By PNC Bank
Employee retention and recruitment continue to be top of mind for businesses across Arizona and the nation. Offering benefits to your employees that support both physical and emotional wellness can go a long way in keeping your workforce strong.
One of the most in-demand benefits employees seek is financial wellness. When employees feel financially insecure, it takes a toll on their physical and mental health. Nearly “63% of employees say their financial stress has increased since the start of the pandemic,” according to PwC’s 10th annual Employee Financial Wellness Survey.
Financially stressed employees can impact an entire business, resulting in lost productivity and absenteeism. For a business of 250 employees, the annual cost of lost productivity is estimated to be $260,000 per year, according to Pew Research data. This number grows as the employee count grows. So how can businesses help their employees feel more financially secure?
PNC Organizational Financial Wellness collaborates with human resources or benefits managers to design custom programs for businesses, built with an understanding of the business’ objectives and employees’ financial wellness needs. This allows businesses to deliver impactful solutions that help employees gain financial confidence and security and increase overall employee satisfaction.
While there is no one-size-fits-all approach, a solid financial wellness program has a strong foundation in the following areas:
- Workplace banking – A bank-at-work program that offers a variety of account options for employees to choose from, as well as onsite and virtual financial advice and services. PNC WorkPlace Banking© is one option to achieve this, as it helps to strengthen employee financial awareness and increase convenience through personalized banking that includes everyday money management tools.
- Healthcare expense management – Both businesses and employees are trying to manage the rising cost of healthcare. Consumer-driven health plans allow businesses and/or employees to use pre-tax money to help pay for qualified medical expenses. PNC BeneFit Plus seeks to streamline employer administration while driving employee engagement and utilization of Heath Savings Accounts (HSAs) and other benefit spending accounts.
- Online financial education – Financial education is the cornerstone of any solid financial wellness program. Financial education should be offered across a board range of topics including budgeting, emergency savings, credit, college planning, retirement and more. PNC’s Financial Wellness Achievement Center™ is one tool that will strengthen the financial knowledge of employees through a fully customized, digital learning tool.
- Retirement planning – The majority of employees have the primary goal of achieving financial independence, which includes the ability to retire on their own terms. Successful programs should focus on everything from investment selection to policy assistance and offer a dedicated resource to deliver annual education resources. PNC’s Fiduciary Investment Services provides a customizable suite of investment service, an annual employee education campaign and fiduciary support to help plan sponsors understand and meet their fiduciary obligations.
PNC Organizational Financial Wellness works with companies across the U.S., and the Arizona team is here to help your company.
Looking to have an overarching business conversation with a local banker? Contact Tori Andrews at email@example.com.