They go hand-in-hand: employee engagement and financial wellness. You always see the two of them together.
You get there is a vague idea that they impact each other, but why, how, and how much effort will you have to make?
Financial Wellness and Employee Engagement
The answer is clear: there is no point to a financial wellness platform without engaging your employees on the platform.
There are countless ways to incentivize or promote the platform.
There are best practices to increase engagement for financial wellness programs - but some effort is necessary.
Yes, the effort to engage employees on a financial wellness platform can be a chore. But why?
Your Employees Don’t Understand the Benefit of Financial Wellness
We’ve surveyed employees and when asked what they most need help with, a large majority replied that they wanted “more money.”
That’s the simple answer: your employees want more money.
Offering them a financial wellness platform almost seems like a sidestep to that simple, basic request.
Believe it or not, they might not understand the importance and value of the financial wellness platform and what service it can actually provide to them.
The Value of Financial Wellness
Another easy answer is: you can’t sell someone on the idea of financial wellness if you, yourself, do not understand its value and benefit either.
Once you adopt the platform, it’s not just another task on your “to do” list. (“Remind employees about our financial wellness platform.”)
Make sure to go through the platform yourself. Try to learn something!
Engage with the platform on a personal level first so you can demonstrate the possibilities within the education.
Financial Wellness = “More Money”
We’d all like more money.
What many employees have failed to put together is: financial wellness equates to more money.
It is precisely what they asked for - just not in the format they asked for it.
By learning the basic techniques of money management (an education they have most likely been lacking most of their adult lives, according to studies) employees are able to manage their finances in newer and more confident ways.
They become empowered to make more financially-advantageous decisions and understand complex topics.
That education promotes increased savings, reduces debt, and possibly more important of all - it lowers financial stress.
The financially healthy employee will find themselves on more solid financial footing and therefore happier and more content.
It’s just that simple.