Search:

Saturday | 10.21.2017
  Home  |  Current Issue  |  Subscribe Free  |  RSS News Feed   |  Sample Newsletter  |  Business Radio  |  Archives  |  Site Map
    Winter-2016  


Three Tips For Starting An Employee Financial Wellness Program

With wellness taking center stage in recent years, financial wellness has become a popular choice for HR departments to round-out their programs.

Travis W. Freeman, Four Seasons Financial Education President, says, "The American Psychological Association continues to cite money as the number one cause of stress among American families. This stress takes its toll on employees through increased health insurance costs, absenteeism, accidents, and lost productivity. Financial wellness programs help to curb this activity and can serve as a strong boost to the bottom line. HR professionals often butt heads with CFOs that are in disbelief, but the cost savings in 401(k) loans and withdraws alone will help you justify the new wellness program. It can benefit the company in enormous ways."

Freeman provides three easy tips for employers to start a financial wellness program for employees:

  1. Ask and you shall receive - Nothing is worse than launching an education program no one is interested in, so ask employees what they are most interested in learning about.  Four Seasons finds retirement, debt management, and college planning are among the most popular. Try a paper survey, electronic survey, or simply have employees submit their own ideas.
  2. Bring in an expert - Although an existing employee may be able to teach a financial wellness class for fellow coworkers, Four Seasons recommend bringing in an expert such as Certified Financial Planner, or CFP. Many employees don't feel comfortable asking live questions to a fellow coworker, but feel comfortable asking a board-certified professional. This may also alleviate the liability associated with a non-licensed employee offering financial education.
  3. Start at the top - Every organization needs a great leader and so does every financial wellness program. If the company wants it to start off successful, top leadership need to be involved. They must lead by example. Often, the more senior employees in the organization understand the importance of financial education.  They simply have to take an hour or two away from their desk to focus on the wellness program.

 


© 2017, Information Strategies, Inc.
P.O. Box 315, Ridgefield, NJ 07657
201-242-0600