Choosing the Right Employee Financial Wellness Program: A Guide for Employers and HR Specialists

According to a recent PwC survey, 44% of employees find personal finances to be a source of distraction at work and 73% would want to transfer to a company that cares more about their financial well-being.¹

Fortunately, introducing a financial wellness program can be an easy fix. However, it is important to note that they are not all created equally.

This is why employers need to understand what to look for when selecting the right program. In this article, we'll cover some of the important features that make up an effective financial wellness program.

Assessing Employee Needs and Financial Challenges

A good financial wellness program starts with recognizing employee needs and financial challenges. This understanding can help employers tailor their programs to meet individual employee needs. A way to do this is by conducting surveys.

You can ask financial questions and identify some financial stressors, such as:

• High cost of living
• Low salary or wage
• Debt or loan issues
• Uncertainty about the future

Defining Employee Financial Wellness Program Objectives

Defined objectives for an employee financial wellness program pave the way for success. Here are some good ones to start with:

1. Improve employee financial literacy. This knowledge empowers employees and inspires smart money decisions.
2. Overcome financial stress. This type of strain is not only a personal problem. The ripple effect impacts work performance, too. A high-quality program cuts this stress at the root.
3. Strive for a higher employee satisfaction rate.  Remember, happy and carefree employees are productive ones. The program should feed overall well-being.

A standout program should help your employees on many fronts.

Evaluating Program Features

It's vital to focus on the right features and topics that align with what your employees need. Choose features that both help employees manage their finances and keep them engaged with the program. This guarantees more adoption rates and higher interest in your program.

Offering Financial Education Resources

Financial education and literacy are cornerstones in many wellness programs. One study from Enrich proves this. According to the data, resources can affect:

• How interested employees are in advisor consultations
• Financial goals
• Emergency savings
• Participation in retirement funding
• Credit card usage
• Credit scores

Personalized Workplace Financial Planning Tools

It's more beneficial for employees if your financial wellness program provides several tools, but it's even better if the program can incorporate your company branding. 

Platforms like Enrich make this possible.

Having a one-off, boutique portal with your branding speaks directly to your employees and helps build trust through familiarity.

This customized financial program also incorporates Your Money Personality, continuous Stress Analysis, and Money Mindfulness resources.

Support for Debt Management

Finally, addressing debt is key. There are several programs you can put in place for this. Emergency funds, employee benefits, and student loan repayments can offer much-needed relief.

Accessibility and Engagement

Personal finance can seem dull. But a well-designed platform can change this. User-friendly interfaces make learning about finances less daunting.

Meanwhile, mobile accessibility ensures employees can access these resources at any time. Even waiting in line for coffee becomes a chance to learn about interest rates or budgeting.

But why stop there? To drive more engagement, some programs go a step further. They introduce things like gamification and rewards. When quizzes about savings are as fun as Candy Crush, they become tasks employees look forward to. In short, when learning about finances is fun, engagement naturally follows.

Offering Financial Wellness Programs that Adjust and Grow with Your Organization

As your business grows, so must the workplace benefit programs. Make sure it's easy for you to add more people to your programs. Or, ensure you can give tools like online resources to newly-onboarded employees.

A scalable operation also means you can add more money management courses. Providing financial resources that adjust to your needs is optimal. This is one of the best practices in implementing such programs.

The Value of Custom Options

Employees across various departments may have unique needs. Customization is then crucial in financial wellness programs.

Custom options based on feedback and evolving needs speak directly to the employee. It allows employees to feel heard, supported, and understood.

Diversity in Workplace Financial Wellness

Aside from different needs, the demographics also vary. Young single employees and older married ones have different financial challenges.

That's why your program must be flexible to cater to diverse groups. It's not just a nice thing to have; it's a showcase of how much inclusivity you can foster in the workplace.

To Employers: Start Helping Employees Achieve Financial Well-Being

Now's the time for employers to start helping their employees achieve financial goals. And the right program can be a game-changer. Make sure you have one as part of your comprehensive benefits package.

Don't wait. See for yourself how a tailored financial wellness program can help.

Schedule a demo with Enrich today. Take the first step towards helping your employees achieve financial wellness.

Financial Wellness Program FAQs

Do wellness programs save employers money?

Yes – when employees manage finances effectively, it reduces stress, improves focus, and boosts productivity. So employers save money in the long run.

What is corporate financial wellness?

It's an initiative by a company to help employees handle their finances better. You can pull this off through education, resources, and tools.

Why is financial wellness important in the workplace?

When employees are financially secure, they're happier and more productive. It also increases staff morale.

What is the goal of an employee wellness program?

The goal is to improve the overall well-being of employees. Physical health, mental health, and financial wellness are all connected.

Are employee wellness programs worth it?

Absolutely. Wellness programs improve employee productivity, satisfaction, and retention. So they're a good investment (and you can even calculate the ROI).

1 - https://www.pwc.com/us/en/services/consulting/business-transformation/library/employee-financial-wellness-survey.html