Creating a Culture of Financial Security at Work

Financial education impacts people’s lives in countless ways. When people can confidently manage their finances, they make better overall decisions about how to save their funds, the types of savings and investment options available to them, and how they can better prepare for unexpected expenses. Building this financial security can reduce people’s stress and help them work more effectively in all parts of their lives, including the workplace.

As an employer, financial education programs for your employees will have a lasting impact on your business. Here’s what you should know.

The Importance of Workplace Financial Literacy

Financial literacy impacts nearly every facet of people’s lives. When people feel confident about their household finances and are prepared to make good financial decisions, they can avoid accruing debt, better prepare for unexpected expenses, and avoid unnecessary loans, which incur interest and force them to pay more in the long run.

In fact, in 2021, Americans reported losing an average of $1,389 due to poor financial knowledge. Additionally, as many as 60% of non-retirees say that their finances are not on track for retirement. Helping people find the resources they need to improve their financial insight and decision-making can reduce stress—and that reduced stress shows up in better focus, improved performance, and stronger contributions at work.

Benefits of Financial Education Programs in the Workplace

Employers can improve the lives of their teams by providing access to trustworthy financial education resources. As many as a quarter of people say they do not have a trusted resource they can turn to when they have questions about money. That’s where a local partner like Candoor steps in—we work with small and midsize businesses to build benefits programs that support the whole employee.

Helping people reduce financial stress improves:

• Overall health
• Sleep quality
• Productivity
• Emotional control
• Critical thinking

These improvements lead directly to stronger workplace performance. When your employees are equipped to manage their finances with confidence, they can bring their best selves to work. That also means reduced turnover, increased satisfaction, and a better reputation for your business in the community.

What ZayZoon Offers

ZayZoon offers several helpful features for employers who want to offer the benefits associated with employee financial wellness and education. Here’s how we help you support your team:

• Earned Wage Access: Give employees early access to their wages, helping them manage unexpected expenses without resorting to high-interest loans.
  
  
• On-Demand Financial Education: Easy-to-understand resources that build long-term confidence in personal finance decision-making.
  
  
• Budgeting and Planning Tools: Help employees set goals and stay on track with interactive tools designed to build better money habits.
  
  
• Smooth Payroll Integration: As your local payroll partner, we make implementation simple with integrations that work with your existing systems—no extra hassle.

Implementation Strategies

Now that you recognize the value that financial education programs can offer your employees and the importance of incorporating it into your workplace, it's time to think about how you can reach this goal.

You can use a few strategies depending on what fits best for your organization. You might:

• Offer workshops that discuss different aspects of financial planning
• Incorporate a service like ZayZoon and offer training so people know how to maximize its capabilities.
• Provide pamphlets, instructions, and other resources to help people easily access trusted financial information.

To encourage buy-in from your employees, let them know about the benefits of financial planning. You can promote the services as a means of improving financial management and helping people save money more effectively. Promote courses ahead of time so people can prepare as well.

Conclusion

Building a financially literate workplace will help your employees better manage their financial resources so they can weather unexpected expenses and avoid incurring unnecessary debt and interest. You will help them improve their quality of life and reduce their overall stress levels, which will also improve their work performance and encourage employee retention. When you have employees who are happy with their benefits and are more productive, you set your entire workplace up for success.

Take Action Today

If you're ready to equip your employees with the tools they need for better financial management, it is time to reach out to Candoor HCM. Explore all of what ZayZoon can offer you and your financial education programs and how it will boost your entire workplace.

Get more information about our services and building workplace financial literacy, or sign up today to get started right here.