Do you want to set yourself apart in the business market place? Are you looking to lower employee turnover? Are you ready to make $4 in added productivity for each $1 that you spend?
The statistics and information show that these are all possible by providing financial and well-being benefits.
Not sure where to find financial and well-being education to provide to employees? Look no further!
MPower Co offers its financial courses and positive psychology-based well-being course through Employer Wellness Programs.
Don’t take our word for it, here is what the research says:
Employees want expanded benefits
Traditionally employers have provided insurance and retirement benefits to employees. These are expectations of today’s workforce; however, it’s clear that employees want more and that the investment in additional programs pays off for employers.
The statistics are clear that financial and mental wellness are the employer benefits of now.
Employers can reduce turnover by 138% by offering appropriate benefits, according to analysis by Paycor. Their research was based on surveying more than 30,000 medium and small businesses nationwide.
The Society for Human Resource Management (SHRM) researched the top benefits employers should consider providing in 2020. The #1 and #2 items on their list: financial wellness programs and mental health employee benefits.
PriceWaterhouse Coopers (PwC) found that the number one cause of stress in almost 60% of employees is money. It is the top life stressor across all generations, and more than 30% indicated their health is impacted by their financial concerns.
PwC’s survey included a question about what employer benefit respondents would like but don’t currently have. One in four said they want a financial wellness program with an unbiased counselor, which reiterates SHRM findings.
Benefits of financial wellness programs
While it may be a want of employees to have financial wellness programs through their employers, the statistics show that there is a need for employers to provide financial education. Financial habits of employees, while personal, affect their performance in the workplace.
In 2019, Morgan Stanley conducted research on the financial wellness of employees. This is what they found:
- 78% with high financial stress indicate they are distracted at work because of their financial stress
- More than 50% of people with incomes greater than $100,000 say debt and unexpected expenses are a source of stress
- 50% of respondents spend more than they earn each month
- 41% indicated they didn’t have enough savings to cover three months of living expenses
- 37% responded that they had more debt than they could manage
Those statistics seem a bit staggering, and evidence that financial education is something that can improve the workforce in America. Importantly, though, providing this education is something that the workforce is looking for and is used by more people than not when given the opportunity.
From the same respondent pool, less than one in three had access to financial wellness benefits. However, of those that did have access, 60% had used the financial wellness benefits within the past three years.
What employees without financial wellness programs indicated:
- 60% would be more likely to stay with their employer if financial wellness benefits were offered
- 71% percent would be comfortable discussing personal finance with a financial professional unaffiliated with their employer
Benefits of mental health programs
Mental health encompasses a lot of things. To be clear, MPower does not employ any trained psychologists. Our mental wellness programming is in the field of positive psychology, the scientific study of what makes life worth living and enables communities to thrive.
The Engagement Institute, a joint study by The Conference Board, Sirota-Mercer, Deloitte, ROI, and more, found that disengaged employees cost U.S. companies up to $550 billion a year. Yes, that is billion with a b.
The World Health Organization (WHO) estimates that for each $1 put into providing support for mental wellness, there is a return of $4 in improved health and productivity.
The American Psychological Association found that if employees do not view leadership as committed to their well-being, only 17% would recommend the company as a good place to work.
In contrast, 91% of workers at companies led by leaders that support well-being efforts say they feel motivated to do their best at their jobs
Providing support for mental well-being can reduce overall health costs. According to the Centers for Disease Control, “The costs for treating people with both mental health disorders and other physical conditions are 2 to 3 times higher than for those without co-occurring illnesses.”
An action step that the CDC recommends to employers to promote mental wellness is to provide “subsidized lifestyle coaching, counseling or self-management programs.”
Positive psychology argues that many people do well already, but there is a way to increase well-being by focusing on meaning and accomplishment, by using learned optimism and practicing positive emotions. So, in a workforce where some are disengaged or management wants to provide well-being support applicable to many of its employees, our positive psychology course is a no-brainer!
How to partner with us
MPower Co is excited to work with employers to bring financial and wellness education to employees. Our courses are tested and proven to work well when providing them through wellness programs. Learn more about how our partnerships work:
Access to our courses
The first decision is what online courses to provide to employees. MPower Co will provide up to all three of its online courses to employees.
MPowered Couple
This is MPower’s course for committed couples. It is about helping partnerships get on the right financial footing by building strong methods for communicating about money and developing a value system as a couple when it comes to money.
Throughout the course, which has five units that include multiple lessons, a date night activity, and communications with their instructor, couples will learn the principles of personal finance, build communication skills, and establish a financial support system. Couples will put together their net-worth statement, gather their digital asset information, prepare a spending plan, and know that they are on the right path to reach their financial goals.
It will encourage couples to get the big financial decisions right so that things like emergency expenses and personal finances aren’t a distraction from their work life.
