It’s time to personalize financial wellness for all employees

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Finances are personal. Financial challenges are often difficult for employees to discuss openly with their employer. What does this mean for financial wellness programs that are offered as employee benefits? Employers play a vital role in ensuring that the Financial Wellness program provides each individual participant with unique resources and solutions that are specifically tailored to their needs, goals and current financial situation. In order for a financial wellness program to benefit everyone within an organization and help them make positive behavioral changes, it must recognize that each situation must be approached differently. The good news for employers – AI-driven fintech solutions take the burden off the burden of customizing the program for each employee.

Implement programs that work

At the height of the pandemic, when many workers had nowhere else to go, they sought help from their employers. This was a turning point for the financial wellness industry. Many organizations have faced the reality that their financial support was very limited.

While employers saw the value of implementing financial wellness programs, many did not know what the right solution was for their business.

Here are the questions every employer should ask themselves to ensure they are offering effective tools and solutions to support their employees’ financial journey:

  • How can those with limited knowledge of their finances assess their personal financial situation?
  • Is there a financial professional they can turn to for advice on how to cut back on their spending?
  • What money management resources are available to help employees adjust their budgets to account for salary cuts, missed bonus opportunities, and lost commissions?
  • Can employees access an emergency savings account through their employee benefits?
  • Are there any training tools or calculators to help employees figure out what makes most financial sense when they need to make adjustments?
  • What tools are available to help employees who need the ability to control their cash flow to ensure they can meet their financial obligations, such as: B. Pay bills on time?
  • What better option for those who need more financial assistance but don’t want to take out a 401 (k) loan?

Most employers have more than one of these questions to answer. This is where a holistic financial wellness program offers immense value in enabling individuals to see where they are at on their path to financial wellbeing and to find solutions that will help them move forward along that path. A financial wellness program should provide guidance on the most relevant resources, tools, and solutions to improve their wellbeing based on their unique financial situation.

Participants are motivated and encouraged to continue on the path and invest their valuable time as they see positive changes. It is important that the program help individuals set goals; Otherwise, there is no way to measure success and the person may lose motivation.

By providing a holistic financial wellness solution and, more importantly, reminding employees of the resources that may meet their current needs, employers are showing their concern for the employee beyond the workplace, as well as their investment in the financial well-being of the company Employee’ .

The financial learning curve

Fortunately, although not all employees feel comfortable asking their employer for help, there are often tips that can lead the employer to supportive discussions. Some of these clues could be:

  • 401 (k) loan applications
  • Applications for a salary advance
  • Decline in employee productivity and concentration
  • Emerging pattern of lateness or absenteeism

Conversations won’t be easy, but encouraging open dialogue gives employees the confidence and confidence that the company is looking to their interests, not just their performance in the workplace.

What’s next for employers and employees?

A holistic financial wellness program not only provides resources and tools to support spending, saving, borrowing, and planning – the four pillars of financial health as defined by the Financial Health Network – but it also works their unique situation in order for them to have the ultimate return on their investment and their commitment to do the work to improve their financial well-being.

As we return to a more normal way of life, financial health and stability will be a priority for both workers and employers. Not only will this help companies return to pre-pandemic productivity, but will surpass it through improved retention and more focused, engaged employees. .

Dave Kilby is CEO and President of FinFit.

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