Benovate’s Expert Blogger
Benovate’s Expert Blogger
5 Ways to Foster Employee Financial Wellbeing – Benovate Content Expansion Resource
It’s no secret that our worries follow us throughout the day. While workers may try to check their baggage at the door, the reality is that’s not always possible. Sure, the mess your cat made this morning might be off your mind by the end of your daily commute, but financial stress lingers. According to Workforce, companies can “build employees’ loyalty, increase their productivity and improve their job satisfaction” by offering financial support. After all, everyone works harder and happier when they feel secure. Some things can even be done at little to no cost.
Here are five ways you can foster financial wellbeing among your employees:
GET REAL – Ge real about your employee benefits
What programs do you offer? Are your employees taking advantage of them? Make sure your employees understand details like health savings accounts, deductibles, 401(k)s, or tuition reimbursement. Work benefits topics into conversations throughout the year, rather than isolating it to open enrollment season, making sure to emphasize their value and importance.
EASY ACCESS – Remove the barrier of having to search for information.
Make benefits and financial program information easily accessible by keeping it up-to-date and stored in an easy to access location, that everyone knows about and is already using on a regular basis. Benovate Clients can add offerings to the MyBenefits module, allowing members to locate details in one, easy to access location exactly when they need them most. When people know exactly what is available to them, they are more likely to use it.
ACCESS TO EDUCATION – Host 1:1 meetings with a finance professional or plan company seminars.
Many employees appreciate simple, one-time resources for learning financial tools. The National Financial Educators Council is available to train your company. They can provide speakers, education materials, consultations, and more. If you aren’t sure what will resonate the most, ask for feedback.
If you’re looking for a lower-cost option, set up monthly lunch-and-learns led by internal staff. Chose a different topic each month for someone to learn about and present on. The National Endowment for Financial Education has some free resources to use, or you could play a podcast or YouTube video by a well-known expert in the field. Set up an Events calendar in Benovate to promote the events and facilitate RSVPs. Learning together is a fun and practical way to build workplace connections.
ADVOCATE FOR DISCOUNTS – Negotiate discounts for employees on purchases like cars, technology, and local activities.
Start by considering your organization’s goals and initiatives. Do you want to encourage regular rest and relaxation? Maybe you want to make fresh, local produce easily accessible. Or, do you want to minimize the financial stress surrounding infrequent large purchases? Your answers will tell you whether to focus your efforts towards gym memberships and vacations or home maintenance and transportation.
Once you’ve come to these decisions, you can start reaching out to build partnerships with the corresponding companies. If you would prefer to enroll in an existing employee discount program, there are plenty of organizations to choose from who will set everything up for you.
MEANINGFUL REWARDS – Offer merit-based pay rewards such as raises, bonuses, or vacations.
These measures are doubly beneficial. On one hand, you’ll improve finances among employees. On the other hand, you’ll show that you notice and value when people do good work. This incentivizes productivity and rewards workers whenever appropriate. It’s a nice way to say “thank you” that will keep your team motivated year-round.
Financial wellness doesn’t have to be tricky. Which suggestion will you try first? Let’s chat and make a plan for attracting and retaining better people, together.