CATEGORY

Financial Wellness

In the US, approximately 83 percentage of employers are offering financial wellness programs to their employees. Organisations are currently focusing on addressing and supporting the financial issues of its employees and have been considering this as an important employee benefit offering for workforce.

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    Financial Wellness Suppliers


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    Find the right-fit financial wellness supplier for your specific business needs and filter by location, industry, category, revenue, certifications, and more on Beroe LiVE.Ai™.

    Sample Supplier
    Company
    Adecco Inc.
    Location
    Jackson, Mississipi
    Duns number
    3862211

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    Up to 3 months

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    2
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    The Supplier Evaluation Risk (SER) Rating is Dun & Bradstreet’s proprietary scoring system used to assess the probability that a business will seek relief from creditors or cease operations within the next 12 months. SER ratings range from 1 to 9, with 9 indicating the highest risk of failure. We’ve prepared an infographic to help business owners better understand what influences their SER Rating.

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    ESG Profile

    Company and Sector Performance
    51

    100
    Robust (1)
    ESG Perfomance (/100)
    Environment
    53
    Social
    45
    Governance
    58
    6 Domains Performance (/100)
    Business behaviour
    50
    Human rights
    55
    Community Environment
    50
    Corporate governance
    62
    Human resources
    36
    Security Scorecard
    85

    Threat indicators
    C
    76
    Network Security
    Detecting insecure network settings
    A
    100
    Hacker Chatter
    Monitoring hacker sites for chatter about your company
    A
    90
    DNS Health
    Detecting DNS insecure configuration and vulnerabilities
    D
    62
    Application Security
    Detecting common website application vulnerbilities
    A
    100
    Endpoint Security
    Detecting unprotected enpoints or entry points of user tools, such as desktops, laptops mobile devices, and virtual desktops
    A
    100
    Cubic Score
    Proprietary algorithms checking for implementation of common security best practices
    A
    96
    Patching Cadence
    Out of date company assets which may contain vulnerabilities of risk
    A
    100
    Social Engineering
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    A
    100
    IP Reputation
    Detecting suspecious activity, such as malware or spam, within your company network
    A
    100
    Information Leak
    Potentially confidential company information which may have been inadvertently leaked

    Industry Comparison
    adecco.com
    Industry average
    Adverse Media Appearances
    Environmental Issues
    0
    Workforce Health Safety Issues
    0
    Product Service Issues
    4
    Human Rights Issues
    0
    Production Supply Chain Issues
    0
    Environmental Non Compliance Flags
    4
    Corruption Issues
    0
    Regulatory Non Compliance Flags
    3
    Fraud Issues
    0
    Labor Health Safety Flags
    10
    Regulatory Issues
    3
    Workforce Disputes
    2
    Sanctions
    0
    esg energy transition
    58
    Discrimination Workforce Rights Issues
    8
    esg controversies critical severity
    No

    Financial Wellness market report transcript


    Regional Market Outlook on Workplace Financial Wellness

    In the US, approximately 83 percent of the employers offer financial wellness programs to their employees. 57 percent of the employees have stress dealing with their financial situations. The top sources of stress cited include both immediate and long-term concerns about their finances are: Saving for the future (67 percent), paying monthly bills (57 percent), and credit card debt (42 percent). Generation X employees are more stressed than the millennials and baby boomers.

    Industry Trends

    Most financial wellness programs are implemented as on a need basis or is integrated with the employee benefits. Employers are trying to include financial wellness as a part of the core benefit offering either being provided by Insurance providers, wellness firms or consulting firms

    • Digital portal through which all tools and content can be accessed is been provided more by employers
    • Tools and calculators to help employees gauge their financial wellness follows next

    Popular Financial Wellness Programs are:

    • Debt management services
    • Retirement planning assistance
    • Financial counselling and coaching services
    • Financial education classes and seminars
    • Online financial management tools
    • Cash flow management and budgeting platforms
    • Savings products and services
    • Loan products
    • Short term loans and accrued wage advances
    • Home ownership
    • Purchase or refinance a car
    • Women and financial wellness
    • Retirement planning
    • Peer-to-peer sections
    • Theft identification
    • Protection from frauds and scams
    • Elder care
    • Healthcare costs
    • Economy/stock market
    • Loss of Income/job

    Growth Constraints

    Many employers recognize the importance of financial wellness but not all the programs address the actual need for the employees, so participation rate of employees become less. Less than 30 percent offer information and education around day-to-day finances, budgeting and debt management.

    Growth Drivers

    The key drivers for employers to increase financial wellness services for the employees are mainly due to the increase of financial stress which would affect the company's growth and retention strategy and also success planning. So employers are coming up with programs that can counselling and support services to manage their financials.

    To increase productivity by reducing the financial stress:

    • There is a direct link between financial stress and poor physical and mental health. High financial stress in employees can lead to less productivity, absenteeism ,and presenteeism which can hamper growth

    Improve financial health of employees and brand image of the company:

    • Health education, health screening, and disease management have helped in reducing absenteeism and increase productivity and efficiency. Brand image includes talent attraction, retention, and ideas of broader corporate social responsibility
    • Financial wellness would improve employee engagement and organizational commitment

    Government regulations:

    • The Financial Consumer Agency of Canada provide educational materials, tools and support to help students and adults increase their financial knowledge and skills
    • The Consumer Financial Protection Bureau and Center for Financial Services Innovation: They are doing a research on How isnovative companies are leveraging technology, peer-to-peer relationships, and other promising practices to find low-cost, high-impact ways to promote financial wellness at work and supporting employers

    Growth Constraints

    Many employers recognize the importance of financial wellness but not all the programs address the actual need for the employees, so participation rate of employees become less. Less than 30 percent offer information and education around day-to-day finances, budgeting and debt management.

    Lack of clarity:

    • Employees do not have clarity on the exact definition and potential benefits. This lack of awareness may be constraining the growth of financial wellness as a core benefit offering

    Limited program scope:

    • Many organizations aren't providing support for the financial struggles that many employees face daily rather than they are only focusing on retirement education but employees require support on financial planning

    Lack of personalization and targeting:

    • Financial wellness initiatives are not tailored to different employee groups. Generally, the programs should differ by age, gender, income and marital status etc.

     ROI and changing business needs:

    • Employers are concentrating on the ROI for future enhancement of the program. However, the correct realization has been difficult to calculate and analyze. There is a difficulty found in the administration technology platform to react quickly to meet the changing business/employee needs

    Privacy concerns:

    • 61 percent of the large employers say that sharing employees' data is a barrier to participation in financial wellness programs
    • Employees cite concerns regarding privacy concerns about the data and information pertaining to them

    Cost and time:

    • 49 percent of HR professionals indicated that cost is the main road block in introducing a financial wellness program as per SHRM