Six tips to support your employees’ financial wellbeing

Spring is in the air and many of us are working on organizing our closets, cabinets, and…finances? Yes! It is also financial literacy month. So, what can you do to support your employees’ financial wellbeing? Consider the following tips: 

  1. Take Advantage of Onboarding 
    This is a critical time for someone just starting out their career – get them on the right track early, before they receive their first paycheck. Take advantage of onboarding new employees to promote your retirement benefits, health savings accounts and financial wellness programs.  
  2. Make it a “No-Brainer”
    Utilize opt-out programs (instead of opt-in) to make it easy to get enrolled and save adequate amounts.  
  3. Recruit Mentors
    Ask members of your team to become money mentors and promote your financial wellness programs to newer employees. 
  4. Offer Flexible Workshops
    Offer workshops/lunch & learns during work hours with online options so spouses, partners and dependents can join or view on-demand later. 
  5. Be Social
    Make use of email, text messaging and social accounts. Some apps can push notifications directly to participants based on life stages and events.
  6. Bring Back Bill
    Utilize retired employees to talk with the current workforce about the importance of financial wellness and adjusting to retirement. Bill from Accounting is likely going to have some valuable insights that his old watercooler buddies will benefit from hearing about.  

If your wellness program needs a fresh look or is nonexistent, be sure to work with your retirement plan advisor. They can help you understand the services available in the marketplace today and what engagement strategies work best for your specific employee population.