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No Financial Wellness Program? Here’s How to Get Started

Jeff Clark, CFP®

Financial wellness was one of the most talked-about benefits in 2020. The pandemic-fueled recession caused financial stress to many Americans--making them less productive at work. Employers increasingly feel more responsible for their employees’ financial stress and are offering financial wellness benefits to keep them focused and engaged. As a result, many employers boosted their financial wellness offerings last year and those that didn’t are increasingly considering it as part of their priorities for 2021. 

Most companies today already offer a few point solutions, such as a 401(k) plan or group life insurance. Yet these programs do not typically address the majority of the financial needs of employees.

Enter Total Financial Wellness, the comprehensive and trusted solution built to lead all employees to financial success on their own terms at every stage of life. It integrates with all of your other financial wellness offerings and brings them together creating a unified experience for your employees. For example, an employee with student loans can work with a digital or human financial planner on a budget that allows them to pay off their loans while also participating in the company’s 401(k) match, and saving for their other goals such as a home down payment. Another employee may get advice on participating in their company’s stock purchase plan while also paying for their kids’ college and saving for retirement.

If your company currently does not offer a financial wellness program beyond a 401(k), now is a good time to start. Here are the steps we recommend:

Listen to Your Employees 

Money is a significant cause of stress for Americans--including your employees. They are faced with a wide array of challenges, from paying off student loans to saving enough for retirement. Stay close and listen to your employees to identify the top financial topics they need the most help with. Also ask them for their feedback on the types of programs they would find the most valuable. Do they prefer a digital or human solution? A mix of both? Group or individual education sessions? This will give you a clearer idea of next steps.

Do Your Homework

Employer-sponsored financial wellness programs have evolved considerably over the past few years. Research and learn about what types of solutions are out there as well as the pros and cons of each. Consult our buyer’s guide on what you need to know when evaluating a financial wellness solution. In the guide, we detail the specific questions you should ask when conducting your research, including the core capabilities required, how to drive employee adoption and engagement, and how to measure the success of your financial wellness program. 

Select a Solution and Communicate

Once you’ve  done your homework, hone in on the solution that best meets the needs of your employees and your company. Work closely with the selected vendor on a launch plan to ensure that your new financial wellness program is well received and adopted by your employees. 

Post launch, you need to have ongoing communication with your employees to ensure  program success. On an ongoing basis discuss your plans with them, and be sure to ask for suggestions as well. Keeping your team in the loop will allow you to get regular feedback and develop an effective program that drives employee enrollment and engagement. It will also enable you to take an active and visible role in your employees’ financial well-being.

Measure Success

Measure the baseline of your employees’ financial wellness at the start of the program and then monitor progress on a quarterly basis. You can set metrics using data from surveys, direct feedback, and other avenues to track and measure how your program is performing. Doing this will enable you to continually find areas of refinement.

Offering a meaningful financial wellness program will help cultivate a culture that supports employee financial security and confidence while strengthening adoption of employee benefits.

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