3 Steps to Boost Financial Wellness for Your Employees
July 26, 2018
Employee wellness directly impacts many aspects of your business, including productivity, absenteeism and culture. We recently outlined why you should focus on physical wellness at your workplace, but the financial wellness of your employees is also important.
Nearly half of all employees say financial challenges cause them the most stress in their lives, and 47 percent of employees say financial stress has either caused them to miss work or has negatively impacted their productivity. Fortunately, there are easy ways for you to help your employees find financial peace of mind.
Host financial experts
A financial expert can provide your employees with information that they can apply to their short-term and long-term financial well-being. Set up a group setting for an expert to educate on steps your employees can take to help with financial security. Choose a time when employees are likely to be available or offer multiple sessions to accommodate different schedules, and offer an incentive for participation (such as a drawing for a gift card among the attendees).
You can then build toward more opportunities, including the option for interested employees to schedule one-on-one meetings with the expert so they can ask more detailed questions and receive more relevant information.
Provide educational materials
Does your 401(k) or benefits plan administrator provide guides, videos or a blog to help educate your employees? If they do, keep your employees engaged by sharing resources on a regular basis. In addition, formalize a financial wellness program or committee within your company who leads the effort to bring in experts, share resources and more. Some of the more common topics that employers cover in their financial wellness programs are:
- The basics of financial markets/simple investing
- Healthcare and benefits education and planning
- Financial planning
- Debt management
Encouragement enrollment in retirement and HSA benefits offerings
Beyond educating employees on a range of financial wellness topics, you can also make enrollment in retirement or benefits plans more appealing. Offer a match or contribution to funds employees contribute to their Health Savings Account (HSA) benefits or 401(k). A financial incentive might be just the nudge your employees need to put them on the path toward a secure lifestyle today and a brighter financial future tomorrow.
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