Having a financially savvy workforce benefits your business—namely, because you avoid the costly consequences of the alternative. Fifty percent of workers age 60 and over plan to work until age 70 or later. This costs employers somewhere between $10,000 and $50,000 in insurance and benefits for each year an employee delays retirement. Additionally, this can hinder career advancement for younger workers, leading to turnover, which costs businesses an average of $15,000 per lost employee.
Offering worksite financial wellness coaching through Balefire can help mitigate these costs and support a healthier, more productive and loyal workforce. One of the most effective ways to increase financial literacy is by offering personalized guidance to employees on managing their finances. Each employee has unique goals, and whether they need assistance with retirement planning, debt management, or selecting the right investments, Balefire can help them create a clear, actionable plan to reach those objectives. By educating employees on their benefits, compensation packages and providing ongoing financial literacy resources, we empower them to make sound decisions and adjust their plans as their needs evolve. In addition, well-informed employees tend to have increased loyalty to their employer as they can clearly see and appreciate the value of their worksite benefits.