Do you have any questions regarding workplace financial wellness and how it can benefit your organization?
Check out our frequently asked questions below!
Financial wellness has to do with one’s overall financial well-being. It is so much more than just financial literacy and knowledge. Financial wellness also has to do with one’s confidence and one’s ability to take action and make sound financial decisions.
Payczech defines financial wellness as "one's knowledge, confidence, and ability with regards to making wise financial decisions." After all, personal finance is largely about making decisions and engaging in good behaviors.
At its core, personal finance is more than just math, or dollars and cents. Personal finance is a PERSONAL topic that drives virtually every area of our lives. In the end, financial wellness is about freeing up our minds and spirits so that we can live the life that we always dreamed about.
Payczech defines workplace financial wellness as "programming provided as a benefit to employees, that is designed to educate, empower, and guide the employees toward financial wellness, while also supporting the business goal of profit." A good financial wellness initiative should be beneficial to both the employee and the employer.
Through the use of workplace financial wellness, our aim is to help people accomplish...
- Increased awareness
- Increased knowledge
- Increased motivation
- Increased confidence
- Improved behavior
- A better understanding of the various and complex financial products and solutions available on the market today
In the end, this benefits the employee and the employer. Continue reading on to learn HOW this is beneficial!
Workplace financial wellness will help your employees in many different ways! Here are a few of the benefits they will experience:
- Unbiased education
- Confidential guidance
- Lower stress
- Increased enthusiasm
- Reduced healthcare costs
- More peace of mind
- Financial confidence
- Greater understanding of employee benefits
Imagine a workforce full of financially well and confident people. This workforce will be much happier, stress-free, and hardworking! This of course means a vastly improved corporate culture - one of limitless possibilities!
Workplace financial wellness provides many benefits to employers who offer it to their employees! Here are a few of the benefits your organization will experience:
- Reduced absenteeism
- Reduced presenteeism
- Reduced turnover
- Reduced administrative costs
- Reduced payroll advances
- Reduced 401k loans
- Increased productivity
- Increased benefits participation
- Increased 401k contributions
- Increased job satisfaction
- Boosted employee morale
- Improved employee culture
Your employees drive profitability! Help them and they will help you!
Financial wellness is a process, not an event.
We start by assessing the needs of your workforce - gain an understanding as to what financial issues are most important to them. After we have taken the time to understand the needs of the organization, we create a plan! Once the plan has been created, we execute it, monitor progress, and update as needed. We are committed to continuous improvement!
We take a consultative approach to financial wellness and will work with our business clients every step of the way to ensure that all programming is customized to fit the needs of the workforce. When you hire Payczech, you are not just hiring a financial wellness provider - you are hiring a consultant!
About 82% of employers do provide some form of financial education to their employees. If you fall into this 82%, then congrats! Payczech does not compete with your current financial advisor, 401k provider, or your employee assistance program (EAP). We will complement them!
Workplace financial wellness has to do with educating, guiding, and empowering people to take control of their financial destiny. Education is just the beginning. Motivation and inspiration are also key!
And this is how we can complement your other providers – by providing the education, motivation, and inspiration while they provide the products and services that help your employees win the game of money!
There are many “financial educators” today who come with ulterior motives. Typically, the way financial education in the workplace occurs is a financial advisor, 401k provider, or bank/credit union comes in to teach a “free” workshop. However, the “free” workshop is a means of getting in the door to solicit other financial products and/or services.
Payczech Financial Wellness does not do this. In fact, we do not even sell financial products of any sort. The education that we provide is our product! When you hire Payczech, you can have the peace of mind knowing that there is no conflict of interest.
We serve businesses and other organizations by offering an unbiased, effective, and holistic solution to traditional financial education. To us, there is no greater joy than watching others improve their lives, and watching their employers prosper as a result!
Optimizing workplace financial wellness will ensure a greater return-on-investment (ROI) through objective measures such as employee retention and productivity, as well as subjective measures such as employee morale.
There are three great ways for an employer to optimize their workplace financial wellness efforts.
Customized Programming: Employers should be weary of any financial wellness provider who advertises standardized, or "canned" programs. Payczech does not create "cookie-cutters." All of our programs are customized to meet the needs of the workforce.
Unbiased Education: Employers who provide their employees with financial education through "free" programs offered by financial advisors, 401k providers, or banks/credit unions may want to take a closer look at what Payczech has to offer. We will not solicit your employees, and we are not chasing commissions!
Holistic Education: The world of personal finance is much broader than just the 401k. A truly effective workplace financial wellness program will provide education on a wide range of topics including, but not limited to, budgeting, debt management, insurance, investing, and identity theft prevention. Payczech provides education on all of these topics, and more!
Many of the benefits of workplace financial wellness are subjective. However, there are some objective ways to measure its effectiveness.
Payczech uses "benchmarking" as a measurement tool.
Before we develop any programming, we administer the Payczech Financial Wellness Assessment. This will help develop a "score" for the workforce as a whole. Later in the year, after programming has been delivered, we administer the assessment again and determine the improvement.
We can also utilize other objective measurements including, but not limited to...
- Retirement plan participation
- Retirement plan savings rate
- Employee satisfaction
- 401k loan
- Payday advance
- Employee retention
- Employee turnover
We are based in Appleton, Wisconsin and serve northeastern Wisconsin!