Use data insights to bolster global financial wellbeing programmes
In today’s world of work, it’s essential to deliver an employee experience that caters to individual requirements for both retention and engagement.
One effective way to achieve this is by implementing a comprehensive financial wellbeing programme.
By harnessing the power of data and insights, you can develop a global financial wellbeing program that meets the diverse needs of all your employees, regardless of their background or location.
Here are some actionable tips for using data to enhance your employee experience:
1. Assess existing data and insights
The first step is to evaluate the existing data that supports your understanding of employee needs.
Are you receiving consistent feedback indicating that employees don’t fully grasp the benefits available to them?
Are you conducting regular surveys to understand how well your current global financial wellbeing program is being perceived and whether employees feel supported?
An effective way to get insightful global data is by engaging with regional or country leads.
They hold firsthand knowledge of local team dynamics and concerns, which can help refine your global financial wellbeing program.
Building these connections early also means you can get their buy-in and access relevant insights specific to each location.
2. Use employee stories and data to shape your program
Utilizing concrete stories or examples can sharpen your focus and clarity when presenting your global program to decision-makers.
Consider these areas:
- Benefits uptake: Analyze participation rates in your benefit programs across various demographics. For instance, are frontline workers less inclined to enroll in retirement or stock options? If they are, what are the reasons?
- Employee attrition: Investigate whether certain employee groups are leaving your organisation at higher rates. Are tech workers attracted to competitors offering better compensation?
- Engagement and value proposition: Are younger employees connected with your company culture and brand? If engagement is lacking, what steps can you take to address this gap?
By uncovering these data points, you can identify where adjustments are necessary to enhance the employee experience.
3. Understand the ‘why’ behind your data
After pinpointing key trends, it’s crucial to delve deeper into understanding why these trends exist.
If specific demographics appear disengaged or if attrition rates are concerning in certain areas, what factors are driving these behaviors?
Exploring the underlying influencing factors will enable you to make more effective, and better personalized solutions.
This understanding is particularly vital when it comes to defining financial wellbeing within your organization.
Before implementing a global financial wellbeing program, consider the following:
- How do you want your employees to perceive their financial security?
- What shifts in financial health and behaviors are you aiming for?
- How does your benefits package contribute to enhancing employee financial wellbeing?
- How does financial wellbeing align with the broader organizational goals of DE&I, employee engagement, and ESG initiatives?
4. Global financial wellbeing programmes are bigger than benefits
We view financial wellbeing as the sense of control employees have when they know their financial future is in-hand.
A robust global financial wellbeing program encompasses more than just benefits.
Not only is financial wellbeing about enabling employees with the knowledge and resources to improve financial confidence.
It’s also about utilizing impartial financial education to underpin other employee benefits.
Ultimately, employees with access to financial education have a 34% better understanding of their benefits.
The truth is employees who are in control of their finances have a more positive outlook which ultimately enhances engagement, productivity and overall wellbeing.
5. Game changing global insights
Finally, consider supplementing your financial wellbeing program with broader research and findings.
For example, nudge’s Global Financial Health Pulse, (data from the 1.7+ million nudge worldwide), offers insights to uncover additional opportunities to personalize your global financial wellbeing programme and better support your employees’ financial wellbeing.
In conclusion
By exploring your employees' needs, the motivations behind those needs, and how your global financial wellbeing program can further support them, you can nurture a more engaged and productive workforce.
If you want more information on how to use data and insights in your program planning download nudge’s Global financial wellbeing playbook.
In partnership with Nudge
A leading financial wellbeing benefit using behavioural science & technology to help employees.
