Wellness programs are a key tool for attracting and retaining employees. Many companies have offered wellness programs focused on employee physical health and well-being with positive results. In 2020 as you look to enhance your workplace value proposition if you do not already….consider adding a Financial Wellness component to your wellness strategy!
Financial Wellness: According to the 2018 Employee Financial Wellness Survey, PwC, published in 2018, financial challenges/money matters cause employees the most stress in their lives! By generation: Financial matters was the top choice selected as a cause of stress across all generations:
Millennials
Gen X
Baby Boomers
42%
46%
28%
Providing employees, the opportunity to proactively plan for and manage financial concerns can improve their sense of well-being, security and significantly reduce stress!
There are hundreds of financial wellness program services to select from. Mercer, a leading benefits consulting group writes, “For financial wellness programs to be successful it needs to do more than just provide education it needs to result in employees taking appropriate actions that lead to financial success.”
Your program should provide both financial education and personal financial planning. Content-Based Financial Education can come in the form of articles, blog posts, podcasts, videos, webinars, seminars, or other mediums and robust financial wellness programs offer interactive cash flow based tools for budgeting and financial modeling, these tools are often combined with some degree of personal financial wellness. Together these components can result in better financial knowledge, planning and decision-making and much-reduced stress. According to Prudential Insurance Company of America, here are five ways employers can maximize their financial wellness program to generate positive outcomes for employees and employers:
- Make overall wellness a component of your human capital strategy
- Analyze your workplace demographics to understand your employees’ financial needs
- Design programs to drive positive employee behaviors
- Create a personalized experience that engages your employees and motives them
- Align your financial wellness metrics with your business outcomes