The ROI of Offering Financial Wellness Benefits to Employees
Financial wellness has emerged as a crucial component of employee benefits, particularly as workers face increasing financial pressures. A significant portion of employees — about 57% — report finances being the top source of stress in their lives, a concern that permeates their personal and professional lives.
This financial anxiety can lead to decreased productivity, higher absenteeism, and increased healthcare costs. In fact, studies have shown that financial stress can cost employers up to $250 billion annually in lost productivity.
Investing in financial wellness programs addresses these issues head-on. These programs offer employees the resources they need to manage their finances effectively, providing access to financial education, budgeting tools, and personalized advice. As companies recognize the direct link between employee financial health and overall business performance, the demand for such programs has surged.
The Business Benefits of Financial Wellness for Employers
Increased productivity: Employees who feel financially secure are more focused and productive at work. According to a study by HR Dive, 63% of HR professionals indicated that financial stress impacts employee performance. Companies can foster a more engaged and productive workforce by alleviating financial worries.
Reduced turnover rates: High turnover can be costly for businesses, with the Society for Human Resource Management estimating the cost of replacing an employee to be around six to nine months of their salary. Implementing financial wellness programs can enhance job satisfaction and employee loyalty, subsequently reducing turnover, the associated costs, and lack of continuity.
Improved employee health: Financial stress is linked to various health issues, including anxiety and depression. By supporting employees' financial health, companies can contribute to their overall well-being, leading to reduced healthcare costs, fewer sick days, and an overall reduction in absenteeism.
Enhanced recruitment opportunities: In a competitive job market, companies that offer comprehensive benefits packages—including financial wellness programs—are more attractive to potential candidates. According to a survey by MetLife, about 60% of employees consider financial wellness benefits when evaluating job offers.
Enhanced Engagement: With 74% of employees seeking financial guidance during crises or significant life events, offering financial wellness resources demonstrates that the company values its employees’ needs. This support fosters a more engaged workforce and strengthens employee loyalty.
Stronger company culture: Offering financial wellness programs sends a powerful message that a company values its employees' well-being. This fosters a positive work environment and strengthens company culture, leading to higher morale and teamwork.
Best Practices for a Successful Financial Wellness Initiative
It’s one thing to begin implementing a financial wellness benefits package, but it’s another thing entirely to do it well and ensure its effectiveness. In order to shore up the quality of your offering and make sure it has meaningful benefits, consider these best practices:
Conduct employee surveys: Begin by understanding your employees' unique financial concerns and preferences through surveys or focus groups. This data will inform the design of a program that meets their specific needs and priorities.
Offer diverse resources: Incorporate a range of resources, such as financial coaching, online tools, educational workshops, and access to financial advisors. A diverse offering can cater to various employee preferences and learning styles.
Integrate seamlessly with existing benefits: Ensure that your financial wellness program complements existing employee benefits, such as retirement plans and health benefits, to provide a holistic approach to employee well-being.
Promote regularly: Communicate the availability of financial wellness resources consistently through multiple channels — like newsletters, intranet sites, and meetings — to keep employees informed and engaged.
Measure and adjust: Implement metrics to assess the program's effectiveness regularly. Gathering feedback will allow you to make necessary adjustments, ensuring that the program remains relevant and beneficial.
Origin Is Your All-in-One Solution
Origin is tailored to meet the diverse needs of your workforce, offering a wide range of financial wellness benefits that integrate seamlessly into your existing programs. With Origin, your employees will gain access to a comprehensive money management platform with resources that enhance financial literacy, provide real-time guidance, and promote overall well-being.
Investing in your employees' financial futures improves their quality of life while boosting productivity and loyalty within your organization. Explore how Origin can be your all-in-one solution for a healthier, happier workforce. Learn more about our offerings for employers at Origin for Employers, and discover our comprehensive platform at Use Origin.
Answers to your questions
Yes. Origin offers partner access so you can manage your finances together at no additional cost. You’ll be able to filter transactions by member—making it easy to see which spending is yours and which belongs to your partner.
Yes. You can edit existing transactions and add new ones directly in Origin, so your records stay accurate and personalized.
Origin connects securely through trusted partners including Plaid, MX, and Mastercard.
Yes. Origin supports CSV uploads. You can upload a .csv file of your transactions, and we’ll import them into your account.
Yes. Your data is protected with bank-level security and advanced encryption. When you connect accounts through Origin, your login credentials are never shared with us. Instead, our partners generate secure tokens that let Origin access only the data you authorize—keeping your personal information private while enabling personalized insights.
Yes. You have full control to organize your spending in Origin. Transactions are automatically categorized by Origin, but you can always edit categories, add your own tags, and filter transactions however you like—so your spending reflects the way you actually manage money.
