Employee Engagement

Keep Employees Engaged With Unique Company Benefits

Company culture and employee morale are two important concerns for employers, no matter their size or industry. Having a happy and motivated workforce can improve turnover rates, productivity, and additional costs, which greatly impact your business and customers. This begs the question – how can you incentivize your employees to keep them satisfied?

The desire for increased financial awareness and education is on the rise, with employees struggling to make ends meet and employers reaping the negative consequences. Considering a unique company benefit, like the Mentoro financial wellness solution, can act as catalyst for this necessary change and yield many positive results.

Why Is Financial Wellness Such a Great Employee Perk?

Solving money issues to achieve financial goals is the primary reason why financial wellness, as a unique company benefit, can be such a great employee perk. Just as employers have added insurance and other health benefits over time, a financial wellness solution can provide security for your workforce.

Furthermore, Mentoro’s solution can be attractive because it helps facilitate a personalized journey, enabling associates to comfortably navigate their own way towards financial freedom. It supports their efforts in reaching important life goals such as marriage, buying a home, starting a family and preparing for retirement.

What Short & Long-term Solutions Do Financial Wellness Benefits Provide?

There are two main reasons companies implement financial wellness. The first is to solve a problem or a set of problems that are short term issues and can have a significant impact on the company bottom line. The second is a long-term goal that takes the company to the next level by creating a lasting positive culture. Implementing a financial education program in your workplace can help to solve short term issues, such as:

• Reducing employee absenteeism
• Improving productivity
• Minimizing excessive loans, hardships, or distributions
• Lowering healthcare costs
• Learning and helping your staff prepare for retirement

And achieve long-term goals, like:

• Improving overall employee satisfaction
• Becoming a more competitive employer
• Attracting the right talent to your company
• Ensuring you employ a balanced workforce
• Helping staff with an upward trajectory

How to Determine What Your Employees Need?

While some may be obvious, determining all of your short-term issues and long-term goals can be a challenge. Gauging the needs of your employees is one of the most important steps and any effective financial wellness program will provide an employee survey and the empirical results necessary for implementing the right course of action.

Such surveys will ask about financial goals and priorities: do they include saving for a home; paying off student loans or consumer debt? Are they saving for a child’s education down the road? Perhaps they have an elderly parent or family member they need to provide in-home care for. Additionally, this assessment will identify key vulnerabilities within the company like delayed retirement, stress metrics, and more.