Ernst & Young LLP has launched a new eFinancial Wellness platform that will help small to mid-market employers offer affordable financial planning services to their employees. Featuring interactive technology that provides a wide array of financial education resources, this affordable financial planning service is customized for the needs of an organization, not its size.
The Financial Wellness Assessment, accessible through the EY Financial Planning Center®, is the cornerstone of the service. This complete employee financial assessment yields a baseline score for each employee’s personal financial wellness and offers prescriptive action items based on individual needs. With a clear understanding of each individual’s area of focus, the platform then provides financial education and learning on topics tailored to those needs.
“Personal financial education and wellness programs can be one of the most life-changing benefits a company can offer its employees because of the tangible difference it can make to their financial well-being,” says Lynn Pettus, National Director of the Employee Financial Services group of Ernst & Young LLP. “By better managing their financial lives, employees can lower money-related stress. Reduced stress leads to increased confidence on the job, improved productivity and a more engaged workforce.”
Employers can gain a number of benefits by helping their workforce become more financially secure. Workers with a better understanding of their financial future can contribute to a company’s bottom line and provide a greater return on the benefits, through:
- Improved rates of benefits utilization
- Reduced stress levels, resulting in reduced absenteeism rates
- Increased employee focus and productivity
- Lower healthcare costs
- Lower employee turnover
To help companies deliver the benefit to their employees, the EY eFinancial Wellness platform updates participating companies with:
- Dedicated project manager support
- Quarterly engagement reports
- Client-ready communications packages