7 Ways to Promote Financial Wellness in the Workplace

Recently, companies have added new benefits to their offerings, such as flexible schedules, covered tech expenses, and even paid gym memberships. All of these benefits help support your employee’s well-being, which benefits both employees and the company. However, the most asked-for benefit today is financial wellness. Are your employees worried about money? Most likely, almost all of them are. Finances cause people the most stress today.  A workplace financial wellness program, like Your Money Line, is your solution. 

What is Employee Financial Wellness?

Employee financial wellness is a general term to describe programming aimed at alleviating financial stress for employees. Employees face many financial challenges like saving for retirement, planning for large purchases, managing debt, and childcare expenses – just to name a few. Financial wellness programming can help educate and guide employees to the best possible course of action. Financial wellness is a holistic approach to financial well-being. It evolved from financial literacy, took that style, and made it more personalized and customizable to the individual’s journey. Today participants expect guidance that is tailored to their needs, as opposed to a general pamphlet on financial health.

Why Promote Financial Wellness in the Workplace?

Today, many employees are facing financial problems, which has led to an increase in financial stress. Although your company may provide many useful benefits, you’re leaving your employees struggling if you aren’t offering a corporate wellness solution. Many are living paycheck-to-paycheck, don’t have enough money in their emergency funds, and are worried about retirement. These problems cause your employees to lack engagement and productivity at work. It also makes them pursue other job opportunities. 

When you incorporate a financial wellness program into your benefits, you must promote it. The more employees that use it, the happier your employees will be, which leads to increased engagement and productivity. Employees will also be less likely to look elsewhere, and your retention rates will increase. 

Employees who feel like their finances are on track for their goals are much more likely to stick around because they see their employer is invested in their overall well-being.  

7 Tips for Promoting Financial Wellness in the Workplace

Finances are the #1 cause of stress for the American workforce, and it’s impacting their job daily. PwC says 76% of employees reported that their financial stress had negatively impacted their productivity. Further, 55% of employees who are financially stressed have said it has distracted them for 3 more hours at work dealing with finances. Benefits Pro also says financial stress costs businesses an average of $4.7 billion a week.

Many HR professionals recognize the value of a corporate financial wellness program, which makes it one of the most sought-after benefits for employees today. Below are best practices for getting your employees to engage and participate in the workplace financial wellness solution you’ve implemented. 

 1. Ask Your Employees About Their Needs and Interests

You need to ask them about their needs and interests. Many times, employers make assumptions instead of engaging with their employees. Propose the idea of incorporating a financial wellness program and see what your employees want out of it. Whether you send a survey out, have individual meetings, or discuss it in an open forum, understanding your employees’ unique needs will help you pick the best solution. 

Do your employees need help with retirement? Are they struggling with student debt? Are they trying to buy a home for the first time? Getting the answers to these questions will help you engage with your employees effectively. 

 2. Improve Employees’ Financial Literacy

Americans struggle with their finances. The majority of adults don’t understand finances either. Studies have found that only ⅓ adults could answer at least 4 of 5 financial literacy questions on basic concepts such as mortgages, interest rates, inflation, and risk. However, US workers want to make more informed decisions regarding their finances, they just don’t know how. 

A financial wellness program can increase your employees’ financial literacy by providing them with tools, resources, and experts to talk to. 

3. Provide Access To Educational Resources 

Company leaders should provide access to educational resources for their employees. To best assist your employees, you need to provide tangible training and resources for them to make the correct financial decisions. Sending out educational materials and resources often will help them. 

 4. Get Your Team Engaged Early

To promote financial wellness in the workplace, you should engage your team early on. Consider including it in the new hire onboarding process to familiarize employees with their financial wellness benefits. The more HR professionals can educate employees on their benefits, the more likely they will see high engagement and participation numbers. Consistently reminding your employees of your benefits will also help promote the resources you have available for them.  

 5. Offer Benefits That Empower Financial Wellness

Alongside standard benefits, like health insurance and retirement plans, consider optional benefits like long-term insurance, disability insurance, or even student loan repayment benefits. Benefits help employees support themselves and their families. They will also help employees see the value in a financial wellness program if you offer multiple financial benefits. 

 6. Work on Reducing Stress in the Workplace

For more engaged and productive employees, you need to reduce stress in the workplace. Offering a financial wellness program is one way to do this, but you must set realistic goals, meet with your employees regularly, track engagement and maintain metrics, and create a good work environment. Less stressed employees are more productive and do better work. Read more on how to reduce stress in the workplace here. 

 7. Ensure All the Employees Are Fully Aware of the Available Benefits

You need to ensure your employees know what benefits are available. While presenting on your retirement or health insurance benefits, talk about your financial wellness program because they go hand-in-hand. Employers can hold in-depth training on their company offerings to encourage employees to utilize them. 

Choosing the right financial wellness platform is a step in the right direction when it comes to supporting your employees’ financial lives. At Your Money Line, we provide one-on-one personalized financial guidance and resources to lead your employees to a healthy financial life. We help reduce the stress finances cause your employees by approaching financial wellness holistically and empathetically. Our Financial Guides, who are all Certified Financial Planners® and/or Accredited Financial Counselors®, will meet your employees wherever they are in their financial journey. 

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