From an early age, many of us are taught the value of saving and financial responsibility. We’re encouraged to fill our piggy banks with money from the Tooth Fairy and weekly allowances. Later, with an adult’s help, we may open our first bank account to deposit paychecks from our part-time jobs or babysitting gigs. Steadily building these rainy-day funds may seem like a given — something that comes naturally with growing up and earning an income. After all, why wouldn’t we put aside our extra money and watch it grow with the help of a high annual percentage yield?

Yet, for many Arkansans, no matter their ages, building financial savings isn’t just a luxury. It’s an impossibility. These individuals’ inability to create a safety net isn’t due to a lack of desire or initiative. In many cases, it’s just the opposite. Despite working multiple jobs, these Arkansans are still living paycheck to paycheck. Even a slight disruption — a jump in food prices, a flat tire or family illness — could send them into a financial tailspin. These neighbors are ALICE — Asset Limited, Income Constrained and Employed — and they may be our colleagues and office mates.

Today, United for ALICE data shows that more than 40% of working-age Arkansans fall below the ALICE threshold. These individuals make above the federal poverty level but not enough to afford the basics of everyday life. But how can that be when so many workplaces in Arkansas are doing it right? In many cases, ALICE is employed by companies that provide decent salaries and offer built-in incentives like bonuses. Where’s the gap?

The reality is that for many organizations, ALICE can be a blind spot. Businesses may check all the boxes on paper by providing competitive wages and perks. However, the total compensation doesn’t always account for cost-of-living changes, employees’ outstanding student debt, high housing costs or other external factors. Workers end up scraping by, which affects their ability to show up, focus and contribute at work.

So, how can Arkansas employers invest in ALICE and help these workers achieve financial security? A promising place to start is ALICE@Work. Spearheaded by the Heart of Arkansas United Way, with support from the Winthrop Rockefeller Foundation, Delta Dental of Arkansas Foundation, Blue & You Foundation for a Healthier Arkansas and Entergy, this initiative is geared toward helping businesses implement common-sense policies and best practices to foster an environment where all can thrive.

ALICE@Work begins with a detailed workforce assessment. Leveraging data from United for ALICE, organizations are guided to pinpoint current trends, challenges and latent workplace opportunities. Then, their leadership teams complete six classes to address key priority areas —  benefits and compensation, financial wellness, scheduling and flexibility, professional development and work support and resources. Next is developing the individualized action plan, where organizations select and implement the strategies that best align with their culture and values. 

Far from a prescriptive process, ALICE@Work is designed for flexibility and, most importantly, sustainability. There are regular touchpoints throughout the process, including a six-month check-in that allows companies to adjust and, as needed, recalibrate their strategies for maximum effectiveness. What do we hope that businesses will see from their participation? By helping them enact policies that support ALICE, we are confident they will reap the benefits of reduced turnover, increased retention, enhanced productivity and, ultimately, greater workforce success.

Some of us have heard the expression, “Savings are tomorrow’s security.” Unfortunately, this dream of financial stability feels far too out of reach for many Arkansans, including in our workplaces. As we’ve already begun to see through our first cohort, ALICE@Work is an innovative, strategic, data-driven initiative that enables and empowers businesses to change course. If you or another organization finds yourself asking, “How can we invest in our workers and ensure all can thrive?” You may want to consider joining ALICE@Work. Get started by visiting heartaruw.org.

No matter how you get involved — registering for ALICE@Work, referring ALICE to us or setting up a corporate giving campaign to support our ALICE-related initiatives — it makes a difference. 

Editor’s note: Mollie Palmer is the vice president of communication and engagement at Heart of Arkansas United Way. The opinions expressed are those of the author.