Differentiating Your Business

The role of financial wellness

BY KATIE K. WILKINSON

ACQUIRING AND MAINTAINING ENGAGED, satisfied employees is key to any business’s success. In today’s labor environment, with top talent in high demand, employers are dealing with increased turnover while struggling to attract qualified candidates. In addition to competitive compensation and a medical package, implementing benefits like financial wellness and education programs can have a positive impact—on employees’ lives, on customer care and service, and ultimately, on the stability of a company’s bottom line. Your bank can be a key partner in developing financial programs and education.

Employees experiencing monetary stress and anxiety are more likely to have health issues, impacting attendance and customer service. According to the Society for Human Resource Management, financial stress results in a 34 percent increase in absenteeism and tardiness. Employees who worry about money miss nearly twice as many days per year as their unstressed colleagues.

Financial uncertainty not only affects attendance and productivity at work but can also result in lower 401(k) participation, increased requests for payroll advances and loans, and resignations driven by competitive offers of attractive sign-on bonuses and raises. These are just a few examples of how financial anxiety and stress impact employees, customer service, and operational costs.

While employees often bring specialized education or training to their roles, many have taken little or no coursework in financial literacy. Offering employees personal financial education and development in such areas as budgeting, loan management, investment strategies, and retirement planning can offer significant long-term benefits.

While employees often bring specialized education or training to their roles, many have taken little or no coursework in financial literacy.

Here are a few practical steps to consider:

Assess your current benefit offerings. Start by making a list of the specific benefits and incentives you offer—big and small. Then seek out information on what competitors offer and look for gaps and/or areas of opportunity to enhance your total compensation package.

Survey your employees. Whether you create a formal survey for employees or meet with individuals one-on-one, take the time to understand the unique needs of your employees. What are they looking for in your workplace? What type of benefits or services are important to them?

Leverage the resources of your financial institution. Fulton Bank offers a variety of resources including discounted employee banking programs and financial education, cash flow tools, and retirement service planning to help you attract and retain great employees.

Implement a comprehensive financial wellness program. Provide resources, products, and services that can illustrate the additional value your business offers employees, such as financial workshops and events, digital tools, a 401(k) retirement plan, and investment management services. Create ways for employees to easily participate in financial education programs by making them accessible and flexible, such as lunch-and-learn sessions.

The most effective financial wellness and education programs are based on a thorough understanding of the unique financial needs of employees at all levels of your business. Such programs can help build strong financial habits and improve employee financial security by providing solutions targeted to each situation and life stage. For a business, this ultimately supports employee recruitment and retention, as well as the customer experience. n

Fulton Bank, N.A. Member FDIC. This article references source material created by third parties. Fulton Bank is not affiliated with any of the parties mentioned in this article.

Katie Wilkinson is the senior vice president and commercial market executive at Fulton Bank.