If we're not helping all employees of color earn more, invest more and develop genuine autonomy, we're not uplifting disenfranchised communities. The financial health of marginalized workers is critical to achieving equity and creating a productive and engaged workforce.

An employee who is stressed out about money may find it difficult to concentrate on work. But this isn't just about paying people more—although that could help. It's a matter of giving employees the tools to improve their financial wellbeing. Here are three simple steps employers can take to set their workforce on a path to sustainable wealth creation.

Step 1: Assess the financial health of your workforce.

That may sound invasive to some people, but there is no way to measure progress unless you have a baseline. Who is, and who is not, participating in the retirement plan or college savings plan? Who is taking hardship withdrawals on their 401(k)? Who is not saving enough for retirement?

Step 2: Survey your employees to learn what structural barriers they face in creating wealth.

Are your young Black workers struggling with student debt? Maybe a loan repayment benefit would be more valuable than a college savings plan at your company. If child care costs are making it impossible for employees who are parents to invest in their retirement, then a child care subsidy could help.

There are organizations, like the Financial Health Network or Aspen Institute, that can guide companies in their analysis and strategy for promoting financial wellness.

Gathering data is one thing, but drilling down into demographics is another. Once companies can identify trends among different cohorts, particularly workers of color, then they can start to diagnose needs and create objectives.

Here's an example. Say less than a quarter of your Black employees participate in the retirement plan, while three times as many White workers are enrolled. What would it take to grow the number of Black participants to 50 percent? It could be a matter of culturally relevant financial counseling, instituting a targeted match program or ensuring employees with the same experience are receiving equitable pay.

Step 3: Enlist the help of a third-party to assess your progress.

Companies can identify problems and come up with solutions and objectives, but it will all be for naught without an independent assessment of their progress. Citibank acknowledged as much this past October when the firm committed to conducting a racial equity audit. To gauge its progress towards advancing anti-racist practices in the company, the multinational bank hired attorneys at Covington & Burling, with plans to release the finding to the public.

Transparency is key to engendering trust in your intentions and trust in your commitment to equity. Do the research. Identify the problems and solutions. Create objective measures of progress. And let someone outside the company examine your efforts. Know this: the possibilities for sustainable financial wellness for the lowest to the highest-paid employees of color are endless.

Yemi Rose is founder of OfColor, a financial wellness SAAS platform focused on employees of color.