5 Steps to Get a Handle on Your Financial Wellness

5 Steps to Get a Handle on Your Financial Wellness

We’ve created a simple process to help employers get organized and ask the right questions.

Approaching financial wellness as an organization may seem overwhelming. Use these tips as a roadmap, and you’ll be “well” on your way to creating a happier and more productive workforce.

Step 1: Take Stock of Existing Resources

Understand what educational resources are already available to you. What’s your delivery model? How does your team measure the effectiveness of current offerings?These offerings may include benefits and wellness vendors, personal finance providers, and talent management platforms, among others.

Step 2: Analyze Your Company’s Benefits

Make a list of any financial wellness/retirement benefits you offer, as well as current healthcare benefits. Anything that would impact a person’s finances should be positioned as a financial wellness benefit. (Yes, HSA, FSA, 529s and transit benefits count!)

Step 3: Understand Your Employees

For 46% of employees, financial challenges are the single largest cause of personal stress. Take a quick survey of your workforce to see how money worries affect their lives, and you might be surprised by what you discover.

Step 4: Evaluate Spending Patterns

What apps do your employees use to manage their money outside work? This matters because your employees’ wealth isn’t just created from their paycheck and 401(k). Understanding their spending habits is a crucial step for equipping them with sound money management skills.

Step 5: Implement a Financial Wellness Program

Ideally, a FinWell program is personalized for every employee and encourages them to take charge of both short- and long-term financial goals. In addition, HR teams should partner with technology providers specializing in employee financial health.

Investing in this new area might seem intimidating. But it can also pay off, resulting in more satisfied and productive employees and helping you attract — and retain — top talent.

To learn more about how Advizr WorkPlace can bring financial wellness to your company, try out our free tool.