The Most Reliable Strategies for Promoting Financial Wellness in the Workplace
Reviewed by: Fibe Research Team
- Updated on: 10 Apr 2023
- Published on: 15 Sep 2020
Reviewed by: Fibe Research Team
Have you ever considered:
Most employees are not vocal with their employers about their financial issues. According to data from the Employee Financial Wellness Survey by PwC, only 43% of men say their compensation is keeping up with their cost of living. The number is even lower for women – at 30%. No surprises, then, that increasingly, financial wellness is seen as a must-have employee benefit.
Armed with financial information, data, and the advantage of easy access to employees, employers, have a unique opportunity to introduce programs to improve individuals’ financial literacy and well being.
For the success of such financial wellness programs, employers must start with a clear strategy inculcating business objectives. Financial wellness includes understanding the areas of an employee’s economic life that are influenced by an organization and then taking steps to improve it.
Explain what a complete financial wellness offering appears and how the programs that you introduce in the future can support it. List all the financial benefits that you offer, ranging from banking services to retirement plans.
Understand your audience – in this case, your employees. This should help in catering to the needs of a diverse range of employees.
Make it simple for employees to find and use your financial wellness programs, including automated solutions. Always ensure a quality service. This helps in generating and maintaining positive perceptions and increases the usage of such programs.
Remember that sometimes, the employees are not the financial decision-maker in their family. Make it possible for the employee to involve other family members in accessing the plans.
Keep a single portal or platform for all your benefits offerings. Research your population’s priorities, and depending on that, promote content in segmented ways.
Analyze what’s working and what’s not. Adjust according to the feedback.
There are many programs that help diagnose employees’ financial wellness issues and also implement custom solutions to meet those needs. Partner with vendors – such as Fibe – that can offer financial assistance and insights to your employees
Consider auto-enrollment benefits to an emergency savings program such as EarlySalary. This ensures that your employees’ financial situations are secured.
A variety of firms can help your employees understand the right ways when it comes to spending and saving. Owing to innovation and technological progress, there are sophisticated methods of tracking money habits online.
Simplify the complexities inherent in investing and make information easier to understand for your workforce.
Introduce a variety of tools that help your employees develop financial action and budget plans.
Several vendors and platforms are available to help employees understand their financial states and cycles – from spending to savings, and including everything in between.
Fibe’s Financial Wellness program can help your employees feel financially secure. We’ve partnered with more than 280+ corporates and have delivered effective financial wellness services to more than 50,000 employees.
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