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Why Employee Engagement is Vital to Financial Wellness

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7 Strategies to Increase Employee Engagement in Financial Wellness Programs

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Last Update: March 7, 2024

It's no secret that the more you engage employees, the more productive they can be. The most common ways are career development and better work-life balance.

As an employer, encouraging and fostering financial wellness can give a significant boost to overall employee engagement.

This claim doesn't go without proof. A WebMD article states 78% of employees happy with their finances were also happier and more engaged at work.1 It's high time that employers craft initiatives for financial wellness.

Engaging in financial wellness initiatives helps employees achieve financial freedom – and once free from financial stress, they'll do better at work. The issue is figuring out how exactly to encourage financial literacy and make it engaging.

Keep reading to pinpoint ways to promote financial wellness. Take note that employees may not engage at first – but once they get to know the benefits, they'll feel more comfortable.

Let's get started.

1. Communicate the Value of Financial Wellness in the Workplace

Effective communication is the cornerstone of encouraging employee participation in financial wellness programs. Rather than relying solely on generic information, leverage the power of storytelling. Highlight success stories of employees who have experienced positive financial transformations. 

Anecdotes not only provide a relatable narrative but also foster an open dialogue about the tangible benefits of financial wellness. Showcasing real-world examples inspires others to join these initiatives and cultivates a culture where employees feel encouraged to pursue their own financial well-being.

Another strategy is to create interactive forums where employees can share their financial wellness journeys – think virtual Q&A sessions, discussion boards, or even workshops led by employees who have successfully navigated their way to financial stability. 

Encouraging this peer-to-peer exchange not only breaks down communication barriers but also establishes a supportive community, making financial wellness a collective and achievable goal for everyone.

2. Align Employee Financial Wellness with Broader Well-being Initiatives

While many companies focus on well-being initiatives in areas like fitness and mental health, the importance of addressing financial well-being is sometimes overlooked. 

Instead of merely discussing financial topics, consider implementing cross-functional well-being challenges. Design challenges that seamlessly integrate physical, mental, and financial aspects of wellness. For example, create challenges that involve setting personal fitness goals, practicing mindfulness, and making informed financial decisions simultaneously.

Utilize technology platforms to track and celebrate employees' progress in these challenges. This not only promotes a comprehensive approach to well-being but also fosters a sense of community and shared achievement. 

3. Tailor Financial Wellness Programs to Employee Needs

Not all employees have the same financial needs. An easy example would be the huge gap between millennials and older employees. The younger ones are saving up for a home, and the latter are just preparing for retirement.

Here, a bespoke employee financial wellness program helps ensure that everyone benefits. To achieve this, we can take these four steps:

Step 1: Get to Know Employees More

The goal here is to understand the unique financial challenges that employees face. A simple survey will let you know what your employees are dealing with.

Step 2: Design an Employee Financial Wellness Program for Various Needs

After understanding, you may start designing a program that addresses the employees' needs. This is where you can help your employees more as they feel the program is really personalized for them.

Step 3: Equip the Employees

Keep in mind that needs vary – so offering a mix of different resources, tools, and benefits is essential. Make employees feel that their needs are being heard and catered to.

Bonus Step: Partner with the Right Provider

Not all teams can handle everything on their own. If that's the case for you, consider partnering with a financial wellness program like Enrich.

The right program can offer customized options tailored to your business needs, ensuring that you can offer your employees a well-rounded financial wellness program without any added stress on your business.

4. Offer Educational Workshops and Seminars on Financial Health

Another good strategy to keep employees involved is through workshops. These interactive platforms allow employees to take control of their financial health.

According to a paper from the National Library of Medicine, seminars and workshops make it faster for learners to implement new skills. These two are also customizable enough to address varying needs.2

To better execute a workshop, bring in professionals like financial experts, accountants, and even business owners to offer financial wisdom grounded in years of experience.

Creating a Curriculum that Progresses from Basic to Advanced Financial Topics

When planning these workshops, it's vital to have a comprehensive financial plan. It should start with basic financial literacy principles to advanced investment techniques. This way, your employees can progress and be more confident with their finances, one step at a time.

5. Include Gamification and Incentives That Promote Financial Wellness

Implementing these two is one of the best practices for financial wellness programs. That's because this approach lets employees enjoy and be incentivized while learning.

In turn, the entertainment and rewards boost their motivation even more. So, consider the following strategies:

  • Use game-like systems of financial wellness solutions. These can make it more of a fun experience rather than another office requirement.
  • Have real reward systems in the form of incentives. This lets you add one more reason for them to join the initiative.
  • Celebrate the wins of your employees in financial well-being. By recognizing their hard work, you can even inspire others to participate more.
  • Financial trivia games can test their knowledge. It's an exciting way to reassess specific financial concepts and learn new ones.
  • Allow peer recognition for financial achievements. It builds solid camaraderie among employees and reduces the stigma around financial discussion.

6. Utilize Technology for Accessibility

If you're after something more user-friendly, you can always opt for online platforms like Enrich. Since they're online, these platforms pave the way for easier customization. In particular, it's a helpful way to address your employees' unique financial needs.

