Financial Wellness Platforms: How to launch the best one for your employees. Financial wellness platforms can help support employees through tough times. Here’s how to launch the best one for your team.
Employees are feeling the heat. According to John Hancock’s 2022 study of stress, 89% of employees said it was important that employers provided a financial wellness program and 74% said a financial wellness program would help reduce their stress.
Choosing and implementing the right financial wellness platform for your company is critical for reducing employee stress and increasing productivity. Here are 3 steps a company needs to ensure a successful financial wellness program.
1. Evaluate your team’s need for financial wellness platforms.
In order for a benefits program to be successful, it needs to align with what employees want. A great way for employers to find out what their employees want is by conducting a needs assessment. These can be done in the form of personal interviews or questionnaires.
A recent trend in employee benefits has been an increased emphasis on financial wellness. 68% of employees said they would rather have financial wellness benefits than an extra week of vacation, per a Betterment report. Implementing a financial wellness platform is a great way for employers to signal to their employees that their wants and needs are a top priority.
2. Compare financial wellness platforms to find a comprehensive solution.
The most successful financial wellness platforms will include a wide array of tools and resources. Some of the best will include:
- Personalized solutions. Personal finance is a wide-ranging topic that can affect many areas of life. According to a PWC study, the most requested employee benefit is a financial wellness program that grants access to unbiased counselors. However, Best Money Moves grants access to trained, accredited professionals that are tailor-made to help each individual.
- An easy-to-use interface. It can be a big leap for many employees to ask for help on their personal finances and it can be overwhelming to figure out where to begin. According to PWC, 41% of financially stressed employees said they were too embarrassed to ask for assistance on their personal finances. Best Money Moves lends a helping hand and provides detailed instructions on where to start and how to use our services.
- Intuitive tools. One of the most important components of a financial wellness platform is the tools made available for employees to use. According to a Sofi study, 62% of employees requested budgeting tools as a part of their wellness package. The Best Money Moves platform provides a simple and effective budgeting tool that takes user data and personalized solutions. In order to ensure a successful program, the employer has to take extra steps in the form of emails and meetings to ensure their employees have a full grasp of their benefits.
3. Take time to implement your chosen program
It’s integral to introduce a plan that can be easy for employees to comprehend. According to TIAA’s 2022 Financial Wellness Survey, 9 in 10 employees with high financial wellness scores reported that they understand their program very well compared to 4 in 10 with low financial wellness scores. In order to ensure a successful program, the employer has to take extra steps in the form of emails and meetings to ensure their employees have a full grasp of their benefits.
Also, it’s beneficial to have metrics within the programs that show employers how often their employees are interacting with the program.
Best Money Moves is a mobile-first financial wellness solution designed to help employees meet their most top-of-mind financial goals. With budgeting tools and personalized money coaching, users can easily receive comprehensive financial advice right from their phones.
Focused on user-friendliness, Best Money Moves is designed to bring financial wellness resources right to the fingertips of employees. Our dedicated resources, partner offerings and 700+ article library make Best Money Moves a leading benefit in improving employee financial well-being.
To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.