5 tips for building a financial wellbeing benefits strategy
Understanding and meeting the diverse needs of employees is paramount for engagement and productivity in today’s rapidly changing workplace.
Global organisations are striving to create environments where every individual can thrive, and this can only be made a reality through a comprehensive financial wellbeing programme.
So, what steps can organisations take to create the best possible financial wellbeing strategy?
1. Understand your employees and outline your objectives
Addressing the varied needs of employees across the globe is essential for inclusivity. Understanding nuances in financial health, desires, wellbeing and benefit use is key.
By taking the time to gather people, benefit and financial insights, organisations can tailor programmes that are relevant, inclusive and have impact.
2. Design your programme
Integrating your financial wellbeing programme within your organisation’s broader rewards and benefits systems will ensure the programme’s effectiveness.
Simply put, by aligning the programme with wellbeing pillars, establishing clear definitions, carefully selecting partners and garnering support from stakeholders, you can create a holistic financial wellbeing programme.
3. Rally stakeholders
Getting buy-in from senior management and regional teams is critical for the success of your financial wellbeing programme.
Build a compelling business case with tangible benefits of the programme, including evidence of the effect of financial stress on productivity and disengagement.
Through data and insights, you can rally support for implementing an evolving financial wellbeing programme.
4. Launch with language, cultural and seasonal considerations
As you finalise your planning, the success of your launch hinges on effective communication tailored to diverse employee groups and cultures.
Key considerations include: compelling campaign content, the use of culturally sensitive and attention-grabbing imagery, and the incorporation of multiple languages and timings.
With a thoughtful approach to brand and communications, your successful launch sets the stage for impactful implementation.
5. Monitor, magnify and modify
Tracking outcomes and reviewing objectives as your organisation and employees evolve means continued alignment, and grouping metrics into impact areas helps maintain focus.
The programme should integrate with business priorities to enhance wider impact, and needs to include executive sponsors for sharing of results and collaboration for improvement.
Using insights from programme partners and staying updated on financial and global events ensures ongoing relevance, ultimately reinforcing the programme’s long-term impact.
In partnership with Nudge
A leading financial wellbeing benefit using behavioural science & technology to help employees.
