4 mins
If you want to ensure that your employees are satisfied with their jobs and productive, implementing financial wellness programs can help you achieve those goals. After all, when employees feel fulfilled in their positions and have low financial stress, they are more likely to stay with your company for the long term. Let’s examine how financial wellness programs can help your employees and your business.
Defining Financial Wellness
Financial wellness is the ability to pay all bills on time, buy food and necessities, and manage debt while creating a financial cushion to handle unexpected bills and meet financial goals. Creating a financial wellness program to improve your employees' financial wellness is an excellent way to help.
These programs often include financial education, information on budgeting and tracking expenses, financial check-ins and goal setting, debt management education and programs, credit counseling, and information and ideas on saving and investing.
- Financial Education – Seminars, workshops, and publications on financial topics, along with digital financial tools that can help employees plan.
- Budgeting and Expense Tracking – Information and education on budgeting and controlling expenses. It can also include recommendations for budgeting applications and spreadsheets so that employees can accurately track their expenses and understand where they are spending money.
- Financial Check-Ins and Goal Setting – Set up your employees with a financial advisor who can schedule regular check-ins and help them set goals.
- Debt Management – Access to debt management tools and resources, like credit consolidation and refinancing.
- Credit Counseling – Access to credit counseling services that can offer personalized tips and advice on managing their financial situation better.
- Saving and Investing – Access to tools and resources that can help your employees create an emergency fund, set aside three to six months of their expenses, save for retirement, and provide them with information and education on investing.
Benefits of Financial Wellness Programs
Financial wellness programs provide many benefits to employees and employers.
Benefits for Employees
- Make smart decisions when it comes to money
- Better job engagement
- Improved financial literacy
- Improved overall well-being
- Improved work/life balance
- Reduced financial stress
Benefits for Employers
- Fewer missed days by employees
- Improved company culture
- Improved employee productivity
- Improved teamwork
- Increased job satisfaction
- Lower rates of turnover
Implementing Financial Wellness in the Workplace
HR professionals are instrumental in helping employees on their way to financial freedom. HR professionals have access to all types of benefits that can help the company’s workforce professionally and personally better itself, and HR is also instrumental in distributing information. By spearheading the implementation of financial wellness products into existing benefits packages, HR is taking the first step toward reducing employee stress and improving company productivity and profitability.
To begin the process of creating a financial wellness package, start by sending out a survey. Some questions you might ask include:
- What are your current and future financial concerns?
- What’s your greatest financial concern?
- Are you saving for retirement, or do you feel like you’ll have enough money for retirement?
- How would you rate your financial stress on a scale of 1 to 10?
- What tools or benefits do you feel would help you achieve better financial control?
Once you have the surveys and have parsed the information, you can make an informed decision on the types of financial products to include in your benefits packages so that your employees can increase their financial literacy and improve their financial wellness. Once you’ve found the right financial wellness solutions, let your employees know about the changes and commit to helping your employees take control of their spending while learning about saving and investing.
Marbles HR and Financial Wellness
If you’re in the process of locating financial wellness solutions that you can include in your current benefits packages, Marbles HR can help. We have an extensive library of financial apps that you can implement to increase your employees’ financial literacy. Some of our offerings include:
FROM THE MARKETPLACE
BenefitsMe
Providing employees financial freedom to buy now and pay over time with disciplined installments.
FlexWage
FlexWage offers financial wellness benefits, including EWA benefits, to improve engagement and retain top talent in today's economy.
Parkwood Associates
Parkwood prioritizes customer services and maximizes tax and retirement benefits for businesses and professionals. Coordinates effectively with financial and administrative teams to attain goals.
Wealthramp
When financial life gets complex, recommend a trusted solution. Wealthramp is a digital matching platform that connects your employees to a network of rigorously vetted fiduciary advisors. Employees complete a brief online survey to identify their unique needs and preferences.
With the rising cost of basic goods and necessities, an increasing number of employees are finding themselves living paycheck to paycheck. As an employer or payroll provider, you can take the lead in helping all your employees achieve financial wellness so that they can reduce their stress, save for emergencies, and plan for retirement.
To find the financial products that your business needs to create a comprehensive financial wellness program, check out our offerings in the Marbles Marketplace or contact us today.
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