Employee Financial Wellness: The Secret to Engaging Your Team

The secret to employee financial wellness is a comprehensive employee engagement strategy.

The secret to employee financial wellness is a comprehensive employee engagement strategy. We know that engaging employees isn’t easy. Most HR/benefit managers lack the time and resources to promote a financial wellness benefit. Sure, you can include a flyer in an employee’s open enrollment packet or mention it in the latest newsletter, but most employees won’t understand how a financial wellness program can have an enormous impact on their lives. This often leads to a lackluster engagement rates. With the right strategy, you can empower your employees to act in your company’s financial wellness program. In this blog post, you’ll earn about the importance of financial wellness, financial struggles faced by employees, and how to engage your workforce more effectively.

Why is Financial Wellness Important for Businesses?

Did you know that 71% of employees say that uncertainty about money is the biggest stress they face in the workplace?1 Employees are bringing their financial concerns to work which affects their mental and physical health, and inevitably, their productivity. A comprehensive financial wellness program allows employees to focus on the task at hand and be more productive during the day. Furthermore, an employer-sponsored financial wellness program can increase employee morale by showing employees that their company cares about them beyond just their role in the company. Investing in employee financial wellness naturally increases team morale, productivity, and collaboration. This leads to a stronger workforce, which will benefit the business in the long run.

What Are Some Common Financial Wellness Challenges Facing Employees? 

Some of the financial challenges faced by employees are student loan debt, credit card debt, low credit scores, and retirement planning deficiencies. Without the right resources and education, it can be hard for employees to overcome these issues on their own. Employees may feel overwhelmed when it comes to managing their finances or may simply lack the knowledge of how to get started. In fact, 64% of adults don’t have access to a financial health program or a financial expert.2 As an employer, you have an opportunity and a responsibility to provide the guidance and resources your team needs to achieve financial success – beyond just a paycheck. You can provide access to financial experts, money management tools, educational webinars, and content that educates your team on how to take control of their money and make sound financial decisions.

How To Create a Comprehensive Employee Engagement Strategy

Developing an effective employee engagement strategy is the key to success, but it’s not easy. So what can employers do? Companies can choose a financial wellness program that goes the extra mile to engage employees. A comprehensive financial wellness program takes the reins and creates a detailed plan and communications so HR managers can focus on more important matters. 

Where can an employer find a financial wellness program with that level of engagement? Right here with BrightDime. There’s no skimping on promotion or communication. BrightDime ensures employees understand who, what, when, where, and why they should participate in our financial wellness program. We help foster an understanding of the importance of the program and creatively motivate employees through a variety of channels such as live webinars, email content, TikTok videos, fireside chats, and more. Our personalization gives employees real empowerment to take control of their financial present and future no matter what stage of life they are in. Whether they are a recent college graduate, long-serving customer service rep, or a middle manager, everyone can find value in our holistic platform. With BrightDime’s customized engagement strategies, it’s easy to educate and engage employees for a healthier team and a stronger business. 

To learn more about BrightDime’s financial wellness program and engagement strategies, contact learn-more@brightdime.com

More more financial wellness articles, go to our blogs.

  1. Consumer Financial Protection Bureau “Financial Wellness at Work”
  2. The National Financial Educators Council (NFEC) conducted a survey in October 2020 www.financialeducatorscouncil.org/financial-illiteracy-costs

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