3 min read

Don’t Overlook Your Employees’ Financial Wellbeing

May 20, 2015 6:30:00 AM

Financial_WellbeingWhat causes the most stress for Americans? