The Role of Financial Wellness in Today’s Workplace

November 2, 2023

Categories: Financial Planning, Financial Resources, Financial Wellness, HSAs

Laurie Baker

By Laurie Baker

The overall health and wellbeing of our employees has always been a focus at The Summit. Happy and healthy employees are typically more productive, engaged, and connected with the organization. We approach our employee’s health holistically and view stress reduction, emotional health, and financial wellness as key pillars to our operation. This topic is particularly relevant when the window of Open Enrollment appears on our calendars each Fall.

As a credit union, we have the unique opportunity to help other businesses and organizations promote the wellbeing and effectiveness of their workforce. We accomplish this by partnering with hundreds of companies and organizations throughout our regions through The Summit at Work Program. This program offers a full array of financial solutions for Member Groups, their employees, and their families. The program is specifically focused on being a strategic solution and a distinct component of their comprehensive benefits package.

You may be wondering how the program works and what are the benefits.

Businesses and organizations can join The Summit as a Member Group at no cost to them or to their employees. Our Member Groups range from small non-profits, to large, for-profit companies spanning our entire Buffalo-Rochester-Seneca Falls-Syracuse-Cortland footprint – everything from manufacturing companies, nursing homes, and technology firms, to law enforcement agencies, school districts, and community organizations.

Our Business Relations team tailors a program to address the needs of the business and employees, offering tools and resources such as financial education, support at health and wellness fairs, home and car ownership solutions, wealth management advice, and High Deductible Health Plan (HDHP) support with an employer-based Health Savings Account (HSA) program, access to financial counseling, and more.  By extension, all employees of member companies and their families are eligible to be members of The Summit and enjoy all the benefits of that status.

The relationship with our Member Groups is a true partnership. Our Member Groups are especially appreciative of our free financial education sessions for their employees. Our sessions cover everything from first time homebuying to saving for retirement to Credit 101.  Time after time, Human Resources representatives have commented on the diversity of our educational opportunities, including workshops for young professionals as well as seasoned workforces.

The Summit’s HSAs can be a lifeline for companies with HDHPs – a pre-tax way to save for qualified health expenses. The wonderful thing about HSAs is that they belong to the account holder and are not linked to where they work. HSAs roll over (there’s no “use it or lose it” rule) and can be used for savings all the way into retirement.

I have heard on numerous occasions that integrating financial wellbeing into recruiting and retention strategies is a key differentiator for our Member Groups. Our role as a financial wellness provider is one that we are pleased to deliver to our Member Groups every day. While the premise is simple, the effects can be life-changing and empowering in the workplace.

For more information on how you can add financial wellness options to your repertoire of employee benefits, visit: Partner with The Summit | The Summit Federal Credit Union (