Hartford Business Journal

18 HARTFORDBUSINESS.COM | OCTOBER 2, 2023 www.chelseagroton.com Sponsored Content F inances stress (almost) everyone out. Even your employees! If you're a business owner trying to think of ways to differen- tiate your offer from other com- petitors, and to truly show support to your team, look no further than offering a Financial Wellness Program as part of your benefits package. Financial Wellness Pro- grams can help with employee re- cruitment, retention, engagement, and productivity. Here's why: • 7 out of 10 employees say that high inflation and market volatility has significantly increased their financial stress. • Lack of financial well-being can increase employees' stress and on-the-job distractions. • Employees are 6x more likely to say money concerns have severely impacted their productivity at work, 2x more likely to be looking for an - other job, 7x more likely to say it's affected their attendance, and 13% less likely to feel valued at work. What should a Financial Wellness Program include? According to a 2017 Prudential Employer Survey, the most common Financial Wellness Programs contain: • Digital portal through which all tools and content can be ac- cessed; • Tools and calculators to help employees gauge their financial wellness; • Retiree planning; • Access to financial advice and/or advisors – coaching on budgeting, paying down debt and building an emergency fund. Other recommended financial well- ness elements can include employee discount programs, student loan repayment subsidies, emergency savings accounts, and earned wage advances. How do I know if this is what my employees want? How do I know if it works? Engage: • Listen to employees' attitudes about financial health and person- alize financial resources to their needs; Financial Wellness Programs: A Key Employee Benefit Alexis Kahn, First Vice President, Cash Management Sales Manager, Chelsea Groton Bank • Offer incentives (points towards cash incentives, discounted health insurance premiums) for participation in your Financial Wellness Program. Communicate: • Embed financial wellness into your organization's values; • Spread the word on resources: in- ternal newsletters, staff meetings, orientations, and annual/quarterly reviews. Measure success: • Increased employee satisfaction (financial well-being survey, em- ployee feedback); • Increased employee productivity; • Increased retirement plan partici- pation; • Number of program participants. Who can help me make this happen? Chelsea Groton Bank offers a Finan- cial Wellness Program exclusively for business customers' employees that comprises complimentary, cus- tomized financial classes as well as access to Chelsea University, an online financial wellness platform for individuals and businesses. • In addition to courses offered to the general public (all available to register for at no charge on the Bank's website), Chelsea Groton can deliver classes exclusively for teams of employees in-person at a business or at any Chelsea Groton Bank branch, virtually, or as a hybrid. The Bank can also offer a playback recording of the classes for anyone unable to attend the live session. • The Chelsea Groton Bank team also offers follow-up financial coaching in Bank branches or over the phone/Zoom. Interested in learning more? Please contact the Chelsea Groton team at 860-448-4295 or growthatbusiness@chelseagroton.com to learn about how Chelsea Groton could customize the Bank's financial wellness program to fit your busi- ness' needs. About Chelsea Groton Bank Based in Groton, Conn., Chelsea Groton Bank is a full-service mutually owned bank with over $1.5 billion in assets. Chelsea Groton Bank's products and services include consumer banking, business banking, mortgage and business lending, cash management, financial planning and financial wellness programs. With 14 branch locations throughout New London County and a Loan Production Office in Hartford County, Chelsea Groton Bank also provides online and mobile banking, 24-hour telephone banking, and nationwide ATM bank- ing for individuals, families and businesses. To learn more, please visit www.chelseagroton. com. Member FDIC. Equal Housing Lender. NMLS ID 402928. Sources: 6 Ways to Measure the Success of Financial Wellness Efforts: Society for Human Resources Management Financial Wellness: Make It an Organizational Priority: Society for Human Resources Management Tips for retaining workers in a still-tight labor market: Hartford Business Journal 2022 PwC Employee Financial Wellness Survey: PwC Designing your employee financial wellness program - Workplace Insight Six steps for launching a financial wellness program | Mission Money

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