With remote work here to stay in some capacity, companies must create new ways to listen to employees and identify their main financial stressors.(Photo: rudall30/Adobe Stock)
Since the onset of the pandemic a year ago, workers across the globe have reported surging financial stress. Workplace productivity is also declining. And there's no doubt that these two trends are deeply intertwined.
Traditional office perks―like free snacks and ping pong tables― are no longer relevant for a remote and hybrid workforce. Instead, employers are increasingly looking for ways to boost engagement by focusing on wellness benefits, and in particular financial wellness. Not only can these types of benefits reach every employee, no matter their physical location, they can also address a fundamental employee concern―financial stress―and help reduce distraction and boost engagement at work.
Jeff Clark is the vice president of financial planning at BrightPlan responsible for financial education and engagement strategy. As a Certified Financial Planner professional he communicates financial best-practices through seminars, webinars, and articles. Recommended For You
Financial wellness encompasses one's entire financial life, from debt to down payments. Many companies offer retirement plans and 401(k) matching ―it's a good start, but just one part of the complex puzzle of employee financial needs. It can seem daunting to source and tailor an ideal array of programs to the unique requirements of each employee, but new technologies are bridging the gap, providing everything from financial education to financial management tools that address all aspects of an individual's financial life.
Employees increasingly are demanding this level of support. In October of 2020, a study of knowledge workers and HR leaders found that employees prioritize financial wellness benefits higher than healthcare or paid time off, which are traditionally seen as the most vital workplace offerings for employees. A 401(k) is no longer enough.
Here are a few guidelines I use to help companies enhance employee engagement and well-being, and boost the company bottom line.
Meet your employees where they are
Remote work has made it harder to keep a pulse on employees, their needs and financial worries. Casual check-ins are much harder. With remote work here to stay in some capacity, companies must create new ways to listen to employees and identify their main financial stressors.
Make a point to ask employees for feedback on the types of benefits and initiatives they would find the most valuable. Do they prefer group or individual education sessions, would they like more training or a hands-on demo, do they understand the basics of financial management, would they embrace a financial advisor? Surveys, phone calls and―my favorite―questions baked into annual reviews and manager chats can do wonders to unpack preferences.
Study up!
There are myriad financial wellness solutions on the market; most are point solutions covering one aspect of financial life, which means the onus is on employers and employees to patch together a tapestry suitable for all their needs. Vetting solutions and effectively presenting them to your teams so employees understand, embrace and optimize them is essential to deliver real value. As you study up, bring a standard suite of questions that evaluate core capabilities, the groups who would benefit most, success frameworks for employee adoption and engagement, and a rubric to evaluate the payoff―usually in terms of dollars.
After assessing dozens of products myself over the years in the financial services and technology industries, I've found employees respond best to models that include both a digital and human advisor component. Digital-first models tend to offer higher engagement and the human advisor provides valuable oversight to identify gaps in one's financial plan. Trust is paramount with finances, which is why I would also focus on solutions that are held to the fiduciary standard and certified by a third party for it, ensuring they put your employees' needs first. In addition, look for solutions that can address employees no matter where they are in their financial journey, which will ultimately maximize engagement, adoption and value for employees and employers alike.
Implement, review and measure
Selecting benefits is just part of the challenge; if employees don't use the offering, all that work is for naught. The key? Develop a plan to educate, enroll and engage employees in your new offering―and keep them coming back.
Provide ongoing communication with employees to remind them of their options. Partner with your provider to offer a range of education opportunities. Ask for feedback, see if they understand the value, and iterate on your communication strategy. Deploy regular review cycles to monitor enrollment and utilization, a quarterly cadence is a good frequency to measure progress.
As you engage in this process, you'll also have an opportunity to evaluate your employees' financial wellness before and after you implement this benefit. It's an eye-opening experience to map financial wellness solution performance against employee well-being and engagement. Just a few nudges can make all the difference in helping employees solve their biggest financial challenges so they can give their all at work.
The old work-at-office model is dead for many of us―and with it comes great opportunity to provide benefits that truly make a difference in the greatest challenges employees face. Prioritizing benefits that can reach employees at every stage of life is a new standard of operating for 2021 and onward. Business leaders who embrace this line of thinking and support their workers' financial health will have a clear advantage retaining talent, boosting productivity and advancing success for employers and employees alike.
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