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Financial Needs Analysis: Surveying Employees for a Financial Wellness Program

Everybody deals with financial challenges, though each individual financial journey is unique and the challenges may look different. For employed individuals, financial stress can affect job performance as well. As personal financial problems become worse, it becomes nearly impossible to ‘leave it at home.’ Employees are distracted, productivity goes down, stress goes up and, in some cases, discipline issues and absenteeism can occur.

FinFit helps boost employee productivity and increase company morale by offering a 24/7 financial wellness program. If you’re thinking about offering a financial wellness program at your company, get in touch with us or request a demo today!

How A Financial Wellness Program Can Boost Productivity

The merging of personal and work lives continues to increase given the increasingly remote work landscape. So, while some personal issues may be unrelated to work, employees bringing their financial issues to the office can become an issue for employers. Offering a financial wellness program as a benefit for employees, including educational resources and financial solutions, can be a huge factor when it comes to recruiting and retaining employees.

Are Your Employees Ready to Meet Their Financial Goals?

Many people today associate financial planning and a current financial situation with the funds incoming. Other financial services may go ignored until a financial challenge arises. Many employees, especially the younger generations, may not think about financial planning until they get closer to retirement. Financial planning is so much more than saving for retirement. However, without knowledge, guidance and training, many employees have no idea where to begin. A financial wellness program can provide insight, direction and resources to enable employees to establish money management goals and create a plan to achieve financial independence, now and in the future.

What is a Financial Needs Analysis?

Every positive step forward starts with looking back and assessing current or past behaviors. If you don’t know where you stand in the present, it’s difficult to determine possible improvements for one’s financial security. A financial needs analysis provides employees with an objective, realistic perspective on their current status. It covers where they have weak spots that will continue to hamper their goals if not addressed. Further, the analysis can point out steps to take to make smart, positive behavioral changes.

Whether that’s for education funding, creating an emergency fund, determining the best use of credit cards or how to find a financial advisor, the analysis provides personalized guidance and recommendations unique to the individual. Every individual financial situation is unique, as is every financial needs analysis.

How a Financial Wellness Program Helps

The program starts off by personally assessing all of the participating employees and identifying common financial challenges, liabilities, planning concerns associated with personal finances, and cash flow issues. There are varied financial struggles and levels at which each employee is dealing with them, but the issues that consistently percolate to the top oftentimes have the most direct impact on overall company productivity. Through a holistic financial wellness program like FinFit, employees gain access to educational resources, financial tools and expert financial coaching that helps them make positive behavioral changes when planning for both the near-term and long-term future.

Financial planning is far more than retirement savings, investing in stocks, mutual funds and annuities from an insurance company. Planning tools can include help with IRAs, life insurance policies, emergency fund accounts, financial coaching, budgeting worksheets, children’s education expenses, risk tolerance calculators, college financial aid, retirement income needs, and debt solutions. When organizations prioritize income protection and securing the financial futures of their employees, the organization grows stronger and smarter as a group. That turns into better performance, better productivity, increased employee retention and overall improved morale for the company.

Reach Out to FinFit Today to Start a Financial Needs Analysis for Your Employees

FinFit’s FNA process has been a proven resource for employee financial training, employee retention and morale improvement. The emotional, physical, mental, and financial health of employees has a huge collective impact on the company bottom line. Financial challenges will impact the best of employees when they are worrying about how to solve personal financial problems. With FinFit, your company can put the right financial services, educational tools and expert financial products in your employees’ hands to help them get back on track with financial planning to establish a solid financial future.