Financial Wellness Program at Workplace : Things to Know
If your organization is looking for a 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.
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
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 completely hidden or anonymous 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 schedule. And digital tools contribute greater access. But high-tech tools might not inspire employees to take certain actions 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.
Questions employer should ask potential vendors to make their financial wellness program successful:
- Get to know about the business model of the company, including if they have any arrangements with financial services companies to avoid any fraudulent benefits.
- Ask for the professionals who will be working with the employees, prefer staying away from companies that outsource to a network of financial planners. Also, filter out firms that employee fresh candidates to do the job by going for boot camps.
- Do ask them about their past credentials; impact their wellness programs have had on improving the financial wellbeing of the employees, and the impact that had created on the employer’s bottom line.
Wellness is not a standalone concept; it focuses on employees’ overall development incorporating physical, emotional, and financial wellbeing. Let us aid in making your workforce truly efficient and stress-free with our line of wellness experts.