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Wellness Programs as a Talent Strategy

Jun 10, 2019

Key Takeaways

  • Increasingly, employers are addressing employee overall wellness in their talent strategy.
  • Financial stress can compromise an employee’s physical health - and their workplace productivity.
  • Employees value their employers’ efforts to support a holistic approach to wellness.
 

Talent is becoming an increasingly important driver of business success – and one way that organizations can attract and retain top talent is by offering a great benefits program and making sure employees recognize its value. A growing number of employers are expanding their vision of wellness beyond physical health to include other aspects of well-being, such as financial health and social engagement, in their human capital strategy.1

Financial stress can have a very real impact in the workplace, compromising not only an employee’s physical health, but also their workplace productivity, which in turn creates workforce management problems for employers. A recent survey found that three in 10 employees said financial stress was impacting their job performance. About one-third (34%) had tried to find another job to improve their financial stability, and over half (54%) said they would have to delay retirement due to insufficient savings.2

 
Financial Stress in the Workplace 1. Health - 4 in 10 had health issues due to financial stress - $400 annual increase in healthcare cost 2. Productivity - 3.6 hours per week spent managing financial issues at work - 3 in 10 say financial stress impacted their job performance 3. Workforce Manangement - 34% tried to fiond another job to increase financial stability - 54% says they will have to delay retirement because the haven't saved enough
 

Employees say financial wellness programs demonstrate that their employers care about them.3  By providing a financial wellness program as part of their holistic human capital strategy, employers can improve employees’ financial wellness and should see improvement in productivity and related costs. They can also help employees lead richer and more satisfied lives.

 

Five Keys to implementing a Great Financial Wellness Program

>Reflect wellness in human capital strategy

>Analyze employee demographics to understand needs

>Design programs to optimize outcomes

>Create personalized experience that engages and motivates action

>Align metrics with business outcomes

 

Read More

To learn more, read Wellness Programs Earn Their Place in Human Capital Strategy  

 Read the overview piece, 5 Keys to Implementing a Financial Wellness Program

Read about each individual key:

Key 1: Wellness Programs Earn Their Place in Human Capital Strategy Opens in a new window

Key 2: Analyze Employee Demographics to Understand Financial Needs Opens in a new window

Key 3: Design Programs to Optimize Financial Wellness Outcomes Opens in a new window

Key 4: Create Personalized Financial Wellness Experiences Opens in a new window

Key 5: Align Financial Wellness Metrics with Business Outcomes – Coming soon!

 

Footnotes

  • 1SHRM, “Employers Take Wellness to a Higher Level,” 2017.
  • 2Prudential, “American Workers Survey,” 2018. ASPPA, Nevin Adams, “Measuring the ROI of Financial Wellness,” September 2018.
  • 3Prudential, “American Workers Survey,” 2018.

 

The Prudential Insurance Company of America and its affiliates, Newark, NJ.

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