When it comes to employee wellness, our minds tend to leap to the obvious things: healthcare, assistance with diet, and exercise, and innovative office design. It’s becoming increasingly obvious, however, that financial wellness is just as crucial.
It makes sense too. After all, no employee is going to be able to give full attention to their job if they’re worrying about debt or their inability to save.
Small wonder then that a 2015 survey from benefits consulting firm Aon Hewitt found that 90% of large employers wanted to expand their financial wellness programmes.
That in turn has created a growing market for companies who specialise in providing corporate financial wellness solutions.
That’s as true in the UAE as it is anywhere else in the world and these are the companies helping out corporates with their financial wellness solutions.
Global consulting firm Mercer is based in more than 40 countries, and operates internationally in more than 130 countries, including the UAE.
According to Mercer Middle East, it’s approach to financial wellness “relies on data analytics to provide insights into employee behaviours”.
This, it says, allows it to “isolate demographic and behavioural characteristics to find the most successful programs and tactics for employees”.
Holborn Assets has been a servicing corporates in the UAE for the past 15 years. It offers a number of services, including in the employee financial wellness space.
These include: health insurance; pensions; income protection; share options; share schemes and disability insurance.
More specifically, it says, its strength lies in negotiating the best possible rates from the companies providing those services to the corporates it serves.
Another global player, MetLife is among the largest global providers of insurance, annuities, and employee benefit programs, with 90 million customers in over 60 countries.
In the UAE, it offers several solutions tailored for everyone from SMEs to large corporates.
While medical insurance isn’t strictly a financial wellness offering (although you’d think differently if you’ve ever had to pay a hospital bill), it’s also worth noting that MetLife has packages to help ensure that SMEs are in line with Dubai Health Authority (DHA) regulations.
Willis Towers Watson is a leading global advisory, broking and solutions company. With roots dating to 1828, Willis Towers Watson has 40 000 employees serving more than 140 countries.
In the human capital space, it has financial wellness offerings as part of its rounded approach to employee benefits.
This approach, it says, are “based on leading-edge thinking, data, analytics and software, unearthing new ways to motivate people, foster well-being and implement solutions that work”.
Admittedly financial tracking app Wally isn’t actually a corporate financial wellness vendor. Used properly though, it can empower employees to take charge of one of the most difficult aspects of financial wellbeing: keeping track of income and savings.
Wally also allows users to scan receipts to keep better track of their spending. Additionally, they can set financial goals and track how close they’re getting to those goals.
Best of all is the fact that it’s completely free to use, making it a great product for small businesses to tell their employees about.
If this is something that interests you, be sure to watch out for our article on useful budget tracking apps in the next few days.
What are some of the best financial wellness providers you know about? Let us know in the comments section below.