Financial Security in the Workplace

Financial Security in the Workplace

In America’s human resources community, the moment of “financial wellness” has arrived. In growing numbers, employers are concluding that benefits to support workers’ financial wellbeing should go well beyond retirement benefits. More and more firms believe that personal finance challenges impact employee welfare and productivity. The same business issues prompting financial wellness programs—workers’ productivity in the workplace and their financial wellbeing outside it—also suggest an employer imperative to support worker financial security. That is, employers should consider strengthening a worker’s foundational capacity to meet everyday expenses and cope with unexpected events —the basic security which precedes and makes possible financial wellness. This paper presents the case for introducing financial security into compensation and benefits policies and practices.

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