Goals for Phase 3 of our research on EFWPs include:
- Help employers design EFWP services that address the needs of employees, reflect employee preferences, and are informed by research evidence.
- Rigorously assess EFWP services’ impact on employee financial well-being in different domains: consumption and hardship, credit, debt, emergency savings, and retirement savings.
- Assess whether offering EFWP products and services to employees affects turnover, absenteeism, employee loyalty, and employee satisfaction with benefits packages to determine whether a business case can be made for offering EFWPs.
- Study a wider range of EFWP products and services, such as payroll advance apps, emergency savings programs, and student debt repayment initiatives.
- Determine which types and dosages of EFWP services have the greatest impact on employee financial well-being and employer outcomes.
- Further understand how employee and employer outcomes associated with EFWP services vary in relation to industry, occupation, work conditions, and employee and household characteristics.
- Summarize and synthesize research evidence on EFWPs to offer guidance to employers and policy makers.
- EFWPs offer an opportunity to reach and positively impact LMI households at greater scale than community-based programs alone.
- A wide range of EFWP services are available and it is unlikely that one-size-fits-all.
- Services such as financial coaching or credit-building counseling represent efforts to help LMI employees manage existing resources, yet employees need access to non-predatory loans and opportunities and incentives to build emergency savings to decrease demand for credit and reduce risk for hardship.
Strategies to achieve these goals include:
- Recruit employers that want to implement an EFWP or are in early stages of EFWP implementation and want to learn from action-oriented research.
- Conduct efficacy studies of different types of EFWP services using random assignment or quasi-experimental designs to assess outcomes among employees.
- Partner with employer associations and stakeholder groups to disseminate findings and facilitate efforts to translate findings into improved employee benefit practices.