Financial wellness is a critical component of employee wellbeing. With rising healthcare costs, retirement insecurity, and skyrocketing inflation, employees are facing a wide range of financial stressors that impact their everyday life. This directly impacts their work quality, with employee engagement and productivity plummeting, and absenteeism skyrocketing.
Although it isn’t feasible for companies to give all employees a raise to help with the financial burden they are facing, one of the main things that many employees are currently asking of their employers is for access to financial wellness benefits that can help them ease that stress.
A John Hancock study of stress in 2022 found that 89% of employees say it’s important that employers provide a financial wellness program, with 74% saying it would help reduce their stress.
Implementing a financial wellness program can help employees manage their finances, and learn about the four main elements of financial wellness: spending, saving, borrowing (responsibly), and planning for the future.
As a result, HR leaders are turning to financial wellness platforms to help employees manage their finances, reduce stress, and improve overall wellbeing. In this article, we're going to look at ten of the top financial products on the market today.
What is a financial wellness platform?
First, let’s define what a financial wellness platform is. A financial wellness platform is a tool that provides employees with resources and tools to manage their finances. These platforms typically include financial education resources, budgeting tools, debt management resources, and retirement planning tools. The goal of these platforms is to help employees become more financially literate, reduce financial stress, and achieve their financial goals.
Choosing the right employee financial wellness platform
There’s a wide range of financial wellness platforms available, so how can you determine which is the right one for your company?
Evaluate what your team’s needs are
What does your workforce look like and what’s their financial literacy level? For some, the best option would be to focus on education, to bridge the gap between peoples’ financial needs and their current financial knowledge. For others, an issue like cash flow might be more urgent, with employees benefitting from access to their wages early with an Earned Wage Access solution. Finally, some platforms use behavioral science to provide personalized and proven results that will help your employees reduce their financial stress.
Let's talk about some of the most common needs employees might have that a financial wellness benefit can help them with.
Is your team often coming to you with questions about how to handle their personal finance problems? Most people didn't receive formal financial education, so it's no shocker that employees don't know where to go to improve their financial literacy. A financial education platform often includes personalized courses, a financial advisor to answer specific questions, and a judgment-free environment where people can improve their financial education and lower their financial stress.
A good budgeting tool can be a priceless asset to help employees have a clearer view of their money. This benefit can help them determine how they're doing with paying their bills, how much they can allocate for savings, offer the best advice on how to improve their budgeting skills, spending practices, and more.
Cash flow issues:
Many employees have to ask for cash advances from their companies in order to pay their bills, cover expenses for an emergency, or simply make ends meet. A financial wellness benefit like Earned Wage Access can be a game-changer, taking the hassle of managing money advances off of your hands and allowing employees to better manage their cash flow.
Goal setting for upcoming life and professional targets can be an incredibly useful tool to have for your employees' financial wellness. Some platforms allow employees to transfer money directly into savings accounts, determine a plan to pay off their student loan debt or mortgage, and so much more.
Compare the available financial wellness options
When choosing where to eat in a new town, the easiest thing to do is to open your browser and look at reviews. Is the sushi as good as I think it is? Well, someone’s already tried it and says it’s amazing. Thankfully, such platforms also exist when you’re on the hunt for financial wellness software.
G2 is a review site that can help HR leaders compare financial wellness platforms and their ratings. It collects more than 2 million user reviews and feedback on software and other business tools. This data can be a valuable resource for HR leaders looking to evaluate financial wellness platforms, as it provides a wide range of perspectives and experiences from actual users of the platforms, and can help you determine who the leading provider is in your area of interest.
G2 uses a variety of factors to rate software, including customer satisfaction, ease of use, and quality of support. HR leaders can use G2's ratings and reviews to gain insight into the strengths and weaknesses of different financial wellness platforms, as well as to get a sense of how well each platform is likely to meet the needs of their company.
Additionally, G2 allows users to filter their search results based on specific criteria, such as price, features, and integrations. This can make it easier for HR leaders to compare different financial wellness platforms and find one that meets their specific needs. View the rating of financial wellness software on G2 here.
Evaluate the possibilities
Although G2 is the standard for software ratings, looking at other ratings sites, Google reviews, Product Hunt, or even asking your peers who may have implemented a financial wellness program like the one you're looking at is always a good option. Remember that the more work you do off the bat, the more benefits you'll get from it in the long run.
