Beyond the paycheck: The essential role of financial wellness benefits
There’s a lot to be said about the importances of employee financial wellness benefits and their impact on a business’s success. While there’s no shortage of attention paid to things like office atmosphere, remote work, and benefits packages, it’s important to remember that employee financial health is also critical. This often-overlooked benefit can cost your business up to $1,960 per employee annually in lost productivity.1
Workers are eager for more help from their employers when it comes to their financial well-being. Here’s what business owners and managers need to know, by the numbers:
- 78% of workers say a financial wellness program is important to them.1
- 70% of workers say financial wellness programs increase their productivity.1
- 80% of workers worry about their personal finances at work.1
As a business owner you must ensure your employees have the right tools to get their jobs done efficiently, safely, and without raising the risk of burnout. Offering a financial wellness program is another tool in your arsenal you can use to improve employee morale, productivity, and the retention of great employees.
The best part? You don’t have to lift a finger to provide a financial wellness program. First Financial Bank offers clients its f1RST WORKlife® program to empower employers to provide their employees with greater financial knowledge. The program offers employees insightful financial education workshops, access to deposit and lending solutions, and more. But what does it look like in action?
From the ground up: providing a stable financial foundation
Kay Burke, Director of Specialty Programs at First Financial Bank, explains that many employers are drawn to the WORKlife program because of the range of banking solutions that offer solutions for financial stability. The program customizes its offerings so that it can serve everyone, from the under-banked to those at the C-suite level. Any financial education that elevates their employees’ financial health is a key value-add to the employer.
“Our clients are most excited that we act as an extension of them. We’re here to help their employees by meeting them where they are,” reflects Burke. “Educating employees on budgets and debt relief is something that we can take off the employer’s plate, and it also helps the employee take control of their finances in an active and meaningful way.”
One of the things that makes the WORKlife program so popular with employers is the ability to customize the experience. We’ll work with your business to customize the timing of classes and how frequently they occur, be it annually, quarterly, or monthly. First Financial Bank specialists typically present one-hour financial wellness courses on-site at the business. Sessions cover a range of topics, including introduction to banking services, budgeting, debt management, paths to home ownership, and even cybersecurity and identity theft. After the class presentation, your employees can connect with our team to address any individual questions they may have.
Raising the bar with access and support: a real-life example
One of First Financial’s WORKlife clients, a large-scale industrial bakery, had received feedback that some of their employee groups felt left out of benefits and special offerings provided by their company. They began conversations with First Financial Bank to explore how they could add financial benefits to their current offerings. From the beginning, the most important factor was that everyone had the opportunity to participate, including overnight workers. This client wanted to know if our team could impact associates in a flexible way, where they are, when they are there, which is sometimes in the middle of the night?
“Fortunately, that’s the commitment level we have set forth for every company—to provide this to all the employees, in whatever way that looks like for them,” says WORKlife Specialist Lisa Fick.
The client was especially drawn to the idea of having a “banker on site.” This means that on an agreed upon schedule, a First Financial team member sets up in a designated area and provides banking support to employees. Our team members can provide financial education, open bank accounts, assist with banking needs, and connect employees with additional partners based on their banking needs. This is especially impactful for third-shift workers, who need to sleep during regular banking hours. The First Financial team is often inundated with appreciation from the employees.
“It means a lot to the employees that we’re there in the middle of the night,” said Fick. She added, “The consistency and being there in person is key. That continued engagement inspires people to put their trust in First Financial Bank.”
Ultimately, the team is established as a way for employees to connect directly with a resource for their financial questions. Some have said that it feels like having a personal banker, with a direct email or phone number they can use for any questions.
Meeting your employees where they are
The WORKlife program exists to make it easy for businesses to provide banking options to their associates, regardless of their financial past.
An example of meeting your employees where they are comes from companies who use direct deposit to pay their employees. While convenient for many, direct deposit becomes difficult if a company has a noticeable employment base without bank accounts. Many businesses turn to pay cards, but they often have extra fees and lack strong security features.
First Financial Bank has account types for employees regardless of where they are on their financial journey. For employees that are currently unbanked or underbanked, we offer our NoWorry account with no monthly minimum balance requirements or overdraft fees with the opportunity to graduate to the Performance Checking account. Our Performance account is also perfect for employees with a more established banking history and includes enhanced perks like relationship pricing on loans and waived annual fees on home equity lines of credit. Regardless of which account employees receive, both accounts come with access to a team to meet the needs of their financial journey.2, 3
Fick shared a story about an employee who went to their HR office in tears because they were grateful that they would have the opportunity for a second chance at being financially stable, and with a solution that does not take away from their paychecks with added fees.
“The goal is end-to-end banking,” explains Burke. “From those who are currently un-banked all the way to those close to retirement and everyone in between, we support our clients through their financial journey and celebrate their financial milestones with them.”
The power of partnership
Offering a financial wellness program like f1RST WORKlife® is a strategic investment into your employees’ success and as a result, your business’s success. Empowering your employees with the tools and knowledge they need to achieve financial stability improves morale, productivity, and strengthens your company’s reputation. Our program allows you to offer differentiated bank account benefits while providing free and customized financial wellness classes at your business for interested employees. Our team members even make themselves available to your employees to ensure their financial needs are met.
This holistic approach to an individual’s financial wellness is being received extremely well by both employers and employees. By helping people become more financially stable, employers are seeing increased retention and improved morale.
Want to learn more? Connect with us here.
