Wellness programs in the workplace tend to focus on the mind and body – but it’s equally important to keep the bank account of the average employee in good shape if you want them to remain satisfied and productive in their role.

Rather than assuming that every team member is financially savvy, you can be proactive about ensuring this by setting up schemes specifically designed to educate them on the ins and outs of money management. 

So without further ado, let’s talk through a few potential program ideas which will improve employee engagement and pay dividends for the entire business as a result.

Credit Card Programs

We’re living in an epoch when financial stress is running rampant, with 92% of employees saying they have money worries in a recent survey, and the drain on productivity that this causes is a concern from an HR perspective.

The right credit card choice is crucial in this context, since 90% of respondents said that rising interest rates were playing on their mind, and inflation is even more of a bug bear. Given the wide array of options available, choosing the right credit card can be bewildering – so here’s what a financial wellness program based around this process should focus on:

Educate on Interest Rates and Fees

Highlight how different cards have varied interest rates and fees. A lower interest rate can result in substantial savings, especially if an employee tends to carry a balance on their card from one month to the next.

Rewards and Benefits Comparison

Encourage employees to consider what rewards align with their spending habits – be it cash back, points, or travel perks – and choose accordingly.

Credit Score Awareness

Help employees understand the importance of their credit score in securing favorable terms and how responsible card usage can improve their rating.

Online Tool Use

Let participants in the program know about the comparison tools online that can weigh up the credit cards Citi offers, contrasting them to packages from rival providers, and helping them home in on the best deal, without taking up hours of their time. Such resources simplify decision-making by providing clear comparisons based on individual financial scenarios.

Budgeting Workshops

Another of the keystones of financial wellness is effective budgeting, so setting up workshops aimed at teaching employees how to craft and stick to a budget can lead to improved stability, which in turn boosts their focus and productivity at work. Here’s what a workshop of this kind could include:

Interactive Budgeting Sessions

Organize practical, hands-on workshops where employees can create their budgets with expert guidance, learning to categorize expenses and plan for future savings.

Digital Tools and Apps

Introduce employees to cutting-edge budgeting apps and online tools that automate much of the mundane tasks associated with managing one’s finances. There are a bevy of free options out there, with the likes of Plum and Emma receiving plaudits recently thanks to their intelligent integration with other finance services for advanced tracking and monitoring.

Regular Financial Health Check-Ups

Offer sessions where employees can review their financial status on a regular basis with a professional, adjusting budgets as needed to meet changing life circumstances.

This proactive approach both equips employees with essential skills and also demonstrates the company’s commitment to their overall well-being. It’s also one of the reasons that the finance app market has grown so substantially in the past decade, with $44 billion invested in startups in this sphere annually, and the knock-on effect being that incumbent institutions have had to up their game to empower customers.

In turn, businesses need to do the same for employees by letting them know what’s possible when budgeting is well-managed.

Savings & Investment Schemes

Beyond everyday budgeting and credit management, long-term financial wellness also hinges on wise investment decisions – which are something that it certainly makes sense to cover in a separate program. It’s all part of improving financial literacy and appreciating the connection between this and job satisfaction, as well as employee loyalty. This type of scheme could include:

Introduction to Investment Basics

Start with basic seminars that demystify investment terms and concepts. Ensure that every employee, regardless of their financial background, understands different types of investments like stocks, bonds, and mutual funds.

Employer-Sponsored Retirement Plans

Educate employees about the benefits of participating in company-sponsored retirement plans such as 401(k)s. Highlight how these plans are a cornerstone for long-term savings.

Access to Financial Advisors

Provide opportunities for employees to consult with financial advisors who can offer personalized advice tailored to individual fiscal situations and goals. There will be differences between young, single employees and more mature family-focused people – so the program needs to reflect this diversity in order to be effective.

As mentioned, the idea here is to enhance employee retention through finance-focused HR initiatives, since studies show that workers are more likely to stay with a company that actively contributes to their personal growth and financial security. 

Even top earners, taking home $100,000 or more annually, are not immune to fiscal woes, as a recent PwC survey showed that 47% of people in this group feel the pressure imposed upon them by their finances. The only way to eliminate this consistently is through programs that look beyond the near term.

Cultural Changes

If a business builds a culture around financial openness and support, this can massively elevate employee engagement levels. An environment where employees feel more comfortable discussing financial issues and seeking help when needed will be better than one that treats such topics as taboo – so working towards it could cover a few of the following ideas:

Financial Wellness Challenges

Incorporate fun, company-wide challenges that promote savings or budgeting goals. These initiatives can foster community and offer friendly competition as a motivator. You could even focus on business-wide cost-cutting in this context, as a means of illustrating lessons that are also applicable to personal finance.

Open Forums on Finance

Host regular Q&A sessions with financial experts where employees can anonymously submit questions about personal finance concerns. This anonymity is important, because most people aren’t comfortable discussing money until they’ve been given a chance to do it privately first.

Success Stories Sharing

Encourage employees who have benefitted from the financial wellness programs to share their stories during meetings or through internal newsletters. This not only provides real-life testimonials but also motivates others within the organization.

The Bottom Line

In the fullness of time, financial wellness programs truly do have the power to transform employee engagement for the better. 

So instead of sticking your head in the sand around money matters, make them part of the discourse and culture of your company, and help all team members tackle them, to see the rewards of doing so come flocking in swiftly.

Guest writer.