Implementing a financial wellness program for employees is a new move that many companies are adopting, as millennial employees are taking a closer look at their benefits package and its ability to bolster multiple aspects of their lives, from work-life balance to - most recently - financial health.
The Benefits of a Financial Wellness Program
A recent survey by Salary Finance shows that stress related to finances is a prevalent problem in the workforce, as 48% of respondents say they are concerned about money. When your company takes a role in your employees’ financial wellness, the benefits reach beyond your employees in multiple ways, including:
Boosting Productivity for Your Company
Stress isn’t just affecting your employees. The Salary Finance Survey also states that American businesses lose $500 billion a year due to decreased productivity related to employee stress that causes absenteeism, lack of focus, and stress-induced health issues. When your company succeeds in reducing employees’ stress levels related to money, you’re also reducing their risk for stress-related illnesses and health complications such as hypertension, depression, and diabetes.
Increasing Employee Satisfaction with Your Company's Benefits
Satisfied employees stay with your company. In their revealing report, Salary Finance says that employees who are not satisfied, are 2.2 times more likely to look for another job. When employees can connect your company’s resources with their ability to better manage their finances, they’ll return that favor with loyalty.
Attracting New Talent in a Competitive Job Market
When it comes to jobs, we’re living in a buyer’s market, so what do you have to offer that’s different and better than the competitor down the block? Your benefits package can serve as a major selling point to candidates who are checking out your website prior to applying, as well as those in your interview pipeline right now. Bolstering your benefits package with perks like a company wellness program, not only adds to the pros of joining your team, but it also lets a candidate know that your culture is one that believes in taking an active role in employees’ personal wellness.
5 Financial Wellness Program Ideas to Get You Started
Launching your financial wellness program is actually pretty simple. As with any company program, don’t go at it alone. Appoint a committee of several people who can contribute to its success and advocate for your program to colleagues in and beyond their own departments.
Host Financial Wellness Classes
Kick off your corporate financial wellness program with a seminar or series of classes or events that center around specific personal finance topics. To pull this off, you have two options:
1. Hire a financial wellness coach
As the popularity of these programs is increasing, companies are taking note and offering coaching services. While this is a convenient option, be mindful not to hire someone who will seem like a motivational speaker as a way to cloak their main goal of selling products and services that may not be a fit for your employees.
2. D.I.Y. your financial wellness program
While it may take a little more work in terms of digging for content and planning out your series, creating your own program gives your company the power to specifically tailor the topics, tips, and tools to the needs of your employees. To help you get started, here’s a list of 13 free online classes that cover everything from personal finance 101 and understanding interest to tackling your taxes and buying a home.
Office Budget-Boosting Benefits
Back to your benefits package! As you seek to evolve and enhance your benefits to retain employees and attract new talent, consider how your offerings can lend to financial wellness. Benefits like tuition reimbursement and work-from-home policies can help employees pay down their student loans and save on child care, while free office snacks and weekly catered lunches can cut down on their grocery costs.
Educate Employees About Saving for Retirement
Many employees dip into their retirement funds for current financial needs, from student loan debt to home loans to health care expenses. Equip employees to save retirement, for well, retirement.
Invite a representative from the company who manages your retirement program to come in and educate your employees about their retirement accounts. This person may even make themselves available to meet with interested employees privately in one-on-one sessions to go over their specific retirement goals, current contribution, and ability to maximize their savings and investments.
Empower Employees to Advocate for Your Program
By taking an inclusive approach to your financial wellness program, you can lean on employee-generated content that’s incredibly relatable to your staff and genuinely supportive of the goals your program is seeking to achieve. If employees are willing to participate by sharing tips and personal success stories, your program is likely to thrive.
For example, if Jen from Sales used a personal finance app that helped her successfully squirrel away money for a European getaway while keeping some funds in the bank, she’d be the perfect candidate to host or participate in putting on a class about using apps to stay on top of your money.
Give Them Rewards That Really Pay Off
Employee recognition is a powerful way to retain and motivate employees, given that the rewards for a job well done are ones that are actually worth working for. Giftogram provides companies with the power to reward awesomely with flexible gift cards that employees can redeem at hundreds of their favorite retailers. Featuring unique and colorful designs for all of the occasions that office life can bring, Giftogram gift cards pair a spirit of celebration with rewards that make your employees feel incredibly appreciated.