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Recent data from Corporate Insight shows that 40% of employees have access to a workplace financial wellness program, up from 14% in 2018. 90% of employees who have access to financial wellness are extremely satisfied with those plans. In addition, 85% that do not have access to a financial wellness plan expressed interest in their employer having one.  

Many employers struggle to retain and engage employees amidst COVID-19 and the mass exodus of employees leaving their current jobs, otherwise known as the ‘Great Resignation.’ In addition, the Corporate Insight survey shows that the pandemic has had a significant impact on the financial wellness of employees, especially younger generations. Many individuals stopped contributing to a retirement plan to save money, or their organization suspended the employer match. Others took advantage of the CARES Act withdrawals or loans. 

Organizations may want to consider offering a financial wellness program to their employees as a retention tool. Below are a few suggestions on setting up an effective program.

• Conduct an employee needs assessment (e.g., surveys, focus groups) to determine what financial wellness offerings benefit employees most. These internal studies may help organizations provide the tools their employees find the most useful and fit the budget. 
• Consider the program features you will offer. There is a wide range of options, including fraud monitoring, financial goal tracking, retirement saving and planning, account aggregation, legal form, estate planning, and budgeting assistance.
• Communicate how employees can use the program. Make sure to communicate with employees on how to utilize the program. Show them how to set up a one-on-one video consultation with a financial advisor. Or walk them through how to take advantage of online resources or money tracking apps. 

If you need help setting up a financial wellness plan at your organization, let us know. We have knowledgeable staff and resources that can help you through the process.