Here are 4 ways that you can promote employee financial wellness in the workplace:
Help Out With Retirement Planning
Far too many Americans have nothing saved up for retirement. You can do your part by offering programs that help employees save for retirement. Matching employee 401(k) contribution dollars is a popular choice that comes with tax benefits. This isn't just helpful for employees nearing retirement age either. For younger employees, retirement is a long way off, but the earlier they start planning the better off they'll be. Especially since the future of social security is uncertain.
Host Financial Wellness Workshops
With financial wellness, one of the best things you can do for your employees is to provide information that they can turn into action. By and large, people want to make wise financial decisions, they just don't have the knowledge and don't know where they can go to get it. Many employers combat this by offering workshops hosted by financial educators.
The workshop format is great for financial education as it provides a completely neutral and non-confrontational venue where you can learn. We all like to keep a certain level of privacy about our financial affairs after all. The format of this workshop is up to you, but the "lunch-n-learn" is very popular. There's something about a free lunch that can make difficult topics more approachable. You can also offer private, personalized sessions that employees can opt into, should you have the budget. Webinars are an alternative that an employee can do outside of the workplace and allow spouses to participate as well.
Provide Loan Repayment Assistance
Combined student loan debt in the US has reached an astronomical 1.6 trillion dollars; that's almost as much as both credit card debt and auto loans combined. It's well known that student loan debt places an enormous financial burden on recent graduates. In many cases, they have to delay buying a home, starting a family, and even going to the doctor in order simply to stay afloat. To counter this, many employers are beginning to provide their employees with student loan repayment assistance. You can also offer assistance for employees who choose to further their education.
Offer A Well-Rounded Benefits Package
Employees love a well-rounded benefits package. Many value benefits even more than they value a pay raise. It's clear that offering just the basic benefits simply won't suffice these days. Benefits like disability, life insurance, and critical illness insurance can go a long way to alleviate the financial stresses that your employees deal with.
Introducing financial wellness into the workplace is easier than you think. It doesn't have to be costly and it doesn't have to be an invasion of privacy. You can put your employees on the road to financial stability by helping out with retirement planning, hosting financial literacy workshops, providing loan repayment assistance, and offering a well-rounded benefits package.
Having employees who are bogged down by financial stress isn't good for anyone. Please, contact us at Summerlin-Roberts today to learn more about our employee communication and support services and how you can promote financial wellness in the workplace.