FOR IMMEDIATE RELEASE
SUM180 shares the winning features of a financial wellness benefit
Louisville, KY – February 28, 2017 – Replacing employees is expensive. In a time of low employee retention and high turnover, employers are striving to improve programs with a positive impact on employee engagement. “While individual benefits may not drive retention, benefits packages that address employees’ needs demonstrate that a company cares and, in so doing, become a driver of retention,” said Carla Dearing, CEO of SUM180, an online financial wellness service designed to be simple and affordable.
According to Gallup, only 33% of American employees are engaged and slightly more than half (51%) report that they are actively looking for a new job or watching for openings. The results of a recent Society for Human Resource Management (SHRM) survey— Influencing Workplace Culture Though Employee Recognition and Other Efforts—indicate that the average cost per new employee hire is $4,129 and the average time it takes to fill a given position is 42 days. Nearly three-quarters (67%) of workforce management decision makers, according to Gallup, say employee retention is their number one business concern.
“Considering the time and money associated with replacing an employee, it’s not surprising that employers are stepping up their efforts to meet their employees’ needs with, among other things, benefits packages that address the wellbeing of the whole person, instead of just their medical care. Some 38% of employees say they’re more engaged with benefits. And, let’s not forget, engaged employees aren’t only more likely to stay on the job, they’re more productive,” Carla continued.
Among the services increasingly being included in benefits packages are those directed at reducing employee financial stress. According to PwC US’s 2016 Employee Financial Survey, employee financial stress is the highest it’s been during the last five years.
“Financial wellness services are a much-welcomed addition to the ‘core’ benefits package most employers offer, provided, that is, that they’re ‘done right,’” Carla concluded.
Following are the three qualities that distinguish a financial wellness offering that demonstrates employer care and contributes to employee engagement:
Comprehensive. Programs that focus on particular areas basically ignore other equally important areas of employees’ financial health. Only a full financial picture ensures employees’ most important issues are identified and addressed.
Personalized. A one-size-fits-all solutions doesn’t cut it. Each individual’s specific situation needs to be assessed. Only in this way can tailored action steps that are right-sized and doable be provided.
Private. Money is a sensitive and emotional subject that is difficult to discuss—especially in a group setting. The right program respects the need for privacy, which empowers participants to discuss their issues without fear of judgement.
SUM180 is an online financial wellness service designed to make planning and dealing with your money simple and affordable.
Specifically, SUM180 is differentiated in the following ways:
• SUM180 meets people where they are. SUM180 plans are personalized to help people wherever they are right now on their financial journey; whether they’re just beginning, starting over or well on their way.
• SUM180 plans are simple. They start with only the three (3) most important next steps, making them easier to accomplish, and gives clients a clear picture of where they are.
• SUM180 doesn’t assume clients want to become financial experts to meet their financial goals. SUM180 provides the tools they need, without overwhelming them with “education” and details they don’t need.
• SUM180 offers a community for users, unfiltered, which allows them to explore and share.
• SUM180 serves; never sells. Earning and keeping client trust is SUM180’s highest priority. SUM180 never makes commissions from any of its recommendations, ever.
Additional information about SUM180 may be found at https://sum180.com/.
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Robin Schoen Public Relations