STRESS. It’s a word that most people are familiar with, but none enjoy. It affects your emotions and wears you down physically. A huge stressor for many Americans is related to money, specifically not having enough of it. In fact, research by The Pew Charitable Trusts found that 41 percent of American households do not have enough liquid savings to cover a $2,000 expense in the event of a financial hardship.
Financial hardships often cause employees to be distracted or even miss work. Employers have recently taken notice and are making efforts to help mitigate this stress through financial wellness programs. Below are a few suggested ways employers can help engage their employees on financial wellness.
ASK questions. Find out what is on your employees’ minds and listen. People want to be heard. Based on the feedback received, implement solutions such as Lunch and Learns that tackle the topics that concern your employees such as budgeting, financing a home and asset management.
MOTIVATE people. Everyone loves a good challenge with the opportunity to win a gift card or a prize. Be creative to encourage employees to invest in their financial wellness and take advantage of the programs provided. Friendly office competition can help overall productivity.
BE CONSISTENT with reminding employees about the programs being offered that can directly impact their financial well-being such as retirement savings, health savings accounts and educational seminars.
USE TECHNOLOGY to your advantage. Utilize tools like online courses, apps and automated savings to help increase employee engagement.
CUSTOMIZE as much as possible. The financial concerns of a millennial will be different than a worker closer to retirement. Create programs that will allow each generation to feel included and able to succeed. The one-size-fits-all model needs to be replaced with a more creative benefits package to attract and retain the best talent.
As Susan Milligan explained in a September 2017 article in HR Magazine, “These efforts may not always pay off quickly in cold, hard dollars saved on health care costs, but they can create happier, more productive and focused employees who are less stressed and less likely to miss work or leave the company, which may ultimately result in greater savings.”
These tools aimed at promoting financial wellness can help employees manage their stress and, hopefully, create more engaged employees. Interested in implementing a financial wellness program? Univest Insurance is here to help. Contact us at 800-220-3077 or email@example.com to get a conversation started.
Insurance products offered through Univest Insurance, Inc. are obligations of the issuing insurance companies, not obligations or deposits of or guaranteed by any bank and are not insured by the FDIC or any other agency of the United States.