In today’s economic landscape, companies are realizing that the well-being of their employees extends beyond traditional benefits like health insurance and retirement plans. Financial wellness has emerged as a critical component of employee benefit packages, contributing to both individual satisfaction and overall success. Credit unions, with their community-oriented approach, are uniquely positioned to offer businesses valuable financial wellness tools, aiding employees in managing debt, fostering savings, and ultimately improving their financial health.
The Importance of Financial Wellness for Businesses
1. Employee Productivity and Engagement:
Financial stress can significantly impact an employee’s productivity and engagement at work. In fact, financially stressed employees are more likely to leave their employer. By providing financial wellness tools, businesses empower their employees to gain control over their financial lives, reducing stress, and enhancing productivity.
2. Attracting and Retaining Talent:
In a competitive job market, offering comprehensive benefits, including financial wellness programs, can be a key differentiator for businesses. Prospective employees are increasingly prioritizing employers who care about their well-being, making financial wellness ograms an attractive feature.
3. Reducing Absenteeism:
Financial concerns can lead to absenteeism and decreased job satisfaction. When employees are equipped with tools to manage their finances effectively, they are less likely to take unplanned absences due to financial stressors.
Telcoe Federal Credit Union Can Help By Offering A FREE Financial Wellness Program
1. Customized Financial Coaching
Telcoe collaborates with GreenPath Financial to create tailored financial wellness plans that address the specific needs and challenges of employees. This includes a one-on-one meeting with a financial expert to help with budgeting, debt repayment, and money mindfulness. This personalized approach can make a significant impact on employees’ financial well-being. Employees are able to speak with a certified financial coach till 9pm and on Saturdays, allowing them to focus on work while at work.
2. Comprehensive Financial Education
Telcoe provides tailored financial education programs covering topics such as budgeting, saving, debt management, and retirement planning. These resources empower employees to make informed financial decisions and build a secure future. We have tailored webinars and in person staff training for Arkansas employers. Budgeting support is offered by Telcoe to help our members learn how to find where money can be saved easily.
3. Savings Guidance and Teaching 'PAY YOURSELF FIRST'
Telcoe assists employees in building a secure financial future by offering guidance on savings and investment strategies. Employees can benefit from exclusive savings and loans, including low-interest rates, high-yield savings, and other financial products designed to promote responsible financial management. Whether it’s setting up retirement accounts, creating emergency funds, or saving for the holidays, we can provide insight to set employees up for success. Payroll deduction is encouraged as a proven method to set aside funds for emergencies, Christmas, and vacation, etc. By 'paying yourself first' through payroll deduction in specialized savings accounts before any funds deposit to your checking account, overspending is dramatically decreased.
Businesses that prioritize the financial wellness of their employees stand to gain a competitive edge in the marketplace. By partnering with Telcoe, you can access a range of tools and services to support your employees in achieving financial stability, resulting in a more engaged, satisfied, and productive team. Together, we can build a foundation for long-term success and create a positive workspace. Reach out to our dedicated Employer Group Benefit Specialists.
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