The employer-employee disconnect in company-offered financial wellness benefits mentioned over and over again in this article (“Those ‘financial wellness’ programs at work are failing. Here’s why”) is interesting. I totally get it – having worked in traditional “Corporate America” for medium to very large-sized companies. As the author of the article mentions, a great percentage of the workforce is seeking something different when it comes to financial wellness services. It is astonishing, however, to see just how far apart employers are positioning themselves from the actual need of their employees when it comes to financial wellness. 48% of surveyed companies offered financial wellness plans, but only 31% of employees are participating in those plans! Such a massive disconnect and missed opportunity for those employers.
So where do we go from here? Well, the answer, the TRUE answer to this dilemma, may not be that hard to find…
Employers need to think differently and as the author of the article states, “need to be sure they’re speaking the language of their employees.” Knowing this, financial wellness solutions should focus on the individual and their immediate needs. People need to know where to find help and employers can be a source for trusted referrals that result in assistance.
Currently, company-offered financial wellness solutions cast their financially stressed employees into a world of long-term planning and budget calculating tools that do little to actually solve the financial problems most individuals face right now. As mentioned in previous blog posts, more employers than not are now offering financial wellness opportunities and that’s exciting, but they’re often not doing enough.
Financial distress is an extremely tough position for one to escape on their own. Personal assistance and expert advice prove to be the best recipe for success. This type of intervention starts one down the positive path of working out of the financial burden that has been paralyzing them. Without such a direct intervention, financial challenges will continue to mount and the escape becomes that much more daunting.
SpringFour is this difference maker and can help create a stable bridge of support between the employee and the financial wellness benefit services being offered by the employer. With the use of SpringFour solutions, employers are able to meet the the direct and instant needs of individuals and families that are struggling. Plus, SpringFour connects folks to actual organizations that work with people to get them out of their difficult situations. Apps are ok and have a purpose, but SpringFour solutions marry technology with actual human-driven resources and solutions which are considerably more effective, and result in more immediate and measurable impacts.
With an average savings of $250 per month, SpringFour-powered consumers are able to achieve better financial wellness and in many cases overcome the financial challenge that put them behind in the first place. Banks, lenders, other financial institutions, and non-profits have partnered with SpringFour to stabilize portfolios and help countless numbers of Americans reach financial peace-of-mind. But, the solutions offered by SpringFour extend far beyond its current client base. SpringFour services can easily be applied to any industry. Most notably, there is a enormous opportunity for employers to partner with SpringFour to offer the financial wellness solutions to their employees that truly do change lives.
Chief Operating Officer, SpringFour Inc.