confidence. With that confidence, and the support of their employer behind them, participating businesses are seeing increases in employee recruitment, retention, productivity, and satisfaction.
- 50Kindividuals
- 150+businesses
- 43%of Americans don't have $500 saved for emergencies, and 2/3 report that financial stress keeps them up at night
The Evolution
Over the years, the role of employer-supported wellness programs has changed drastically.
Workplace financial wellness is following in the footsteps of physical wellness programs. It was only around 15 years ago that the concept of employer-supported physical wellness was new and exciting. Gradually, those initiatives took root, spread and evolved, becoming a permanent fixture in employee engagement. Similar to physical wellness, financial wellness is not a one-time program. Life and circumstances change continually, making financial wellness a perennial challenge for employees.
A U.S. Chamber of Commerce Foundation report examined this trend and discovered that businesses are finding success with financial wellness programs, realizing significant return on investment in terms of employee recruitment, retention, productivity and satisfaction. The report concluded that financial wellness programs will continue to be an integral part of employee benefit packages.
