16 Dec 2021

Top seven tips to get more out of your financial wellness programme

You've taken a deep dive into the world of financial wellness and set up a new program for your people, but now what? If your organisation wants to pioneer employee financial inclusion, the first step is to get your people engaged in the program. By helping employees to understand what's on offer and feel positive about participating you'll achieve a better uptake, eventually leading to improved financial wellness. Progressive organisations can lead the way here by increasing the conversation and normalising everyone's right to financial health.

With this in mind, here are our top seven tips to get more out of your financial wellness program:

1. Communicate your program’s financial wellness benefits to your employees

The bottom line is, if they don’t know about it, they won’t use it. It’s no good having an amazing financial wellness program for your employees if they don’t know about it or assume it’s not relevant to them.

Effective communication is focused and tailored. Too many generic pings and pop-ups will go ignored or can even become intrusive, especially if your people are experiencing messaging overkill. The financial wellness communication can take the form of prompts to take action, based around key life events or financial anniversaries. This ensures relevancy, while notifications within your existing tech stack help to maintain a streamlined experience.

2. Open up a conversation

Post-pandemic, your people need to feel listened to more than ever and creating a space for them to talk about money is a good starting point. This could take many forms; micro-support networks, communities within workplace communities, feedback forums and counseling. Additionally, businesses could facilitate a stress circle, where co-workers can meet together and discuss their money concerns in a safe, non-judgmental and mutually emphatic space. Start the conversation by asking your people what financial wellness means to them.

3. Encourage seniors to share their involvement in your financial wellness program

CEOs are in a great position to lead by example when it comes to participation in your organisation’s financial wellness program for employees. Encouraging them to be a part of the conversation will go a long way in helping to remove the stigmas and taboos around money. Top-level endorsements can harness an internal dialogue that may even extend as far as your people reaching out to one another.

Financial wellness isn’t dictated by income and those on higher salaries are just as likely to experience money-related stress. Hearing other people’s thoughts, stories and experiences creates a culture of shared openness, especially if it’s transmitting the message that learning how to improve financial capability is a great step.

4. Host financial wellbeing program events and initiatives

Launch creative initiatives and interactive events to engage your people. Maybe set aside a day of the week for this. Brainstorm the kinds of financial wellness program ideas that resonate with your unique workforce. Then bring in advocates and experts for talks, coaching, and collaborative workshops.

With a focus on building skills and knowledge that’s underpinned by technology, you can equip your people with the tools they need to succeed.

5. Cater to different learning styles

Our differences unite us. However, too often individuals are alienated because a topic hasn’t been communicated in a way that was relatable, understandable, or even likable. While financial wellbeing programs are for everyone, not everyone thinks, acts, or feels the same. Look for ways to encompass the varieties of learning styles, bridge the gap and make it fun.

Technology makes it possible to offer options of individualised learning and provides a range of tools that makes learning enjoyable, and fosters a sense of empowerment. Maybe even gamify the experience.

6. Start a financial wellness program campaign

Create initiatives with measurable goals that run parallel with your financial wellbeing program. Technology and financial wellness providers can help you keep track of performance, and programs are most effective when they run alongside national/international awareness days, like Financial Wellness month in January.

7. Consider default enrollment

Make it as easy as possible for employees to access their benefits by providing clear guidance on where to opt-in, and regular signposting on your internal systems. Or, if you know your people are busy, save them the time and effort by auto-enrolling them into your financial wellness program.

The power of your financial wellness program has much to do with how you communicate and present it. There’s a wealth of untapped potential residing in your people right now; you can help them to unlock it, and to find new hope in their financial futures.

This article was provided by Nudge