“Everyone has an opportunity to learn financial planning techniques regardless of where you are in your career.”
We’re launching a new Q&A series #TrustPlusatWork showcasing different employers and HR professionals whose employees are struggling with finances. We’ll explore those financial challenges and how financial coaching has helped both the employee and the employer.
This month we’re profiling Traci Kodeck, CEO of HealthCare Access Maryland (HCAM). Healthcare is one of Baltimore’s most rapidly growing job sectors, with nearly 50,000 healthcare workers in Baltimore County alone. A leader in community health and wellness, HCAM is a pioneer in bringing TrustPlus™ to Baltimore, offering TrustPlus to its 220 employees, to set an example of financial wellness among their workforce and encourage a ripple effect in the community by promoting financial wellness benefits to their partnering hospitals.
Our work with HCAM is part of a larger project in Baltimore looking at how financial wellness services can become institutionalized regionally as part of a business investment in the workforce. We are actively building relationships, seeking opportunities to expand this network, and working with customers like HCAM to gather data on the ripple effect of these relationships in the community. Our work in Baltimore has been made possible by the generous support of the T. Rowe Price Foundation and the Harry and Jeanette Weinberg Foundation.
Name: Traci Kodeck, CEO
Tell us a little about HealthCare Access Maryland. HealthCare Access Maryland is a nonprofit agency that connects residents to public health care coverage and helps them navigate services effectively. We work with individuals, hospitals, policymakers, and social services organizations to strengthen Maryland’s health care delivery system and make Maryland healthier. Each year, our 200+ employees connect more than 145,000 uninsured and under-insured clients to health insurance, health care, and vital community resources to impact one’s social determinants of health. Our programs and services are designed to bridge gaps in services to pregnant and postpartum women, immigrants, people experiencing homelessness, youth in foster care, people with substance use disorders, individuals recently released from jail, and others.
Why did you want to offer a financial wellness benefit to your employees? In a previous anonymous staff survey, 40% of team members reported not having enough finances at the end of the month to meet their needs. As the head of a nonprofit that helps individuals in the community navigate social services, this data figure was striking to me. I wanted to ensure we were focused on not only the health and wellness of our staff but also financial wellness.
What financial goals do your employees have? What financial questions do they come to you with? Some of the financial goals that our employees have range from home-buying to college savings and retirement.
Why did you ultimately decide to offer TrustPlus? We decided to offer TrustPlus because of its strong reputation in New York City and in Baltimore. The opportunity to provide long-term financial wellness to our employees made sense for their overall wellbeing. This was a great opportunity to provide a benefit to our employees at no cost to them.
Have you used the service? If so, how was it? How did your coach help you? I have. I believe everyone has an opportunity to learn financial planning/literacy techniques regardless of where you are in your career. My financial coach helped document my short and long-term goals in a concrete way.
How has TrustPlus helped your employees so far? One employee reached out to our Admin team a few times to share her praise for TrustPlus. This is a quote from her: “I just wanted to thank you for giving ‘us’ this outstanding ‘perk’. I started using this organization when they first came to us and it has been the smartest choice I have ever made. The Financial Coaches are patient, professional and ask the right questions to help one get their financial status in order. Thank you so much for allowing us to have this benefit as an HCAM employee!”
Would you recommend TrustPlus to other companies considering the service? Absolutely, without reservation. I would recommend TrustPlus as a key benefit, especially in the nonprofit space. One of the key benefits of this service is that the benefit follows the individual, regardless of if they stay employed at the organization (at no extra cost to the organization).