5 Steps to Create a Financial Wellness Program
Many employers offer health wellness programs for their organization. However, financial wellness is equally as important. Studies show that 47% of employees are stressed about their finances, which can impact their productivity in the workplace.
While starting a financial wellness program may seem intimidating, here are five steps that you can take to create a successful financial wellness program:
Step One: Discovery Period
Understand your organization’s goals and objectives for the program. Review the plans demographics and survey your employees to identify concerns and engage the financial literacy.
Step Two: Analyze
Review the information from your discovery to understand where changes might need to be made. Review resources available to the plan that can be utilized by employees and prioritize the goals by importance.
Step Three: Design Your Program
Once you understand the data and resources you have available, it’s time to design the actual program. Select your vendor solutions, such as debt consolidation, college planning, and student debt. Create a financial wellness committee to oversee the implementation, managing, and monitoring of the financial wellness program.
Step Four: Inspire
Develop a communication strategy to engage employees and make them aware of the program. Create a financial education calendar with actionable steps for the year and establish an education policy statement. Then, conduct challenges and points based systems to incentivize your employees to participate.
Step Five: Monitor Progress
Survey your employees and determine the success of the various aspects of the program and decide what needs to be improved. Based on your analysis, adjust the program and continue to monitor the success.
Innovative offers customized financial wellness solutions, where we work with employers on the design of the program, engaging employees, and helping them reach their financial goals. Financially confident employees relates to stronger productivity in the workplace.
To learn more about how you can implement a financial wellness program, feel free to contact Innovative Investment Fiduciaries at resources@iifria.com.
