Financial Wellness was a critical component in the 2016 Workplace Benefits Report from Bank of America. The study honed in on employees and the incredible need for more tools, education and resources. 60% of employees surveyed reported feeling somewhat or very stressed about their financial situation, up from 50% in 2013. This uncertainty stretches across all generations too –
With rising healthcare costs already impacting employees, it’s important for employers to re-evaluate their retention and engagement strategies. If you’re not currently offering a financial wellness program to employees, you should be making this a priority in 2017.
Employers need to be focusing on an overall strategy to improving workplace wellness. This doesn’t simply involve buying a fancy financial wellness package with lots of bells and whistles. The best strategies will be long-term business investments, not just monetary investments in the latest and greatest technology, but a dedicated commitment to increasing understanding and improving well being.
Ultimately, the success of any employee retention or engagement strategy lies in the execution. Employers need to support their wellness initiatives with comprehensive, personalized communication tactics so employees not only recognize what they have available to them, but they know how to interact with and apply the tools their employer provides on a personal level.
Don’t have the internal resources to communicate one on one with employees? Then take advantage of the many no cost solutions available in the marketplace, where creative funding strategies allow employers to implement valuable programs at little to no cost. Supplementing voluntary benefit enrollments to fund the cost of a solution is one underrated approach that employers should be exploring. Employees want and need more benefits from their employers and voluntary products are one way to fill critical gaps in coverage from employer sponsored benefit programs.
The key to a successful voluntary benefit enrollment is communication and engagement. Which will also drive the success of employer wellness initiatives, so get creative! Employers must continue to evolve with their workforce and with financial stress impacting the well being of employees and productivity levels of the company – now is as good a time as any for companies to rethink where they’re at and where they’re going.