5 things employers need in a financial wellness program. Not all financial wellness programs are created equal. How do the options for your employees measure up?
After a long year adapting to the COVID-19 pandemic, and with the economic effects of the virus still fresh in everyone’s mind, financial wellness programs have seen a sudden rise in popularity. Forty-two percent of employers now offer one or more financial wellness programs, according to data from MassMutual, and those numbers are only expected to grow.
Employers seem increasingly aware that they need to build in a high-quality, broad-based financial wellness program as they invest in a more holistic approach to overall employee wellness. It’s the right move, but be warned: Not all financial wellness programs are created equal, and throwing a bunch of point-based solutions at your employees doesn’t count.
Whether you’re already offering a financial wellness platform loaded with benefits to your employees, or are only now getting ready to take the plunge, these are the five must-have pieces to successful financial wellness program.
1. Comprehensive guidance.
Employer financial wellness programs shouldn’t start and stop with a 401k plan or the occasional bonus. Money is at the root of so many of the decisions that we make every day in our career and personal lives. Your employees are facing issues as wide-ranging and unique as they are, whether that might be paying off significant student debt, financing or managing health care costs, daily budgeting issues, elder care challenges and everything in-between. In order for a financial wellness program to truly make a difference in a person’s life, it should address financial needs both great and small with a consistent breadth and depth of knowledge.
2. Customizable content for employees at any stage.
Similarly, while it’s true that money affects everyone, it affects everyone in different ways. With up to five generations in the workforce, your employees have different financial goals, expectations and circumstances. In order for a financial wellness program to be worth the time and money you’ll invest, it needs to address every individual employee, regardless of their age, financial status, stage of their career, etc. A good financial wellness program will offer the same level of individual assistance to those employees still starting their careers as it does to those raising families or approaching retirement. A great one will make personalized and customizable content available in an easy-to-use, integrateable intuitive platform.
3. Timely insight into real-world issues.
Real-world financial insecurities require real-world advice and realistic solutions. Your financial wellness program needs to acknowledge and validate that external factors like mental health, chronic illness, gender or racial inequality and other inequity play a part in your employees’ financial lives. Reality-based financial tools are more likely to be used and yield tangible results for the employee, and real ROI for HR.
4. Trustworthy, reliable security.
This one is simple: Money matters are sensitive issues, and nobody should feel like their financial security is at risk. A good financial wellness application is encrypted and secure, even at rest, with no one, not even employers, able to access an individual’s delicate financial information without the user’s permission. Look for a financial wellness program that prioritizes user security.
5. A human touch.
It’s easy to get lost in a flurry of statistics and calculations when talking about financial wellness, but at the end of the day, financial security is key to emotional and physical wellbeing. It’s time to demystify learning about money: Your financial wellness program should be fun and easy-to-use, run by a team who cares about your employees as much as you do.
Keeping these must-haves in mind, how do the financial wellness programs offered to your employees measure up?
If you’re looking for a stronger solution, talk to us. Best Money Moves is a human-centered program that offers a personalized approach to financial wellbeing. The comprehensive and user friendly-platform provides a plethora of financial resources and educational tools, with nearly 800 articles, videos, and calculators. Employees can measure their level of financial stress in each of 15 categories, and our algorithms will send personalized and customized information, tools, and solutions that help solve the problem and reduce financial stress.
Whether your employees need help saving money, paying their bills, raising their credit scores, getting ready for retirement or buying a house, Best Money Moves is there to support them every step of the way. Best of all, Best Money Moves is portable, so when your employees move on, they can take it with them.
Give your employees the very best financial wellness experience. Reach out for a demo today!
If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.