The case for financial wellness from an employee and employer perspective
Many employers incorporate a health wellness program into their organization, but financial wellness is just as important. Studies show that 47% of all employees are stressed about finances and 54% of those employees say they will likely use their retirement funds for expenses other than retirement.1 Employees who are stressed about money or debt often bring that stress into the workplace, causing lower productivity, higher absentee rates and neglect or postponing of personal healthcare. In addition, employees that cannot retire may have a negative impact on employer profitability (higher healthcare/workman’s compensation costs) and impede the development of the next generation of leaders.
5 Steps for Creating a Financial Wellness Program
Understand your organizational goals and objectives.
Review current demographic and participation information of existing benefit programs.
Survey employees to determine their financial literacy level and pain points.
Review findings in step 1 and determine the next course of action/ goals to be accomplished.
Identify existing resources through current retirement and health plan providers, as well as look for the best financial wellness tools and initiatives that meet your needs.
Design Your Program
Look into vendor solutions, such as debt consolidation, college planning, student loan debt, identity theft, estate planning etc.
Design online and onsite education programs.
Determine delivery method(s), in-person, apps, online, phone (could be more than one).
On-line portal tools.
Create a financial wellness committee.
Develop a Communication Strategy to engage employees and bring awareness of the program and the resources available.
Develop an annual financial education/wellness calendar with action steps for the coming year.
Develop an Education Policy Statement to include objectives, communication materials, topics and monitoring criteria.
Develop financial well-being point based challenges to incentivize your employees to participate.
Monitor and Measure
The goal of a financial wellness program is to make an impact.
Monitor and measure the program.
Continue to make adjustments and improvements.
Start the action items in listed in part 2 above annually.
Through Innovative’s customized financial wellness program, we work with employers to design, educate and engage employees so they can reach their financial goals. We work with you to analyze your demographics and custom tailor programs that meet the needs of your employees. Financial well-being is a win-win for employees and employers. When employees are financially confident, studies show that they are more engaged and productive in the workplace. This confidence typically translates into an increase in retirement plan deferrals. For employers, they often experience lower healthcare costs and employee absenteeism which can result in an increase in employer profitability. Let Innovative help you create a program that can help everyone. Call us at 856-242-3300.
I wanted to take a moment and tell you how absolutely thrilled I am to have Innovative Benefit Planning as my broker. We moved over roughly a month ago and I have never received service like I have since making the transition. With so many employers being challenged with COVID19 and us making the move right in the middle, it could not have been more seamless. Everything was set up to exceed all expectations and it continues. Innovative Benefit Planning has taken the worry and stress away. It was truly the best decision for Title Alliance and I look forward to a long and productive partnership.
The Innovative team is well respected at AFS. My staff and I feel they are an extension of our HR team! Since implementation, they have always remained committed to assisting AFS with all of its healthcare needs; in fact, it doesn’t matter what time of day, they always respond in a timely manner.
Each year they come up with fresh material so our employee’s interest is always peaked. A few years ago, Innovative provided us with documentation to show that moving from a fully insured program to self-insured would be more cost effective for AFS, and it has been! Innovative has truly made our jobs easier so we can focus on other tasks.
As an HR professional, Innovative makes my job easier and benefits administration much less overwhelming than it would otherwise be.
They are truly a partner with me to make sure our team members have the best benefits and service around their benefits that we can offer. Innovative’s team is responsive, professional and resourceful. (They are at the forefront of knowledge in many areas, including ACA reporting and compliance, which can get highly complicated.)
As a client for the last 4 years, we love working with our Innovative Benefit Planning team because of their service model, scope , depth and quality of expertise in handling our benefits and renewals.
Their level of commitment just keeps getting better each year. They have more than met our expectations on renewal negotiations, response time, assistance with ongoing plans, open enrollment material, meetings, support, bill auditing, and wellness programs.
Since our partnership with Innovative Benefit Planning in 2017, it has been a seamless one. Innovative always provide options, suggestions and recommendations when it comes to our benefits renewal.
Innovative is always present even when open enrollment ends, their year round communication reminds me that I can always reach out for help at any time. Their professionalism is the utmost one can expect. My account representative Jenni is wonderful, courteous, knowledgeable and very helpful.
We have been dealing with Innovative Benefit Planning for many, many years. They have given us nothing but exceptional service.
We can pick up the phone or email them and they always resolve our questions and take care of our employees insurance issues in a very timely manner. They negotiate our insurance rates every year and have managed to reduce the increase every year. Every account manager we’ve had throughout the years have been great to work with.
I have been working with Innovative Benefit Planning for over six years. Previous to Innovative, I had used the same broker for about 25 years. I was used to doing everything myself during open enrollment with my previous broker.
When Innovative came on board, I was pleasantly surprised how “on top” of things they were. I never have to call them and bother them about getting rates to me for open enrollment, as they are in touch with our carriers on a regular basis, and they get me my information for open enrollment as soon as they receive it from the carriers.