Financial anxiety has become a defining workplace reality for employees across the U.S. According to the Federal Reserve’s 2024 Survey of Household Economics and Decisionmaking, 60% of adults say price changes over the past year made their financial situation worse. Additionally, 17% say price changes made their financial situation much worse. This shows that financial anxiety has become a reality touching employees at every level.
When financial stress is this pervasive, companies can’t ignore its impact on their workforce. The days of offering surface-level perks are over—employees need benefits that tackle their financial concerns.
Employers are now placing a higher priority on making employees feel valued and finding ways to provide financial relief outside of sweeping salary hikes. According to WTW’s Global Benefits Attitudes Survey, 88% of workers in the United States are finding it difficult to meet basic living costs. Additionally, nearly half of employees (46%) are extremely worried about their ability to pay for basic living expenses. While you can’t single-handedly solve employees’ financial strain, strategic selection of employee benefits that reduce day-to-day expenses can make a measurable impact on both employee retention and workplace loyalty.
Moving Beyond Traditional Office Perks
Turnkey solutions like a local deals component of an employee discount program can provide ready-to-implement options. Unlike traditional office perks that require upfront investment and limited scalability, local savings programs can be implemented quickly and appeal universally to your workforce.
These programs have taken the format of a standard employee discount program; instead of focusing on national chains and internet vendors, however, local savings programs form direct relationships with independent and smaller scale businesses. So instead of deals with Amazon and Disney, local deals can nab discounts for employees at their local vinyl record dealer or independently owned pizza parlor.
Employee savings programs provide tangible impact: date nights become affordable for busy parents, health and wellness expenses decrease, and everyday purchases fit tighter budgets. These savings free up funds for quality-of-life investments that truly matter to employees.
Implementing a comprehensive benefits plan that addresses the needs of employees is doable with digital platforms. But benefits don’t impact employee retention if program adoption is low, which is half the battle. According to Staffbase research, 47% of employees get company information primarily from their immediate supervisor—making managers the most trusted source for benefit communication.
“As managers hear firsthand about employees’ financial struggles, they’re uniquely positioned to bridge the awareness gap,” Working Advantage General Manager Tom Murphy says. “Many employees don’t know the full breadth of support available through workplace benefits—from discount platforms to comprehensive benefit portals. Managers can make an immediate impact by directing their teams to these existing resources that provide real relief for everyday expenses.”
Tips For Leaders
Integrate Information Sharing During Regular Touchpoints
Use team huddles, one-on-ones, and training sessions to highlight available programs and demonstrate access methods. Make benefit awareness part of your routine communication rather than a one-time announcement. When discussing financial wellness benefits, focus on specific use cases that resonate with your team. Maybe mention the local restaurant discounts for the foodie on your team or highlight electronics savings for the tech enthusiast.
Prioritize Convenient, Practical Solutions
Employee savings programs utilize simple, easy-to-use platforms that provide discounts and perks for employees without requiring the user to jump through hoops.In an era of information overload, ease of use can drive adoption. Look for programs that offer apps, single sign-on, or integration with existing systems your employees already use. If accessing a benefit requires multiple logins, complicated approval processes, or waiting periods, participation will suffer.
Champion Workplace Benefits
Use the benefits yourself and share your experiences. Personal anecdotes often carry more weight than generic corporate communication. Share specific stories about how you’ve used local deals for family outings, saved money on everyday purchases, or discovered new services in your area. When your team sees that you actively use these programs, it demonstrates value.
Listen and Respond
Gather feedback on what employees actually need. The most successful programs are built from employee input, not assumptions. Create regular opportunities for your team to share what types of discounts or services would be most valuable to them. This could be through informal check-ins, anonymous surveys, or dedicated feedback sessions.
It’s important to pay attention to the financial challenges your employees mention because these insights can help you advocate for relevant benefits with leadership. When employees see their suggestions being implemented or considered, it increases engagement with the entire benefits program.
As financial pressures are consistently a growing concern among employees, traditional perks are losing relevance. Smart organizations are pivoting toward benefits that provide real economic relief. As a leader, you’re positioned to make these programs successful. Connecting employees to available resources is an important aspect of providing comprehensive benefits that meet the needs of your workforce. Leaders who bridge this gap will see stronger team loyalty, reduced financial stress among their staff, and a more engaged workforce.