When employees are financially healthy, they experience greater overall well-being and are more able to bring their best selves to the job. Aside from ensuring that your staff is properly compensated, what can you do to promote financial health on your team? Here are three steps you can take today.

– First, acknowledge that financial health requires an “ecosystem” approach to benefits. This means avoiding blanket policies and instead taking the time to consider factors that are unique to each of your employees: their financial knowledge, cultural influences, socioeconomic status, mindset, overall physical health, where they live, and any other elements that may contribute to their overall financial situation.

– Next, develop effective ways for your employees to choose from—and maximize—their benefits. Especially when onboarding new and younger employees, invest in their financial literacy about health care plans, retirement plans, and other financial elements of their lives. Then offer check-ins, FAQs, and reminders throughout the year (for example, webinars, newsletters, topic-specific meetings, etc.).

– Finally, hire an external, unbiased firm (or designate an in-house expert) to help educate your employees on achieving financial well-being. When considering this type of outside provider, look for firms that offer live service during business hours, as well as on-demand resources such as content libraries and curated lists of resources on financial well-being topics.
This tip is adapted from “It’s Time to Prioritize Employees’ Financial Health,” by Manisha Thakor

Spread the love