Why Financial Wellbeing is Crucial for Employee Engagement (and how to get started)
July 10, 2018 / Employee Wellbeing Best Practices
Leading organizations are catching on that holistic employee wellbeing means the whole employee – including mental, emotional, physical, and financial wellbeing. You may already know, but financial woe and poor money management not only leads to stress, but long-term health risks.
How can we expect employees to engage when they are wondering if they will be able to retire, or if they can make their next mortgage payment?
Understanding that this was a true factor for employee success, Virgin Pulse launched a partnership with Mercer in early summer 2017.
Upon launch, Ron Hildebrandt, Virgin Pulse’s Chief Product Officer, said this:
“The distractions of financial stress are taking a toll on employees and businesses by extension. In fact, 7 out of 10 American workers say financial stress is their most common cause of stress. Virgin Pulse is able to help millions of members manage financial stressors – like student loans and personal debt – and plan for a prosperous future.”
Maybe you’ve been considering a financial health element to your employee wellbeing strategy, or maybe you’re not quite sure how to get started. Financial wellbeing can mean many things, and organizations often approach this topic differently, depending on the needs of their people.
A financial wellness program may include:
- Introduction to budgeting and household finance education
- Personal advising on building wealth
- Assistance for employees nearing retirement age
- Education on 401k and savings plan selection
- College savings consultation for parents
- Payday borrowing options
Get started by reviewing your current offerings.
A financial wellness program doesn’t come together overnight and if you want individuals in your organization to participate, it needs to feel relevant to their needs. Here are a few questions to guide your offerings audit:
- Do you know what your employees need in terms of financial wellness assistance or is it time to ask them? A quick survey can help you understand what’s on their minds.
- What works best with the way they work? What kind of coaching are they interested in?
- What’s your budget? Consider that financial wellness should be a part of your overall employee engagement, retention, and wellbeing spend.