How to Build Meaningful Work Experiences That Truly Support Employees

Workplaces love to talk about purpose, culture, and career growth as the keys to employee engagement. But let’s be real—none of that matters if financial stress is eating away at an employee’s peace of mind.

A mountain of research—including a massive study by the Social Policy Institute at Washington University in St. Louis—confirms that financial security is one of the 26 essential job characteristics that determine whether employees stay engaged, productive, and committed. In other words, meaningful work isn’t just about what employees do—it’s about how secure they feel while doing it.

Financial Stress: The Hidden Barrier to Commitment

The cost of living keeps rising, debt is piling up, and savings? For many, that’s just a dream. Nearly half of Americans can’t cover a $400 emergency expense without borrowing money or selling something. That kind of financial anxiety doesn’t stay at home—it walks into the office with them, draining focus and productivity.

According to the PNC Organizational Financial Wellness Workplace Report, 78% of employers recognize that financial stress is a major issue for their teams. And research confirms that this stress impacts five core business metrics: turnover, commitment, individual performance, engagement, and burnout. Financially stressed employees lose an average of 8.1 hours of productivity per week—an expensive problem for any company.

But here’s the kicker: traditional financial benefits, like 401(k) plans, aren’t solving the problem for middle- and low-income earners. And even Ted Benna, the “father of the 401(k),” agrees. He now believes the system isn’t serving most workers effectively and that better solutions are needed.

Beyond Perks: Why Financial Security Matters More

Companies often try to boost engagement with perks like free snacks and wellness programs. But when employees are worried about making rent, those benefits feel hollow. What actually makes employees stay?

• Job Stability – 64% of employees say they’d save more for retirement if they had an emergency fund first. When workers feel financially stable, they’re more likely to stick around.
• Mental Health – Money stress is the number one cause of anxiety, and it bleeds into workplace performance. Research ties financial security to reduced burnout and improved engagement.
• Supportive Leadership – Employees thrive when they feel their employer truly cares about their well-being, not just their output.

These factors, combined with clear roles, professional growth opportunities, and supportive workplace relationships, create an environment where employees feel valued and motivated.

Why 401(k) Plans Aren’t Enough

The standard retirement model has flaws, and Ted Benna knows it better than anyone. While the 401(k) was revolutionary when introduced, he now argues it’s failing many workers, especially those earning lower wages. Too often, employees tap into their retirement savings early through loans or hardship withdrawals—quick fixes that hurt their long-term financial health.

The solution? A financial safety net that helps employees stay afloat before they have to dip into their future savings.

Emergency Savings Accounts (ESAs): A Game-Changer

One way to tackle financial insecurity head-on is through Emergency Savings Accounts (ESAs). Unlike traditional benefits, ESAs provide immediate financial relief, reducing the need for 401(k) loans or withdrawals. Research shows that employees with emergency savings are:

• 16% more likely to get promotions
• 7% more likely to excel in their roles
• 50% less likely to dip into their retirement savings early

For companies, ESAs lead to stronger retention and higher engagement—because when employees feel secure, they show up more fully at work.

Building a Workplace That Truly Supports Employees

If companies really want to create meaningful work experiences, they need to focus on financial wellness as a core part of their strategy. Here’s how:

1. Help Employees Prepare for the Unexpected – Offering ESAs alongside traditional benefits ensures employees have a safety net for emergencies.
2. Clarify Roles & Career Growth – Employees engage more when they understand how their work contributes to larger company goals.
3. Address Financial Stress Head-On – Financial education and mental health support go hand in hand in reducing stress.
4. Think Beyond Today – Pairing emergency savings with long-term financial planning tools helps employees build a secure future.
5. Show Leadership That Cares – Simple actions, like employer contributions to ESAs or open conversations about financial wellness, make a difference.

Ted Benna envisioned a retirement system that helped employees build security, not one that forced them into early withdrawals. As workplaces evolve, it’s time to rethink how financial benefits are structured. Emergency Savings Accounts (ESAs) offer a modern, practical way to support employees now, while still helping them plan for their future.

When companies prioritize financial security, employees bring their best selves to work. And that’s how you create truly meaningful work experiences.