It's no secret that financial uncertainty can be a huge source of stress in the workplace. The good news is, employers have more options than ever to help their employees take charge and build healthy financial lives. From offering budget-building resources to providing access to financial experts, here are five ways employers can create an environment where everyone enjoys greater peace of mind when it comes to their financial wellness.

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Providing financial education to employees

Financial wellness is essential for employees to make sound financial decisions and reach their goals. If your workforce is on the younger side, it’s likely that this is the first time they’ve held a full-time job, which means they’re learning to manage their money as they’re earning it. Through education, employers can equip their staff with the knowledge they need on topics like budgeting, retirement planning, and investing. It's also worth exploring other helpful resources, like Clair’s free weekly newsletter, which is full of financial tips and tricks around budgeting, saving, and more. Sign your employees up for this benefit by joining Clair for Employers.

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Setting up a financial assistance program

Financial assistance programs provide employees with short-term loans or grants to help them cover unexpected expenses or financial emergencies. Employers can also offer matching contributions to retirement plans to help employees save for their future. These contributions can be set up as a percentage of an employee’s salary and can help employees plan for retirement more easily.

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Offering 401ks, HSAs, or other tax-advantaged accounts

Establishing tax-advantaged accounts, such as 401(k)s or Health Savings Accounts (HSAs), is another strategy employers can use to promote financial wellness in the workplace. These accounts can help employees save money on taxes while they save for retirement or medical expenses.

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Leveraging incentives and rewards

Leveraging incentives and rewards to motivate employees to save and invest can be an effective way to promote financial wellness in the workplace. For example, employers can offer bonuses or other rewards to employees who meet certain financial goals. Not only will this support employees’ financial wellness, but it will also boost morale and productivity in the workplace with less stressed employees.

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Adding employer-sponsored financial programs

Employers can set up company-backed loans to help employees pay for large purchases such as a house or car. Additionally, employers can offer flexible spending accounts (FSAs) to help employees save for medical and dependent care expenses on a pre-tax basis, or provide access to employer-sponsored financial advisors to help employees make informed decisions about their finances.

Supporting your employees' financial wellness is essential for a successful workplace. With Clair, you can encourage them to take control of their finances while also benefiting the business - leading to higher engagement and productivity as well as improved performance and efficiency overall! Visit getclair.com/employers today to find out more about leveraging Clair to support employee wellbeing.

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