Financial Wellness Program At Workplace: Things To Know

Truworth Wellness

Mar 28, 2023 • 5 min read

If your organization is looking for a corporate wellness program sincerely but misses promoting your employees’ financial health, you may need to rethink that strategy. Indeed, there are fair chances your employees are worried and stressed about money.

According to a study, employees spend approx. 150 work hours annually, worrying about money, and employers could risk up to $250 billion in lost wages due to that. The complete study could be found here. The concept of employee wellness is broadening to include personal finances.

Here’s why that’s happening and what you must know to help assure a successful financial wellness program.

1. Get Management Involved:

Encourage upper management to actively participate in the financial wellness program by attending events, sharing personal experiences, or providing testimonials. This demonstrates their commitment and sets a positive tone for the entire organization.
Request that managers allocate dedicated time during team meetings to discuss financial wellness topics or provide updates on available resources. This reinforces the importance of financial well-being as a priority within the company.
Consider providing leadership training or workshops for managers to equip them with the knowledge and skills to support employees' financial well-being effectively.

Also Check: Corporate Well-Being Strategy To Support Multigenerational Workforce

2. Measure Success Via Employee Surveys:

Design surveys that capture relevant data on employees' financial well-being, satisfaction with the program, and perceived impact on their lives. Include questions about their financial goals, savings habits, debt levels, and overall stress levels related to finances.
Ensure the survey responses are anonymous to encourage honest feedback and protect employees' privacy. Assure employees that their responses will be used to improve the program and not for individual evaluation or performance assessment.
Use the survey results to identify trends, measure progress over time, and make data-driven decisions to enhance the financial wellness program.

3. Financial Wellness Training:

In addition to digital platforms and resources, provide in-person training sessions facilitated by financial experts. These sessions can cover topics such as budgeting, saving strategies, understanding credit, and managing debt.
Encourage interactive discussions and Q&A sessions during the training to address employees' specific concerns and provide personalized guidance.
Consider offering multiple training sessions at different times to accommodate various schedules and ensure maximum participation.

4. Combine "High-Touch" & "High-Tech":

While digital tools and resources are essential for accessibility and convenience, supplement them with opportunities for personal interaction. This can include organizing workshops, seminars, or one-on-one consultations with financial advisors or coaches.
Leverage technology to facilitate communication and support, such as providing a dedicated helpline or chatbot for employees to seek guidance and clarification on financial matters.
Encourage employees to form support groups or communities where they can share experiences, seek advice, and provide mutual encouragement in their financial journeys.

5. Don't Get Stuck On ROI:

Focus on the value of the financial wellness program in terms of employee well-being, engagement, and productivity. Emphasize the positive impact on reducing financial stress and improving overall job satisfaction.
Use qualitative measures such as employee testimonials, anecdotes, and success stories to highlight the program's benefits. These can demonstrate how employees' financial well-being has improved and how it positively affects their lives both inside and outside of work.
Consider conducting periodic assessments or evaluations to gather feedback on the program's impact and make adjustments as necessary, rather than solely relying on quantitative ROI measurements.

6. Customize the Program:

Consider the different life stages and financial situations of your employees. For example, younger employees may have different financial concerns such as student loan debt, while older employees may be more focused on retirement planning.
Offer targeted resources based on specific needs, such as budgeting for families, managing healthcare expenses, or planning for major life events like buying a home.
Collaborate with HR and benefits teams to integrate the financial wellness program with existing employee benefits and resources, ensuring a cohesive approach to overall employee well-being.

7. Offer a Range of Resources:

Provide educational materials in various formats, including written content, videos, podcasts, and interactive online modules. This allows employees to engage with the information in a way that suits their learning preferences.
Partner with reputable financial institutions or organizations to offer tools and calculators that help employees understand and manage their finances effectively. These resources can include budgeting apps, retirement planning calculators, and debt repayment trackers.
Consider hosting webinars or lunch-and-learn sessions on financial topics, inviting guest speakers who can provide expert insights and practical advice. These interactive sessions encourage employee engagement and provide opportunities for Q&A.

Also Check: Busting Common Myths About Corporate Wellness Programs

8. Encourage Goal Setting And Progress Tracking:

Encourage employees to set SMART (Specific, Measurable, Achievable, Relevant, Time-bound) financial goals. Provide guidance on setting goals related to savings, debt reduction, emergency funds, or other areas of financial improvement.
Offer tools or platforms that allow employees to track their progress toward their financial goals. This can include visual representations of progress, reminders, and notifications to keep them motivated and accountable.
Consider implementing peer support networks or financial wellness challenges where employees can share their goals, milestones, and success stories. This fosters a sense of community and accountability among employees.

9. Foster A Culture Of Open Communication:

Train managers and supervisors to be empathetic and supportive when discussing financial matters with employees. Encourage them to create a safe space for open conversations and provide resources to assist employees who may be struggling financially.
Promote financial well-being as a part of the overall well-being culture within the organization. Ensure that employees understand that seeking help or guidance regarding financial matters is encouraged and supported.
Offer confidential financial counseling services, either in-house or through external partnerships, where employees can discuss their financial concerns and receive personalized guidance.

10. Collaboration With Financial Experts:

Establish relationships with financial advisors, certified financial planners, or credit counselors who can provide objective advice to employees. These professionals can offer one-on-one consultations or group sessions to address specific financial challenges.
Organize workshops or seminars on topics such as retirement planning, investment strategies, tax planning, or estate planning. Invite financial experts to deliver these sessions and provide employees with practical knowledge and actionable steps.
Consider offering periodic "financial clinics" where employees can drop in and ask questions or seek advice on financial topics of their choice. This provides a low-pressure environment for employees to seek guidance without feeling overwhelmed.

11. Incentivize Participation:

Offer incentives such as financial wellness program completion bonuses, discounts on financial services, or contributions to employees' retirement or savings accounts as a way to motivate participation.
Recognize and celebrate employees who achieve significant milestones in their financial journey, such as paying off debt, reaching savings goals, or improving their credit scores.
Consider gamification elements within the financial wellness program, such as challenges, quizzes, or competitions, to make learning about personal finance more engaging and enjoyable for employees.

12. Continuously Evaluate and Improve:

Regularly collect feedback from employees through surveys, focus groups, or suggestion boxes to understand their satisfaction with the program and identify areas for improvement.
Analyze program data and metrics to measure the effectiveness of different components of the financial wellness program. This can include participation rates, improvements in financial literacy, or changes in employee stress levels related to finances.
Stay updated on industry trends and best practices in financial wellness. Continuously refine and adapt the program to align with emerging needs and technologies, ensuring it remains relevant and impactful for employees.

By incorporating these into your financial wellness program, you can enhance the effectiveness and success of your initiatives while prioritizing the financial well-being of your employees.