3 reasons to make financial education your business' side-hustle

Most businesses don't start out with the idea that they will moonlight as financial educators, but financial education has become an increasingly important component of workplace benefits programs. That's partly because the workplace has evolved to become a major engine driving personal financial growth for many of us — from healthcare to income, retirement to education planning, and beyond, it's often centralized through workplace benefits. And as employees increasingly view their companies as perhaps the first stop when tending to their personal financial needs, they also increasingly turn to their companies for personal financial support. 

Adequate education can help your employees navigate their workplace benefits and wider financial lives with greater dexterity, ultimately helping to alleviate financial stress, motivate leaders, and create a culture that fosters a more productive enterprise. Let's unpack three key reasons why educating your employees and prospective talent on the connections between your workplace benefits and their real-world financial outcomes is strategically important for your business.

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1. The workplace is a wealth builder
Companies are recognizing that it's not enough to simply offer benefits: Like any financial resource, the wealth-building potential of the workplace requires careful thought and strategy to assemble and use in a way that makes sense. It's nice to think that "if you build it, they will come," but helping employees and prospects make the connection between your workplace benefits and their personal financial goals is an ongoing challenge: Our research shows most employees (89%) and HR leaders (97%) agree their company needs to do a better job providing resources to help employees maximize the financial benefits offered. 

To truly make the most of workplace benefits, employees will need varying kinds of support throughout their careers, and they will need help finding the right information at the right time. Financial education is a logical solution for companies to reach for in terms of meeting employees wherever they are and walking them through whatever they need to know — whether it's basic financial literacy, investing themes, technical terminology, financial choices that can affect their long-term outlook, or legal and regulatory features of their equity, insurance or retirement plans. 

Education can even help employees extract more value out of other benefits like financial wellness programs, retirement planning, self-guided digital tools, one-on-one counseling, and access to a financial advisor, by helping them figure out what questions to ask and what goals to prioritize. Making these connections is especially important when it comes to more complex financial benefits such as equity compensation, where even sophisticated executives are starved on time and may require assistance navigating complex regulations and tax consequences. 

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2. There is a solution that fits your business
Of course, any financial education you offer must fit within your budget and business goals, and this can be challenging amid ongoing macro uncertainty. But you don't have to do it alone: Outsourcing some of this demand through your benefits providers is one way to extend built-in support to your employees. Many benefits providers come to the table with education materials and programs baked into the end user experience (think: virtual education modules, intuitive UX technology, and digital prompts) as well as direct access to financial service professionals who can help address specific employee questions. 

Consider consulting with your providers as you build your own education content and communication campaigns to highlight flexible resources and support for employees, whether through SMS text, AI chats, dial-in and on-demand webinars, and virtual meetings. Many providers can also help you create bespoke educational programs that can be recorded and shared with employees on demand. Every effort you make to help clarify the tangible value and real-world impact of the benefits you offer can pay dividends in terms of helping your employees feel more valued, supported, and engaged at your company. 

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3. Personalization is the next frontier
As artificial intelligence proliferates and the future of work is continually redefined, one thing we know for certain is that personalization is here to stay. Whether it's self-guided experiences through responsive content, AI assistants, on-demand guidance, or white glove service, look for opportunities to automate or personalize your benefits support. This can mean many things, depending on your business needs and budget — again, work with your providers to see what features they have available to help you create more individualized experiences for your employees.

Beyond a paycheck, your financial benefits can play a strategic role in how individuals pursue whatever goals matter most to them—whether that's tackling debt, saving for a home or education, or building for a more secure future. Financial education can offer a key to help unlock this potential not only in terms of your employees' understanding of their workplace benefits, but also their overall engagement, retention, and ultimate performance and contributions to your organization. The most important thing is to show your employees you are there to help support them along their way — no matter where they are in the journey.