Financial Wellness in the Workplace: A Success Story
VIRGINIA BEACH, Va.–(BUSINESS WIRE)– The statistics are out there. Employees are struggling financially, leading to higher stress and lower productivity in the workplace. Not to mention increased health insurance claims. If you have a pulse on the latest trends in employee benefit offerings, or are actively engaged with your workforce, this comes as no surprise.
But, what may be surprising, is how effective a financial wellness program can be when you take ownership in its success.
Employees are saying they want help with their finances from their employers. Based on the 2018 PwC Employee Financial Wellness Survey, a quarter of the employees surveyed indicated they would most like to see financial wellness added to their employee benefits. So, you’re not trying to force them to use something they don’t feel they have a need for. Like any program or initiative, it will only work if employees know of the program, are reminded of the benefit and are made aware of how the benefit can help them.
Pilgrim’s Pride, a leading global provider of fresh and value-added poultry and prepared foods, is a shining example of the positive impact a financial wellness benefit can have on an organization’s employees.
Pilgrim’s initially offered the FinFit Financial Wellness program to a segment of their employees. The program received an overwhelming reception from HR staff and employees. In just the first three weeks, FinFit achieved 20% member penetration and by October had risen to 22%! (FinFit typically averages a 30% member penetration rate over a 12 month period.)
“Wellness programs are like a company’s culture,” said David Kilby, President of FinFit. “They start from the top and move downward. The entire HR team at Pilgrim’s embraced the offering and created an atmosphere of execution and adoption. Their commitment, along with the FinFit onboarding team’s efforts, produced a culture that demonstrates that Pilgrim’s cares about their employees and their wellbeing, financially and otherwise.”
There were many contributing factors to the success of this initial launch, including the support and participation of the Pilgrim’s HR teams. The most influential channels helping to create awareness and engagement included communication by Pilgrim’s HR department and word of mouth from co-workers. With help from FinFit, Pilgrim’s spread the word about their new financial wellness program via internal SMS announcements, email communications and brochures. Banners and posters were displayed strategically throughout the facilities in break rooms and near time clocks to further the awareness.
Employee situations WITH a prepaid card option
One employee was in dire need of dental work for her cracked tooth. She was in pain every day but had no savings or extra money to pay for it. She qualified right away for a $500 loan and was funded within 24 hours. She made her dental appointment on her next break. She hugged the onsite FinFit team and thanked them for such an awesome benefit program.
“I am so grateful Pilgrim’s is offering FinFit as a new benefit. I am unable to participate in the company’s 401(k) plan and I really need help in educating myself on securing my financial future.”
If your organization offers a Financial Wellness program, make sure all of your employees know how to gain access to this much needed benefit. We know firsthand they’ll appreciate you more for offering it.
93% of employees appreciate their employers more for offering FinFit*
If you don’t currently offer a financial wellness benefit, contact us to learn more about how FinFit can help you and your workforce.
About FinFit:
Founded in 2008, FinFit has grown to be one of the nation’s largest financial wellness benefit servicing over 150,000 clients. FinFit provides a self-directed online experience that lets employees measure their financial fitness and provides fun, education resources and tools to increase their financial knowledge and drive results. FinFit helps to eliminate stress in the workplace by providing real-time solutions that offer real-world help when it is needed most. FinFit is a powerful way for employers to attract and retain talent by helping employees get focused, get healthy and become more productive.