Essential components of a financial wellbeing commitment

When it comes to financial wellbeing in the workplace, there are four essential components for a financial wellbeing commitment to work:

Listening. As the benefits or HR leader, understand where people are financially by using polls, surveys, and data that you have about people and their compensation so that benefits leaders or HR leaders understand the people they are serving. For example, Limeade has listening tools built into wellbeing with our financial assessments provided by the Consumer Financial Protection Bureau (CFPB) that allows corporations to "hear" the biggest financial stressors. With science-based polls, surveys and quizzes, employers can discover where employees are most stressed and what they say they need most.
Understanding your population. Get real-time insights into the financial health across your employee experience and discover hot spots with customized dashboards for burnout and turnover related to finances. You might find that you don't need to raise everybody's salary by $3,000 across the whole company to dramatically reduce the financially-driven turnover (or health) risks in your organization. When Limeade conducted an audit of our equity practices, we wanted to make sure we had total equity across the different classes of employees. What we discovered is that we were off in a couple of areas, and we immediately took the necessary steps to correct the issue.
Organizational support. Consider these the basics that organizations give to employees. Like, compensation. Are employees being paid a fair wage? Are there retirement tools in place? Is there affordable health care (high deductible plans and fully insured plans) so people can make smart health care choices? What about credit score monitoring or financial literacy programs tailored to fit individual needs? When employees feel cared for by their employer, engagement increases. Investing in financial wellbeing boosts the overall wellbeing of employees. For example, think about your middle manager, one of the most important people in your organization. They have a team that they support and part of that is checking in to see how their people are feeling and why. They get attuned to the financial stresses that are affecting their people. Having informed managers engaged in these types of conversations helps create a whole empowered manager class that connects leadership within the organization.
Wellbeing tools. Incorporating wellbeing tools into the workplace allow employees to dig deeper into finding solutions that work specific for their individual needs and double-click into their financial stress. Limeade financial wellbeing capabilities include dashboards that playback financial health and wellness and communicate things like how to maximize 401(k) retirement funds or budgeting tips to decrease financial stress. Essential benefits can be targeted to the right people at the right time with personalization and relevant communications and targeting.

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