Richer Retirement
This is MPower’s course for individuals wanting to live a rich life personally and financially now and through retirement. This course has eight units with a number of units in each unit. The course focuses on expected subjects such as employee benefits for retirement, savings and investing, Social Security, but also includes a high-level introduction to positive psychology.
Dr. Thia Crawford has a graduate certificate in the area of positive psychology, and incorporated positive psychology into this finance course to ensure a well-rounded approach to the education offered in the course.
Tenacity for Tough Times
Tough times don’t last, tough people do! This is MPower’s positive psychology course, which is all about taking a good life and making it a great life. There are simple things we can all incorporate into our every-day lives.
Here is a quick example. We are all likely guilty of thinking one of the following: When I get the next promotion, I’ll be happier; when I am able to buy the car I want, I’ll be happier; when I get to take my bucket list vacation, I’ll be happier.
Instead of pursuing happiness, simply be happy.
Ready to help employees amp up their life? With a workforce that is happy, optimistic, and positive, morale will improve around the office.
Employee sponsorship
The second thing to decide upon is the maximum number of employees that will be sponsored.
Most employers choose to subsidize or sponsor employees course fees for up to a certain number of individuals (100, 250, etc). This number will be agreed upon from the outset of the partnership to ensure that the program meets the needs of the employer and to ensure MPower Co can provide adequate support for enrollees.
MPower Co will monitor the number of registrants from the employer. Once the volume of employees register that the employer is willing to sponsor in a given year, the registration will be closed.
To ensure that only company employees register for the courses, MPower Co provides a list of registrants at the time the outset of each course.
We call it a sponsorship of employees because in previous partnerships employers have chosen to require employees to complete the course (i.e. completed a certain number of units – at a minimum read the material and communicate with the instructor).
At the end of the course, MPower Co notifies the employer of which individuals have completed the course requirements. For those that do not complete the course, employers have chosen to withhold the course fee from future paychecks.
This is not a requirement from MPower Co’s perspective, but we understand that it could encourage individuals to complete the courses, which is our goal.
Personalized registration pages
MPower Co will create non-public webpage(s) with information and registration specific to the partnership. It is non-public so that only your employees will know what courses your company offers and the details of the program as agreed upon within the partnership.
The webpage(s) will detail each of the course offerings, disclosures, and registration processes. This ensures that all employees know what they are registering for and what the requirements are for their sponsorship.
Straightforward marketing language
Your team is busy, so MPower Co wants to make it easy to market the courses offered. MPower Co has language regarding its courses that it will provide to employers to distribute to employees making the marketing of the courses a breeze.
This language will be specific and enticing so that employees will know the benefits of the course programming and how it can improve their lives. It is also honest about program requirements.
Fully Online Platform
MPower Co teaches all courses through an online platform that provides information in a professional manner that prioritizes ease of use.
We find that any person that can register successfully can use the technology to be able to complete the course.
In addition to written education, employees can track their progress, download handouts and worksheets, complete quizzes, and access links throughout the courses.
One-on-one with coaches
While technology is important to deliver the courses smoothly, at MPower Co we don’t believe that is enough. We want there to be support and individualization of the material. We do this by having a course instructor that communicates with those taking the courses on a regular basis throughout the course.
Enrollees will receive an email from their instructor designating when new units of the courses are rolling out and can communicate with their instructor at least once a week. These communications will receive timely individualized responses from the instructor.
Guaranteed Confidentiality
The research is clear that individuals want financial education from someone unaffiliated with their employer. While we do provide the names of those that have taken the course to the employer (and we make sure to disclose this to registrants), we will never provide employers with any specific financial information of any individual.
We also work to not intrude on individuals’ financial lives. Each course has instances where we give enrollees the opportunity to communicate with their instructor about the Unit.
The prompts are written to ensure that students understand the course materials and not to pry about their personal situation. Additionally, there are several prompts to ensure that individuals find a topic they are comfortable discussing.
We never request that individuals tell us their personal financial details. What they choose to share with us is based on their comfort level.
Zero Cross-Selling
MPower Co does not sell any products besides our courses and coaching. We will not solicit any specific financial products or instruments.
This is critical because we want employers to know our purpose is solely financial and wellbeing education.
While we provide education, sometimes we run into situations where beyond education individuals need very personalized information. MPower Co has researched and knows the leading industry business to recommend.
For instance, some students need in-depth credit counseling and we know what organization is the leader in the space to refer them to.
It’s time to invest in wellness programming
The data shows that employees want financial and well-being education, and MPower has courses that have been proven to provide just that.
A number of individuals who have completed our courses indicate they would recommend our courses to others and wish they had the education earlier in life.
MPower Co is ready to provide its courses to your employees to reduce turnover and improve employee engagement. We look forward to working with you!
If you are ready to work with us to provide our courses to your workforce, contact us at info@mpowerco.com, or fill out this form.
