Implementing a financial wellness program can be extremely impactful, covering a variety of topics for employees. This may include education for investment tips, college loan repayment and retirement savings strategies as well as helping employees budget their money more efficiently.
A successful financial wellness program will help drive employee engagement while delivering sound guidance and support for their financial well-being. By lowering financial burdens for employees they will experience less stress, and in turn, be more positive, productive and happy.
Below are 4 tips to create a successful financial wellness program:
1. Identify the problem you want to solve – formulate and define a clear goal for each financial program you want to implement. Some examples include: increasing employee participation in retirement planning or simply increasing their knowledge. Having a clear goal will help create an effective program and trackable results.
2. Assess the demographics of employees – financial wellness programs should be geared towards a specific demographic. Managing debt, paying off student loans and investing is applicable to younger employees, while programs such as Medicare and Social Security are more relevant to older employees.
3. Build an effective communication strategy for implementing the program – effectively communicating with your employees is a key factor in making your program a success. Ensure the communication platform is anonymous, to keep personal finances private.
4. Track results – if your program has a specific goal in mind, make sure to keep track of the results to see if employees are reaching expectations to ensure its effective.