Below are some tools that help people reach their financial goals on the go:

  • Stress analysis tools that help understand how financial stress affects employees
  • Money mindfulness apps for thoughtful spending
  • Financial calculators for loans, savings, and budgets
  • Budget maker apps
  • Tools for debt-tracking, investments, and retirement

Aside from their role as financial wellness resources, some platforms even do more. They can also help you gain insights into your employees' financial wellness and track their success. Just note that these are possible only with consensus.

7. Focus on Social Support and Community Building

People feel less alone with a community that shares the same goal. The good news here is that financial education can help build communities, too. Employees who actively engage make it easy for others to follow suit. 

So, how does one build a community that supports itself?

Employee Resource Groups for Financial Wellness Tips

Establishing Employee Resource Groups dedicated to financial wellness goes beyond monetary concerns. These groups should prioritize both physical and mental health, creating a space where employees can openly discuss their financial struggles and successes. 

Encouraging individuals to share their stories fosters inspiration and mutual support.

Peer-to-Peer Support and Sharing of Success Stories

Complementing formal Employee Resource Groups, informal peer support networks provide a more relaxed atmosphere. A low-pressure setting encourages individuals to share experiences and insights in a casual manner, helping overcome any reservations or shyness. 

Celebrating Small Wins and Routine Discussions

Recognizing and celebrating the small victories in employees' financial journeys boosts morale and cultivates an environment where individuals are more likely to thrive financially. Incorporating routine discussions allows participants to share valuable tips and lessons learned, creating an ongoing dialogue that normalizes financial topics.

Measuring and Adjusting Strategies

In achieving healthy financial goals, key performance indicators (KPIs) play a crucial role. These indicators might include the following:

  • Employee engagement level
  • Change in financial behavior
  • Increase in savings
  • Participation in workshops
  • Decrease in financial-related stress

Your work doesn’t stop at setting these KPIs; keep your lines open for any feedback from those who avail of your initiatives. Regular feedback collection is vital for continuous improvement. 

After setting goals and collecting feedback, you can then adjust strategies. This will help you better address employees' evolving needs and preferences.

Want to estimate the potential earnings and savings for financial wellness platforms? Enrich is here to help you calculate the ROI for employee financial wellness.

Make Financial Wellbeing a Standard in Your Company

Keeping your employees healthy can also mean helping them handle their finances. Once you help them reduce financial stress, you help them boost their productivity. Plus, you're giving them the means to tackle their financial worries.

Here's a brief recap:

  • Keep clear and consistent communication about the value of financial wellness.
  • Make sure your financial wellness programs fit the unique needs of your employees.
  • Make use of workshops and seminars that cover a wide range of financial topics.
  • Use gamification and technology to engage your staff more.
  • Build a community around financial wellness.
  • Regularly measure the impact of your interventions.

Employers and HR specialists should aim to prioritize financial wellness consistently, intentionally investing in programs that help improve overall employee wellness.

When you do, you'll be helping them secure their financial future and your company's well-being as a result.

Enrich – The Best Financial Wellness Partner

Enrich stands out for its personalized approach to financial wellness education. We provide tools and resources fitting to your needs. This customization extends to calls-to-action and content integration. Our goal is to understand your financial uncertainty and extend our reach to you.

What else sets us apart? We focus on promoting financial inclusion. Through our tools, you can empower employees to make more informed financial choices.

We don't stop at providing tools. More than that, we also understand your outcomes. From there, we tailor our portal to meet your objectives. These are just some of the reasons why our program resonates with employees.

Want to see Enrich in action? Feel free to watch our video demo.

Employee Engagement FAQs

What is employee engagement?

Employee engagement refers to the emotional commitment an employee has to their organization and its goals, resulting in the use of discretionary effort. It is a critical factor in an organization's success and involves fostering a positive work environment where employees feel valued and motivated.

How does financial wellness impact employee engagement?

Financial wellness plays a significant role in employee engagement as it directly affects an employee's financial health and well-being. Organizations that help employees improve their financial wellness often observe increased employee engagement and decreased financial stress among their workforce.

Why should employers promote financial wellness in the workplace?

Employers should promote financial wellness in the workplace because it can lead to improved productivity, higher retention rates, and better overall employee engagement. By offering a financial wellness program, employers demonstrate their commitment to the financial well-being of their workforce.

What are the benefits of employee engagement in financial wellness?

Employee engagement in financial wellness can result in reduced financial stress, enhanced job satisfaction, and improved employee wellness. When organizations prioritize employee financial wellness, they create an environment where employees feel valued and supported, leading to higher employee engagement.

How can employers increase employee engagement through financial wellness?

Employers can increase employee engagement by promoting financial wellness among employees through financial wellness benefits, educational programs, and ways to promote financial wellness. It involves fostering a holistic approach to financial well-being that addresses the needs and challenges of the workforce.


1 - https://www.webmdhealthservices.com/blog/why-financial-wellness-is-important-in-the-workplace/

2 - https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3937119/

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