The Small Business HR Podcast
Ep. 39
39. Creating a Holistic Financial Wellness Program w/ Will Peng
Will Peng
CEO and Co-Founder
In this episode, we sat down with Will Peng, CEO and Co-Founder of Northstar to talk about the value of holistic benefits and the importance of offering financial well-being programs for employees as a part of total rewards.
During our discussion, we talked about:
- The impact of financial burdens on employee focus, productivity, and retention
- Why it’s important to understand the diversity of each employee’s life and experience to fully appreciate the need for and impact of financial tools and training
- The altruistic and practical reasons employers should offer financial well-being programs to their employees
- How programs that inform, advise, and make next steps easier mutually benefit employees and employers
- What steps small businesses can take now to prioritize employee financial well-being
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It’s about expanding the definition of financial wellness to include not just budgeting, but also debt management, investing, and everything that is related to the ways a financial plan can help people achieve their life goals.”
Employment is the primary source of wealth creation for the majority of Americans so I think there’s a responsibility for employers to support their employees beyond just giving them a paycheck.”
It’s important to remain competitive in a talent war. It’s costly to replace employees especially those with a lot of institutional knowledge and making your employees feel supported financially is one of the biggest ways you can solve this.”
