Looking back at 2020, financial wellness was one of the most-talked-about employee benefits. By dint of lockdown, it became evident fairly quickly that the consequence of the pandemic on the economy meant millions of people’s finances took a thrashing. At present, a better understanding has developed among employers, and if they didn’t step up to help via benefits offerings, their employees and their business would suffer in both the short and long term. Now that 2020 is over, many people are turning to look at 2021 with some apprehension as well as some hope.
While digital education establishes a strong foundation, and interactive tech drives engagement, the human element of personal finance continues to play a crucial role. Emerging solutions that combine online learning with one-on-one coaching are a top trend in financial wellness, and will soon be industry standard. Moreover, this puts high tech, high touch financial wellness at the forefront. Besides, in 2021 and beyond, one size fits all just won’t make the grade. As employers and employees in parallel expect information that’s timely, appropriate, and responsive. Also, advanced financial wellness programs will employ data and AI to devise custom experiences at scale, and the content will be highly bespoke to each organization’s benefits options. On the flip side, employees have diverse confidence levels, risk tolerance, debt, and target retirement dates, so their financial well-being plan should be as personal as their fingerprint.
Further, the future of financial wellness at work will be about addressing the shortcoming in each employee’s financial life. By caring for the whole employee with financial wellness, organizations can resolve deeper workplace challenges like motivation, productivity, and absenteeism due to financial stress. Alongside, modern workplaces will want to move quickly to institute and learn from data, so financial wellness pilot programs are an emerging trend that will really take off in 2021. In view of the fact that pilots establish benchmarks and render insights quickly, it will also facilitate to demonstrate a return on investment out of the gate. While companies will be on the lookout for financial wellness programs with simple, intuitive onboarding to accelerate time-to-launch speed even further.
Manage HR’s editorial board has assessed and shortlisted a number of the foremost prominent organizations within the financial wellness solution and service providers industry. We hope this issue of the Manage HR helps you build the partnership you and your firm need to foster a technologically-driven learning environment.
We present to you Manage HR’s “Top 10 Emerging Financial Wellness Solution Providers 2021.”
