Inspire Employee Stability,
Productivity Through Financial Education
Many workplaces are adding financial wellness education to their list of classic wellness offerings like biometric screenings and fitness/weight loss programs. For many, the catalyst for this focus is the recent government shutdown, which brought a disturbing reality to the forefront. At best, many Americans have a shaky hold on financial stability. According to the Federal Reserve, nearly half lack an extra $400 in emergency savings.
Imagine asking each of your employees to give their pocketbook a physical. What would the outcomes reveal? Is your workplace full of Adonis-level investors with stacked emergency funds and 501K maxes, or would the exercise expose overspending and a lack of savings? The detrimental outcomes associated with unstable finances are well-documented. Financially stressed employees can see dips in productivity and increased health risks. That’s not good for anyone.
Thankfully, employers can do plenty to educate their employees regarding sound financial practices, and some are making a huge difference by tailor-making their program. Pitt Ohio is one such example. The provider of transportation and logistics surveyed their employees to reveal where any ‘financial literacy holes’ existed. The company then created a custom plan to educate workers and to meet their specific needs. Financial counseling was made available. Weekly payroll deductions to a savings account began.
What should an employee financial wellness program look like for your workplace? It depends what your employees are most receptive to. Some programs are completely online; others incorporate seminars and teleconferences. A third-party vendor is suggested, as employees may not feel comfortable revealing the state of their financial health to an employer. Expect education regarding such subjects as debt, mortgages, insurance, wills and trusts, budgeting, financing a home and more.
Just as with a wellness program focused on individual physical health, participation is key to success. Therefore, be open with employees that their privacy is protected. Encourage them to become more financially literate, and facilitate this by making the program easy to navigate. Remember: the return on investment for participating in such a program can be lifechanging. Removing financial uncertainty from an individual’s To-Do list can have a positive lifelong effect.
Physical health is important, yes, but so is peace of mind. Accordingly, so is peace of pocketbook. Consider financial wellness a pivotal part of your business wellness program.
Are you looking to begin or expand your organization’s financial wellness offerings? Contact Trish Blocker at email@example.com for tips and advice.