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Key Takeaways
- Everyone has a personal journey they must take to achieve financial wellness.
- Data analytics can help employers identify key characteristics and needs of their workforce.
- With these insights, employers can prioritize financial wellness programs best suited for their workforce.
Millions of American workers are carrying their personal financial stress into the workplace, leading to increased anxiety, reduced health well-being, and reduced cognitive function, potentially impacting job productivity.1 Now, employers are using analytics to identify employees’ needs, and armed with that data, they’re introducing programs to help employees improve their financial wellness.
Every individual has a personal hierarchy of needs they must meet to achieve financial wellness. In today’s diverse workplace, understanding an employers’ unique mix of employees can inform their most critical needs for financial wellness. For instance, by asking employees to complete a self-assessment questionnaire, employers can determine whether employees carry student loan debt, serve as a caregiver to aging parents, or are burdened by financial stress.
Using a data-driven approach, employers can customize a hierarchy of needs for their specific workforce, prioritize the aspects of financial wellness programs best suited for their employees, and address the most needed areas.
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To learn more, read Analyze Employee Demographics to Understand Financial Needs PDF opens in a new window.
Read the overview piece, 5 Keys to Implementing a Financial Wellness Program Opens in a new window.
You may also be interested in other Financial Wellness opens in a new window topics.
1Sources: Prudential research. Carrie Leana, “The Cost of Financial Precarity” (2019). PWC, “Special Report: Financial Stress and the Bottom Line: Why Employee Financial Wellness Matters to Your Organization” (2017).
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