Implementing a financial wellness platform
Evaluating the cost
An important factor is the cost of the platform. Some platforms are free, while others charge the employer a fee based on the number of employees using the platform. HR leaders should evaluate the cost of the platform in relation to the potential benefits to employees.
The cost of financial wellness platforms can vary widely depending on the platform and the features it offers. Some platforms are free or low-cost, while others may require a significant investment from the company.
It's important for HR leaders to carefully evaluate the cost of different financial wellness platforms and determine which platform offers the best value for their company. Consider factors such as the size and needs of the company, the complexity of the employee population, and the desired level of customization and support. Finally, how does the tool fit into your budget, and what are the potential tradeoffs of implementing it.
Another factor to consider is your time and the investment that implementing this benefit will reflect. Some platforms are easy to deploy and require little to no management on your behalf, whereas others can be a handful. Ask questions such as how long the implementation process will take, how much of a communication, technological, and support lift will be required from your team to keep this going, and more.
Maintaining a financial wellness benefit
As with any employee benefit you can offer, a big factor to consider is how much of your time it will require to upkeep. Is this the kind of software that's easily accessible and understandable by the majority of your employees? Will it require a lot of support on your end? Does the company offer employees customer support to take that off your hands? All of these are essential elements to think of when choosing a new employee benefit.
Size matters: choosing the right financial wellness platform for your company
When it comes to financial wellness software, the needs of small and medium-sized businesses (SMBs) may differ from those of larger organizations.
For SMBs, the cost is often a major consideration. You may have a limited budget for employee benefits and may need to prioritize cost-effective solutions. Additionally, SMBs may have more limited resources for administering a financial wellness and savings program, so they may need a platform that is easy to implement and use.
On the other hand, larger companies may have more resources to invest in a comprehensive financial wellness program. These companies may be more focused on the effectiveness of the platform in improving financial health and wellness outcomes for employees and may be willing to invest in a more expensive platform if it yields better results.
In general, both SMBs and larger companies may benefit from a platform that offers a variety of resources and tools, such as financial education resources, budgeting and cash out tools, debt management resources, and retirement planning tools.
It's also worth noting that the size of the company can impact the level of personalization and customization available through the platform. Larger companies may have more complex employee populations and may need a platform that can offer more personalized financial advice and resources to meet the unique needs of different employee groups. SMBs may have a more homogeneous employee population and may not require as much customization.
Now, let’s dive into some of the top 10 financial wellness platforms for HR leaders.
The top 10 financial wellness platforms for HR leaders:
- Financial Finesse - This platform offers a variety of financial education resources, including webinars, workshops, and coaching. Financial Finesse is known for its personalized approach to financial education.
3. Best Money Moves - Best Money Moves offers financial education resources and a mobile app that provides personalized financial advice to employees. The platform is known for its engaging and user-friendly interface.
4. SmartDollar - SmartDollar is a comprehensive financial wellness platform that offers a range of resources, including financial education, budgeting tools, and retirement planning resources.
5. Enrich - Enrich offers a variety of financial education resources, including webinars, workshops, and coaching. The platform is known for its engaging and interactive approach to financial education.
6. LearnLux - LearnLux offers a mobile app and online platform that provides financial education resources and personalized financial advice to employees. The platform is known for its user-friendly interface and engaging content.
7. FinFit - FinFit offers a range of financial wellness resources, including financial education, budgeting tools, and debt management resources. The platform is known for its comprehensive approach to financial wellness.
8. My Secure Advantage - My Secure Advantage offers a range of financial wellness resources, including financial coaching and education, debt management resources, and retirement planning tools. The platform is known for its personalized approach to financial wellness.
9. ZayZoon - ZayZoon is an Earned Wage Access solution that gives employees access to their earned wages ahead of payday. With ZayZoon, payday finally comes at the push of a button. It’s free for employers and takes only 30 minutes to implement. It also offers educational resources and tools to help workers break the paycheck-to-paycheck cycle.
10. Financial Gym - Financial Gym offers a range of financial wellness resources, including personalized financial coaching and education. The platform is known for its holistic approach to financial wellness.
Making a difference
Employee financial stress might seem like a massive issue that you have little to no control over, but it's not. With these tools we've recommended in this article, you can empower your workforce to get more financially fit and learn how to save more, manage cash flow, do taxes, and so much more. In the long term, this will increase your employee engagement, improve productivity, and improve your employees' financial wellness.
Get started today by offering ZayZoon, the financial empowerment benefit for SMBs, by getting in touch with one of our experts.