What are some ways employers can support healthy financial habits in their work force?
According to the Society for Human Resource Management, 29 percent of employers already offer general financial education to their employees.
The first thing an employer can do is to determine if financial concerns are becoming a distraction for employees and increasing their stress at work. How effective are your benefits, education and assistance programs in addressing and preventing employee financial issues? As with health and wellness, employee personal financial fitness is an important part of overall well being.
While providing general financial information and education can be helpful, it is often not enough, and real impact is often not measurable.
How can employers educate their work force about financial wellness?
Employers can support the financial habits of their work force through a variety of ways, including:
- Conducting a survey that can help the organization personalize statistics. One such tool is the Personal Financial Wellness Scale developed by the Personal Finance Employee Education Foundation (PFEEF).
- Holding seminars to educate employees on the basics of financial responsibility. Try using a fee-only provider who is in the business of educating, as opposed to selling benefits.
- Consider introducing a financial wellness program. These programs aim to break down the barriers to improved financial health by providing resources to solve financial issues. These can include web-based tools, live seminars and one-on-one counseling.
Other than education, what are some other resources employers can use to support their employees’ financial health?
Incorporate financial literacy or financial education programs as part of the corporate training calendar. Many employers provide personal development education and training not directly related to their business because it sends a message that they value their employees. There are online training programs that employees can access on their own time, and you can provide books and other materials on personal finance. Seminars and workshops both on and off company time are also valuable resources.
In recent years, more employers have come to accept that attending to the well-being of their employees makes good business sense. Physically and emotionally healthy employees are far more productive than those who are struggling with either their physical or emotional health.
When employers prepare their work forces for retirement, they are not only bettering society but their business, as well.
Sally Stephens is president of Spectrum Health Systems. Reach her at (317) 573-7600 or [email protected].
