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Align Financial Wellness Metrics with Business Outcomes

Dec 15, 2020

Key Takeaways

  • The outcomes employers seek from their financial wellness programs should align with their business objectives.
  • Proof points may reflect employee engagement, employee actions and behaviors, and business outcomes.
  • As a start, a financial assessment tool can help to determine where employees are on their financial journey.

 

More than half of Americans say their financial health declined during the first months of the COVID-19 pandemic.1 Not surprisingly, poor financial health can lead to financial stress, which can also affect physical and emotional health. The combined stress can negatively impact not only the individual, but also employee productivity in the workforce. All this helps explain why 55% of employers now plan a renewed focus on helping employees manage and improve their financial wellness.2

While many employers view this as simply the right thing to do for their employees, most also want their wellness programs to help them achieve their business goals. Fortunately, there is growing evidence that financial wellness programs can help businesses achieve better business outcomes.

 

 

The financial challenges posted by the pandemic have made financial wellness programs and the benefits they can deliver more important than ever. A good financial wellness program will target outcomes relevant to the individual employer’s workforce, provide levers to help employees work toward those outcomes, and incorporate metrics or proof points to accurately measure results.

 

Footnotes

  • 1 Prudential, “Financial Wellness CensusTM 2020.”
  • 2 Prudential, Financial Wellness COVID Research, September 2020.

 

For Compliance Use Only:1043019-00001-00

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