Wealth and Investments

Employee Financial Wellness

Zen and the Art of Employee Financial Wellness

Employees facing fewer financial worries and distractions; employers benefitting from a more focused, engaged, and productive workforce — employee financial wellness programs can help employees find balance and control over their finances, now and throughout their lifetime. Raising the level of employees’ financial consciousness can reduce absenteeism and lower turnover rates while raising employee satisfaction and improving the employer brand.

Helping Employees Throughout Their Lives

Mercer’s approach to employee financial wellness focuses on engaging employees throughout their lives, with a focus on guiding employees towards action. The objective is to help employees reach their goals for every stage of their “financial lives,” whether it’s saving for a house, a car, college, or retirement.

The Link Between Financial Wellness and Business

Organisations have every reason to want their employees to be financially sound. An effectively designed employee financial wellness program can help employers:

  • Bolster productivity, because employees aren’t distracted by financial worries.
  • Drive more predictable workforce flow throughout the organisation.
  • Increase employee engagement and retention.
  • Create more affordable retirement opportunities for all employees and enable career advancement opportunities for younger employees.

The Human Side of Data

Our methodology relies on data analytics to provide insights into employee behaviors. We use statistical analysis to isolate demographic and behavioral characteristics to find the most successful programs and tactics for employees. We then also craft “personas” from the data to increase employee engagement. Our goal is to help employers develop a sustainable approach to financial wellness that improves outcomes for employees. To better ensure that both employees and employers derive maximum value, we can also perform a cost-benefits analysis.

Vendor Research and Monitoring

In the US there are well over 300 financial wellness vendors. They operate in a market that is not well-established, and is evolving at a rapid pace. The companies themselves are young, with limited track records. In such an environment in-depth vendor research and ongoing vendor monitoring is essential, Mercer has a team of specialists focused on financial wellness vendor research and monitoring.

Give Employees Help, Not Hype

There’s a lot of financial advice out there; most have a not-so-hidden agenda, linking advice to investment programs and products. At Mercer, we are transparent with our clients and help them be transparent with their employees.

How Mercer Can Help

Mercer financial wellness programs help employees take action and reduce financial worries while employers increase workforce engagement and productivity.

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