Written by: Dan Kofke, Motivational Mentor
For many people, finding a personal financial mentor is relatively easy. There are thousands of financial advisement companies and individual advisors to help people with their long-term financial plans. However, the cost of acquiring a personal financial mentor is usually not within reach for the average 9-to-5 worker. Moreover, employees who do not feel well-versed in financial services and solutions may become overwhelmed by the sheer volume of options and information. This is part of the reason why adding a financial mentor to your arsenal of employee benefits could completely transform your organization and greatly improve the financial wellness of your staff.
Considering a Financial Mentor as an Employee Benefit
According to recent studies, U.S. employees are among the most stressed workers in the world. [1] Stress in the workplace stems from a wide variety of places, including long work hours, limited PTO, and high-pressure environments. However, time after time, studies have shown that financial stress tops the list of stressors for most Americans. This applies both inside and outside the workplace, with 73% of Americans naming finances as the number-one stress in their lives. [2]
In addition to its prevalence, financial stress has a profound effect on the average American worker. In fact, financial stress often causes employees to feel less focused on tasks and more likely to miss days of work to deal with financial problems. Employee engagement also takes a huge hit when workers feel overwhelmed by money concerns. Fortunately, employers can use a financial mentor as an employee benefit to make a workforce healthier and more productive.
Improving Financial Wellness in the Workplace
For middle or lower-income staff, a financial wellness program can be extremely beneficial, as many of these people do not have access to a financial mentor or retirement advisor. If you offer a free financial mentor as a standard employee benefit, you can give people the individualized help and resources they need to improve their finances. This can cover a broad range of issues, from student debt and refinancing a mortgage to creating a will and saving for retirement.
So how does providing a financial mentor as an employee benefit actually work? When using a company like Mentoro, you pick the kind of plan that best fits the needs of your business and workers. However, it is important to note that every Mentoro plan offers direct access to a financial mentor. Some of the most useful benefits for employees are the unlimited, one-on-one meetings with the company’s designated mentor. At Mentoro, we encourage family and spouses to be involved in these meetings as well.
Sometimes, financial mentors will have meetings in person, but we also offer virtual meetings for convenience and safety. Each plan varies in the kind of resources and services provided, but group presentations are also a common and effective way for employees to learn and become more financially empowered together. Being flexible to different people’s needs is vital.
For this reason, our financial wellness strategy is defined by 7 key steps:
- Spend less
- Save more
- Manage debt
- Save for retirement
- Protect yourself
- Plan your legacy
- Generate wealth
Finding a Financial Mentor With Mentoro
Empowerment is the cornerstone of our approach to financial wellness, and a financial health mentor can help give your employees the hope and knowledge that they can do it on their own. Our financial mentors are aligned with both the industries and companies of our clients. Moreover, we study each company’s needs (as well as the needs of the employees) thoroughly to make sure that we match you with the best possible mentor for your business.
If you want to learn how to find a financial mentor for your organization, or if you want to know more about acquiring a financial wellness program for your business, be sure to contact the experts at Mentoro today!
Sources:
Gallup Poll
https://www.gallup.com/workplace/349484/state-of-the-global-workplace.aspx
CNBC CreditWise Survey
https://www.cnbc.com/select/73-percent-of-americans-rank-finances-as-the-number-one-stress-in-life/
