How do you know a good solution when you see one? And what does your company and its employee base uniquely require from a financial wellness program? These are questions we hope to answer by the end of the article.
Benefits that support long-term employee health, wellness, and wellbeing are quickly rising to the top of most desirable organizational advantages among the modern US workforce. Among these benefits, financial wellness programs – initiatives that promote and facilitate financial literacy, planning and management – are being accessed for the increased security, reduced stress, and long-term stability they provide to individual workers and their families.
If you haven’t already engaged a financial wellness solution for your organization, the time to start shopping is now. But despite the relatively recent popularity of these programs, there are already a number on the market to choose from, making the process of selection a less-than-intuitive undertaking. How do you know a good solution when you see one? And what does your company and its employee base uniquely require from a financial wellness program? These are questions we hope to answer by the end of the article.
Financial benefits cannot exist in a silo away from other aspects of employer-provided support, but should be factored into the holistic picture of what an organization is offering to truly promote continued success and stability for your workforce.
One critical piece of criteria you should look for in a financial wellness solution is this idea of an integrated view of benefits. Retirement, healthcare, and other insurance benefits all factor into employee financial management, and it’s important that your program is able to do this for you.
Other criteria you should look for when shopping for your solution include:
Let’s get a little more specific.
Here are a few of the top-priority features modern financial wellness solutions should have, and organizations should look for.
Like most employee benefits, financial wellness programming can be leveraged to drive organizational goals. With the right solution in your toolkit, you can support numerous human objectives for your company, including:
Recent research shows that 64% of adults suffer from finance-related stress. And a study from 2017 demonstrated that 56% of respondents can be categorized as “financially unhealthy.” Both stress and poor finances and financial literacy can have a detrimental effect on the workforce, leading to more sick days taken, shorter employee tenure, and lost organizational productivity and performance overall.
But the right financial wellness program will help your organization fight these statistics with comprehensive and meaningful support offering long-term solutions to employee financial problems that help them not only survive but thrive in the face of economic uncertainty.
A comprehensive solution helps to reduce employee stress and health incidents by empowering them to manage and plan their personal finances, minimize and overcome debt, and plan for the future through financial education and resourcing.
Implementing your new financial wellness program takes a little more than simply clicking a button. To give your new programming its best chance of success, there are a few bricks you need to lay, first.
According to Gallup, Millennial engagement was critically improved in 2021 in part due to increased transparency on the part of the employer. Engaging a similar strategy for implementation of new benefits can help to garner workforce interest and ensure a smooth rollout.
Tracking the success of your financial wellness programming will require a combination of quantitative and qualitative data.
You should commit to tracking the metrics you set at the beginning. This can include things like improved retention, reduced absenteeism, fewer withdrawals from 401K accounts, etc.
If the ultimate goal however is reduced employee stress and increased financial confidence and literacy, you need to gather anecdotal evidence from your workers to track these changes.
Issuing a survey regarding employee opinion, experience, and satisfaction over the course of their relationship with the program will give you critical insight into how your financial wellness program is impacting the lives of your workers.
Click here to learn more about building a benefits survey.
Origin is a financial wellness solution that takes a holistic approach to money management, savings, financial strategy, benefits, and more to help your workforce build a better financial future for themselves and their families. Offering comprehensive access to financial education resources, accessible tools, and Certified Financial Planners, Origin wants to help your company reach its goals by supporting a healthier and empowered employee base.
See what else Origin can do for you by signing up for a free demo today.
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