Are you getting the most out of your financial wellness program?  New research shows that engagement rates are a better indicator of success than ROI.

These days, it’s common for companies to have some sort of financial wellness program in place. But the existing programs aren’t always effective at improving retention, increasing productivity and lowering healthcare costs. Benefits executives are starting to see why: Many employees don’t know these programs are available, and when they do, they don’t always find them relevant or engaging enough to use regularly.  

So what can you do?

“Maximizing ROI starts with knowing your employee base – age, career stage and income ranges,” says a new report by market research firm Ernst and Young. “But fostering engagement depends on more than demographics. It requires a deeper understanding of workforce psychographics [such as] how employees think and feel about money.”

By taking the time to consider employees’ emotional and intellectual responses to financial stress as well as their demographic information, employers put themselves in a better position to address the unique financial stressors their people are facing. Holistic solutions aren’t just better for employees, they’re also ultimately better for your business.

See what else Ernst and Young had to say.

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Budgeting doesn’t have to be complicated, even if we are getting into the holiday gift-giving season. In fact, helping your workers simplify the way they approach their money will reduce their financial stress in the long run. Here are 3 simple budget saves employees can put into place today.

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Which benefits are at the top of your employees’ wish list? Forty percent of workers told Glassdoor that affordable healthcare is the number one perk. Here are four more.

Who are your company’s rising stars? As companies prepare for year-end performance reviews and think about goals for 2018, these emerging leaders are waiting in the wings hoping to show off what they can do. Look for employees with these four qualities.

More than half of employees with access to financial wellness programs say the initiatives have improved their health. But, according to a recent study from UnitedHealthcare, some employers aren’t stopping there. Read these five tips for starting a program that really works.

HR professionals are always looking for ways to optimize day-to-day tasks. Tech startups are actively responding to these needs, and providing innovative solutions that benefit employers and their teams. Keep an eye on these 10 HR tech companies.

Have something to add? Email info@bestmoneymoves.com.

Is your financial wellness program paying off?

Some companies look at the price of financial wellness programs to decide which service to offer, but it’s more complicated than that. A recent survey by Ernst and Young reveals that employee engagement is a better indicator of whether a financial wellness program is “worth it.”

It starts with understanding your workforce’s diverse demographics, since most workforces span multiple generations, as well as how people think and feel about money. In this case, the survey results were clear: Companies that invested in financial wellness plans saw a direct and positive impact on employee well-being, retention and productivity.

Financial wellness can’t be measured effectively using short-term metrics, but by taking a calculated risk to support employees, companies are seeing results that really matter. Check out the full report to see the benefits of an engagement-focused approach.

Best Money Moves is a Next Great HR Tech Company finalist! We are incredibly grateful for your support and can’t wait to take the stage at the HR Technology Conference in October. See the full list of finalists.

Men and women experience work differently. That means your company’s efforts to boost employee engagement can’t be one-size-fits-all. Here are some solutions.

What’s the trick to keeping millennial employees around? This ex-Google employee thinks student loan repayment has something to do with it. Read her solution.

How are employers addressing the rise in healthcare costs? By looking at which health conditions are hitting their employees hardest and helping them better manage their symptoms. Here are the 10 biggest culprits.

Gen Z is ready to disrupt the workforce. This generation, comprised of people born in 1994 or later, are entering the workforce with a new approach to diversity, communication, technology and benefits. Learn how to keep up.

Work-life balance is pushing older workers into retirement. Sudden health shocks, caregiving responsibilities and other obligations often cause workers to retire earlier than they might have otherwise. What can employers do to help?

Open enrollment isn’t just about health insurance. This year, employers are likely to offer more voluntary benefit options than in the past, including expanded financial wellness programs. See what else is in store.

How do you know if your employees are engaged? Surveying employees is a typical strategy, but what if you’re asking the wrong questions? Build a better engagement survey.

Telehealth is an employee benefit on the rise. According to the Large Employers’ 2018 Health Care Strategy and Plan Design Survey, 96 percent of employers will offer telehealth services next year in states where it is permitted. Learn more.

Have something to add? Email info@bestmoneymoves.com.