How can USI help our organization improve our employees’ overall health, including their financial wellness?
Sixty percent of full-time employees are stressed about finances, causing higher absenteeism, presenteeism and turnover. Adding financial education, budgeting tools, and resources to assist employees with managing their financial health can lead to higher employee loyalty, increased productivity, and better employee retention. USI identifies financial wellness vendors that provide individualized consultation with financial planners to relieve employee stress and improve financial well-being.
Reducing employee financial stress reduces employer costs related to absenteeism, presenteeism, and employees’ mental and physical health. The savings below represent the time saved by the employer when leveraging the USI tools that identify vendors that meet their unique needs.
We’ve estimated the financial impact for you. Feel free to update the assumptions.
- Offered as a stand-alone solution or as a component of USI's Mind Body Money employee wellness solution
- Low implementation cost
- Facilitates positive behavioral changes among employees
Multiple studies and surveys have shown that financial wellness directly impacts mental health, including diagnosed depression and anxiety, which in turn impacts cost drivers for employers (e.g., absenteeism, presenteeism, productivity, and employee retention).
Poor financial wellbeing can arise due to several factors, including:
- Low financial literacy or a lack of financial education
- Development of bad financial habits, like overspending and not saving
- Fluctuating income from month to month
- Unexpected adverse life events (e.g., job loss, sudden illness or injury, and marital breakdown)
USI has preferred partnerships with financial wellness solution vendors that offer:
- Access to Certified Financial Planners (CFPs)
- Educational services
- Personal and household financial assessments
- Savings and budgeting tools and resources
Additionally, USI-approved vendors provide robust reporting on the usage of their services as well as the progress participants are making in improving their relationship with finance.
I’d like to explore further how USI can help our organization measurably improve our employees’ financial well-being.
As a next step, let's set up an introductory meeting with a USI Population Health Management consultant. Upon engagement, USI works with the client to:
(1) Complete a client-specific needs assessment to understand company, culture, data and goals.
(2) Assess any existing resources and identify utilization gaps.
(3) Provide meaningful solutions and consultative oversight to the implementation of solutions, such as implementing a financial wellness program through a USI-approved vendor, whether as a stand-alone solution or as part of our larger, holistic Mind Body Money suite of employee wellness solutions.