10 Ways to Improve Financial Wellness Around the Holidays
10 Ways to Improve Your Employees’ Financial Wellness Around the Holidays
This time of year can be financially straining for employees, especially those growing their families. Financial stress takes a toll on employee health, which can lead to costly insurance claims and higher employer healthcare costs.
Helping employees reduce financial stress during the holidays can contribute to a healthier and more productive workplace for everyone. Here are 10 ways that you, as an employer, can contribute to their financial wellness.
Financial Education Programs: Offer workshops or seminars on budgeting, saving, and managing debt. Many people may not have received formal education on personal finance, and providing these resources can empower them to make informed decisions. BenefitBump has partnered with Prudential to offer webinars that discuss key concepts such as budgeting for your growing family, debt management, protection of assets, preparing for retirement, and creating a financial legacy for your loved ones. If you are a BenefitBump client, anyone from your organization can take part in these financial wellness workshops.
Flexible Payment Options: Consider offering flexible payment options for certain expenses, such as allowing employees to spread out the cost of health insurance premiums or other benefits over the year rather than deducting larger amounts during the holiday season.
Holiday Bonus or Gift Cards: If possible, provide holiday bonuses or gift cards to help employees with their holiday expenses. This can be a meaningful way to show appreciation for their hard work throughout the year.
Employee Assistance Programs (EAPs): Ensure that employees are aware of any Employee Assistance Programs your company offers. These programs often provide confidential counseling and support for personal and financial issues. BenefitBump participants have unlimited access to digital tools and resources at Financial Wellness | Financial Wellness (prudential.com).
Flexible Work Arrangements: Consider offering flexible work arrangements, such as remote work options or flexible scheduling, during the holiday season. This can help employees save on commuting and childcare costs and provide them with more time for family and personal activities.
Discounts and Perks: Negotiate discounts with local businesses or offer perks such as discounted gym memberships, shopping vouchers, or access to group-buying programs. These can help employees save money on their everyday expenses.
Financial Wellness Platforms: Consider partnering with financial wellness platforms that offer tools and resources to help employees manage their finances, set financial goals, and track their progress. BenefitBump participants periodically receive free 30-minute wellness check-ups with a certified financial professional for families to review their financial situation/challenges.
Encourage Time Off: When possible, encourage employees to take time off during the holidays without worrying about lost income. This can contribute to their overall well-being and reduce stress.
Emergency Savings Programs: Promote the importance of emergency savings and consider initiatives that encourage employees to build a financial safety net, such as matching contributions to a savings account.
Open Communication: Foster an open and supportive communication culture. Let employees know that they can discuss financial concerns with HR or management without judgment. This can create a more empathetic workplace environment. BenefitBump participants can share concerns with their Care Navigators and receive confidential support and referrals to resources available through their employer or publicly.
Remember that the effectiveness of these measures depends on the specific needs and circumstances of your workforce. It may be beneficial to survey employees to understand their unique challenges and preferences regarding financial support. BenefitBump has partnered with Prudential to provide participants with a one-stop wellness destination to help them plan for today and prepare for a better future: reach out to Sarah.Moore@benefitbump.com to learn more.