Here are a few ideas on how to introduce financial wellness programs into your workplace:
Start With Financial Counseling
The key to long-term financial wellness is making the right choices. Many employees know that their current path is unsustainable, but they don't know how to change or who to turn to for advice. By offering financial counseling and coaching services you can put employees on the right track to financial independence. These counseling services are affordable, easy to implement, and offer exponential returns as employees become more wise and confident in their financial decisions.
Offer Debt Management Services
Debt is the number one cause of financial stress and student debt in particular is becoming a huge problem. Students with outrageous amounts of student loan debt are entering the workforce and student loan debt is some of the hardest to manage effectively. Debt management services can help your employees structure their repayment effectively and avoid all of the issues that come with snowballing debt and student loan default. With their debt under control, your employees will be able to turn their attention back towards work, increasing their productivity. Everybody wins in this scenario.
Help Your Employees Save
Saving for the future is another key component of long-term financial wellness. This doesn't have to simply mean saving for retirement. You can also help your employees save for other goals they may have like returning to school or purchasing a home. When employees have a long-term financial goal that they can focus on they are much more likely to make smart financial decisions and they will also become more engaged at work, knowing that each day is a step towards meeting this goal.
Keep Things Confidential
Your employees don't want their financial situation broadcast to their coworkers so any programs you implement must be fully confidential. Personalized financial counseling should always be done one on one and their personal situation should only be discussed in this context. It's difficult enough for an employee to open up to a counselor, can you imagine how hard it would be if they didn't even have a guarantee of privacy? Your program wouldn't even make it off the ground.
Maintain A Dialogue With Your Employees
The employees are who this is really all about. There is a bit of trial and error anytime you implement new programs, and if you want to refine your trials and move past your errors you will need to talk to your employees. Ask them what works and what doesn't and then implement this feedback as best as you can. This advice is true for nearly any program but it's even more important when you're dealing with something as sensitive and important as finances.
At Summerlin-Roberts we can help you come up with creative solutions that will reduce the burden of financial stress on your employees. Please, contact us today to learn more about implementing financial wellness programs in your workplace.