Bank at Work Programs Help Municipalities and Public School Districts Reward Staffers
October 14, 2024
|
Governments
October 14, 2024
|
Governments
A commercial bank relationship provides more than deposits, procurement cards, equipment leasing and institutional trust services. They also offer services for crucial institutional support. One offering many local municipalities and public school districts may not be familiar with a benefit-loaded program called Bank at Work.
Bank at Work programs support employee engagement strategies and help maximize workplace productivity along with current employee recruitment and retention efforts. By deepening partnerships and impacting the communities that we all live and work in, these programs help assist government agencies such as cities, counties, municipalities and school districts by supporting their biggest assets—their employees and the communities they serve.
Individuals’ financial health is just as critical to their overall well-being as physical and mental health. Lack of financial wellness is a serious problem and for employees, and finances are the No. 1 source of stress.1
According to one survey, 65% of Americans say they live paycheck to paycheck.2 That stress on your employees can translate into lower productivity on the job. According to PwC’s 2023 Employee Financial Wellness Survey, “financially stressed employees are nearly five times as likely to admit personal finance issues have been a distraction at work.” But there’s also good news: in that same PwC survey, 68% of employees reported using the financial wellness services their employers provide.3
With all that in mind, here are a couple of items to consider when looking into robust financial wellness and benefits programs:
Financial literacy and education. The vast world of banking and finance can seem daunting. Having a trusted point of contact can help your employees feel safe when communicating with banking professionals. This provides a valuable education for employees and allows them to ask the questions that keep them up at night.
The following are all excellent ways for employees and organization members to learn about various banking topics such as budgeting, mortgages, credit and investing:
-
New hire orientations
-
Staff meetings
-
Tabletop events
-
Annual benefit fairs
-
Financial education seminars
-
Lunch and learns
-
Self-guided learning programs
Banking benefits. Having an employer offer banking benefits creates a trusted resource that gives employees the courage to take that first step in gaining insights into what is available to them and their families. This can open a world that employees never knew existed or thought they could qualify for. Often this starts with something as simple as a checking or a savings account, which can lead to debt consolidation, uncovering investment opportunities, and homebuyer programs and grants.
1 Grayston Consulting, The Real Costs of Employee Financial Stress –and How Employers Can Help, September 2020
2 CNBC, More Americans say they are living paycheck to paycheck this year than in 2023 – here’s why, April 2023
3 PwC, PwC’s 2023 Employee Financial Wellness Survey, January 2023
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A commercial bank relationship provides more than deposits, procurement cards, equipment leasing and institutional trust services. They also offer services for crucial institutional support. One offering many local municipalities and public school districts may not be familiar with a benefit-loaded program called Bank at Work.
Bank at Work programs support employee engagement strategies and help maximize workplace productivity along with current employee recruitment and retention efforts. By deepening partnerships and impacting the communities that we all live and work in, these programs help assist government agencies such as cities, counties, municipalities and school districts by supporting their biggest assets—their employees and the communities they serve.
Individuals’ financial health is just as critical to their overall well-being as physical and mental health. Lack of financial wellness is a serious problem and for employees, and finances are the No. 1 source of stress.1
According to one survey, 65% of Americans say they live paycheck to paycheck.2 That stress on your employees can translate into lower productivity on the job. According to PwC’s 2023 Employee Financial Wellness Survey, “financially stressed employees are nearly five times as likely to admit personal finance issues have been a distraction at work.” But there’s also good news: in that same PwC survey, 68% of employees reported using the financial wellness services their employers provide.3
With all that in mind, here are a couple of items to consider when looking into robust financial wellness and benefits programs:
Financial literacy and education. The vast world of banking and finance can seem daunting. Having a trusted point of contact can help your employees feel safe when communicating with banking professionals. This provides a valuable education for employees and allows them to ask the questions that keep them up at night.
The following are all excellent ways for employees and organization members to learn about various banking topics such as budgeting, mortgages, credit and investing:
-
New hire orientations
-
Staff meetings
-
Tabletop events
-
Annual benefit fairs
-
Financial education seminars
-
Lunch and learns
-
Self-guided learning programs
Banking benefits. Having an employer offer banking benefits creates a trusted resource that gives employees the courage to take that first step in gaining insights into what is available to them and their families. This can open a world that employees never knew existed or thought they could qualify for. Often this starts with something as simple as a checking or a savings account, which can lead to debt consolidation, uncovering investment opportunities, and homebuyer programs and grants.
1 Grayston Consulting, The Real Costs of Employee Financial Stress –and How Employers Can Help, September 2020
2 CNBC, More Americans say they are living paycheck to paycheck this year than in 2023 – here’s why, April 2023
3 PwC, PwC’s 2023 Employee Financial Wellness Survey, January 2023
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