Not all companies have the budget to provide extensive benefits to their employees. Certain benefits are required or expected like health insurance or retirement plans. If your company has a limited budget — but wants to increase employee wellness and financial wellbeing, what can HR do? Are there benefits that are low- or no-cost or contribute a positive ROI back to the company over a short period?
76% of surveyed employees would consider leaving a job for another company that cares more about their financial well-being.
Source: PwC (2022)
For a 1,000 person company with a 25% annual turnover, you can save $40,000 on retention, $125,000 on a reduction in distractions, and $160,000 on increased productivity each year.
Source: SecureSave Business Impact Calculator (2022)
51% of surveyed employees think employers have a responsibility to help employees’ financial wellness.
Source: TIAA (2022)
43% of employees would prefer an ESA with employer match vs. the following combined: child care reimbursement (6%), mental health support (12%), student loan reimbursement (9%), financial wellness coaching (7%).
Source: SecureSave (2022)
This childcare center with multiple locations wanted to be able to offer a financial wellness benefit to its employees, but couldn't afford a traditional 401(k) or similar retirement benefit.
With everything focused on the children, employee financial health may not always seem like the first priority — but not at this childcare center. It was essential for senior staff to provide a meaningful benefit for their childcare workers — even with a limited budget.
SecureSave encourages employees to save through an easy-to-use employer-sponsored emergency savings program. Employers can provide sign-up bonuses, savings matches, and milestone rewards for their employees to spur good savings habits.
See the impact of your custom SecureSave program with our ROI calculator