Tips For Workplace Financial Wellness Program
If your organization is looking for corporate wellness program sincerely but missing to promote your employees’ financial health, you may need to rethink that strategy. Indeed, there are fair chances your employees are worried and stressed about money.
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
You’ll get higher engagement if your upper management takes a prominent role in the program and conveys a genuine interest in employees’ financial well-being.
2. Measure Success Via Employee Surveys
The data assembled in corporate financial wellness programs must be hidden or anonymous completely to the employer, for privacy reasons. So, how do you evaluate success? By requesting participants to anonymously fill periodic surveys about financial well-being.
3. Financial Wellness Training
Particularly, at the start of a digital financial wellness program, in-person interaction is critical. When rolling out a digital platform, tech tools or mobile app for financial well-being, host one or more meetings where employees can ask questions and learn.
4. Combine “High-Touch” &”High-Tech”
Delivering well-being information and financial education via technology helps employees take advantage of a program on their own schedule. And digital tools contribute greater access. But high-tech tools may not drive employees to take certain action as much as a high-touch approach — such as in-person money management or financial planning experts available via phone.
5. Don’t Get Stuck On ROI
Proving the ROI of a financial well-being program is difficult. Focus instead on the value of the investment, or VOI, which is more regarding boosting morale and reducing stress so as to help employees be more valuable to the organization.