Everyone these days is thinking and talking about wellness in the workplace. When companies spend, on average, $10,000 an employee annually for healthcare (not to mention absenteeism costs) helping people become healthier makes smart business sense.
The real question is how do you create a program that will remove the obstacles that are in the way of employees engaging in your wellness program and get them to actually take charge of their health? That's the million-dollar question, isn't it (or in some companies the multi-million dollar question)?
Well, speaking of money, financial wellbeing is the linchpin to the success of any wellness program, but it's usually the last component that's ever, if ever, implemented. Think about it for a moment, if your employees feel they don't have enough money, this stresses them out and that stress then causes medical issues (e.g., high blood pressure, obesity, etc.), which your organization pays for. So helping employees get their finances under control helps their mental wellbeing, and in turn, once they feel less financially overwhelmed, they will have the time and energy to focus on their health. Win! Win! Win!
Like most components of wellness, people are in different phases of their financial life so one size doesn't fit all. You need to offer a variety of financial management programs for your employees - from broad based programs to ones designed to help a specific life situation. And they need to be in a variety of delivery system (e.g., in-person, telephonic, webinars, etc.). The most important piece is to give them the time during working hours to attend, without that, they won't ever get started.
You can find several vendors who can fill these needs for your organization on HR Company Store. Here's a list of programs to get your financial juices flowing:
- Debt Management - more than just budget creation, these programs help employees negotiate interest rates, reduce late fees and help stop evictions and foreclosures.
- General Financial Education - learning the fundamentals to the credit score, basic budgeting etc.
- Retirement Planning education around 401K's, IRA's, etc.
- Situational Financial Planning - targeted programs for specific life scenarios
- Children with special needs
- Investment strategies for nearing retirement
- New to investing
- Planning for college
- Planning for woman
- Planning for members of the military
- Planning for caregivers
- Life after divorce
- Newly married/new parents
By helping your employee gain control of their financial situation and showing them there is a light at the end of the tunnel and it's not an on-coming train, your employees will be more engaged at work and you will impact their lives at a level that is much deeper than any gym class can do.
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