As more and more companies recognize the impact of employees' financial health on their productivity, job satisfaction, and overall well-being, there has been a surge in demand for comprehensive financial wellness programs. In fact, recent research projects 3x growth demand for financial wellness programs for employees over the next 5 years.
This has led to the emergence of an array of financial wellbeing platforms of varying strategies and qualities catering to the needs of organizations looking to offer these benefits to their workforce. Given the multitude of options available, it can be challenging for companies to select the best platform that suits their needs. To assist with this decision-making process, we have compiled a list of five essential features that make a BIG difference on financial wellness impact that you should be sure to evaluate for when purchasing a financial wellbeing platform for employees:
1. An experience that pairs humans and software
There are many flavors of financial wellness benefits. And one thing we’ve learned over 20+ years of supporting employees is that most people find comfort in talking to an empathetic human about their finances. A best financial wellness programs blend technology with human expertise in order to provide accurate, personalized guidance tailored to each employee's unique circumstances. Despite exciting innovations in technology (more on that below), a great financial wellbeing platform should also include access to certified coaches who can address individual concerns on topics such as budgeting, debt management, saving strategies or retirement planning with a more nuanced, empathetic approach. This integrated experience of technology and humans ensures that employees feel supported and engaged throughout their entire journey towards improved financial health.
2. The ability to see your real-time financial life in one place
There’s a common business mantra, “What doesn’t get measured, doesn’t get managed.” The same is true for our financial lives—it helps to see a holistic picture. One key feature that separates an excellent financial wellbeing platform from mediocre ones is its ability to connect directly with users' various financial accounts – including checking accounts, savings accounts, credit cards or even investment portfolios – securely and in real-time. This connectivity facilitates effortless tracking and monitoring of spending habits, net worth, budget tracking, debt paydown and more.
3. Harnessing modern tech with AI insights and nudges
If you’re going to invest in a financial wellness program—you don’t want it to be antiqued. Technology has taken massive leaps forward this year alone with the proliferation of artificial intelligence. A top-notch financial wellbeing platform should leverage this advanced technology, not ignore it. At YML, we use artificial intelligence to analyze users' financial spending and trends in order to provide actionable insights and gentle nudges that encourage better financial habits. By employing sophisticated algorithms, the platform can identify potential red flags or opportunities for improvement within users' spending patterns and suggest personalized tips for optimizing financial behaviors.
4. Integrated financial education on demand
Financial education is an essential component of any comprehensive wellness program. A robust financial wellbeing platform should offer a diverse range of educational resources covering various topics ranging from basic budgeting principles to more complex subjects like investing strategies or tax planning.
These resources should be easily accessible through the platform, allowing employees to learn at their own pace and according to their specific needs. Similarly, employer-sponsored financial wellness activities for employees should also be part of an education and benefits engagement strategy. By offering webinars, ongoing courses, or wellness challenges, employees not only engage with their financial wellness benefits at a higher rate, but up their financial literacy—and know that their wellness is important to their employer too.
5. Keeps employees safe with bank-level security
Given the sensitive nature of personal finance information being shared on a financial wellbeing platform, it is crucial that stringent security measures are in place to protect users' data against unauthorized access or cyber threats. When evaluating different platforms, ensure that they adhere to bank-level security standards – which typically include encryption protocols for safeguarding data transmission as well as secure storage facilities for maintaining user information.
Whether YML is the right financial wellbeing platform for your employees or not, what we care most about is your team finding greater stability and confidence about their money. We’re convinced that human coaches, real-time financial tracking, AI insights, stellar education, and top-notch security are non-negotiables if you want to prioritize financial wellness in the workplace. With these features in place, companies can be confident they are offering their workforce a valuable tool that can significantly boost their financial well-being, job satisfaction, productivity at work, and overall wellness—at the office and at home.