Most businesses don't start out with the idea that they will moonlight as financial educators, but financial education has become an increasingly important component of workplace benefits programs. That's partly because the workplace has evolved to become a major engine driving
Adequate education can help your employees navigate their workplace benefits and wider financial lives with greater dexterity, ultimately helping to alleviate financial stress, motivate leaders, and create a culture that fosters a more productive enterprise. Let's unpack three key reasons why educating your employees and prospective talent on the connections between your workplace benefits and their real-world financial outcomes is strategically important for your business.
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1. The workplace is a wealth builder
Companies are recognizing that it's not enough to simply offer benefits: Like any financial resource, the wealth-building potential of the workplace requires careful thought and strategy to assemble and use in a way that makes sense. It's nice to think that "if you build it, they will come," but helping employees and prospects make the connection between your workplace benefits and their personal financial goals is an ongoing challenge: Our
To truly make the most of workplace benefits, employees will need varying kinds of support throughout their careers, and they will need help finding the right information at the right time. Financial education is a logical solution for companies to reach for in terms of meeting employees wherever they are and walking them through whatever they need to know — whether it's basic financial literacy, investing themes, technical terminology, financial choices that can affect their long-term outlook, or legal and regulatory features of their equity, insurance or retirement plans.
Education can even help employees extract more value out of other benefits like financial wellness programs, retirement planning, self-guided digital tools, one-on-one counseling, and access to a financial advisor, by helping them figure out what questions to ask and what goals to prioritize. Making these connections is especially important when it comes to more complex financial benefits such as equity compensation, where even sophisticated executives are starved on time and may require assistance navigating complex regulations and tax consequences.
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2. There is a solution that fits your business
Of course, any financial education you offer must fit within your budget and business goals, and this can be challenging amid ongoing macro uncertainty. But you don't have to do it alone: Outsourcing some of this demand through your benefits providers is one way to extend built-in support to your employees. Many benefits providers come to the table with education materials and programs baked into the end user experience (think: virtual education modules, intuitive UX technology, and digital prompts) as well as direct access to financial service professionals who can help address specific employee questions.
Consider consulting with your providers as you build your own
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3. Personalization is the next frontier
As artificial intelligence proliferates and the future of work is continually redefined, one thing we know for certain is that personalization is here to stay. Whether it's self-guided experiences through responsive content, AI assistants, on-demand guidance, or white glove service, look for opportunities to automate or personalize your benefits support. This can mean many things, depending on your business needs and budget — again, work with your providers to see what features they have available to help you create more individualized experiences for your employees.
Beyond a paycheck, your
