A new online guide designed for HR professionals provides a comprehensive framework for assessing worker financial health, including how to evaluate workers’ savings health.
The Employer FinHealth Toolkit, created by the Financial Health Network, details a roadmap for HR leaders looking to implement a financial health strategy for their workplace. The guide outlines a four-step framework to diagnose needs, identify solutions, design for engagement and measure impact.
“Investing in employee financial health of the workforce isn’t just the right thing to do for employees — it’s also a win-win for employers and their bottom line,” said Beth Brockland, vice president for workplace at Financial Health Network. “Improving employee financial health reduces employee stress, improves employee engagement and productivity, and contributes to more equitable workforces.”
Spotlight on ESI Partner UPS
Workplace savings programs are a core part of BlackRock’s Emergency Savings Initiative’s partner efforts.
The Toolkit spotlights ESI partner UPS’ emergency savings program with its 401(k) recordkeeper partner Voya. The UPS program, developed in collaboration with ESI industry expert Commonwealth, was announced in October 2020 and reaches 90,000 workers. The program has been a pioneering example of how recordkeepers and employers can work together and is a significant recognition of the employer’s role in their employees’ financial security.
In 2021, ESI announced partnerships with additional large employers focused on workplace savings including Best Buy and Levi Strauss & Co.
Visit the Employer FinHealth Toolkit.
BlackRock’s Emergency Savings Initiative
BlackRock announced a $50 million philanthropic commitment to help millions of people living on low to moderate incomes gain access to and increase usage of proven savings strategies and tools – ultimately helping them establish an important safety net. The size and scale of the savings problem requires the knowledge and expertise of established industry experts that are recognized leaders in savings research and interventions on an individual and corporate level. Led by its Social Impact team, BlackRock is partnering with innovative industry experts Common Cents Lab, Commonwealth, and the Financial Health Network to give the initiative a comprehensive and multilayered approach to address the savings crisis.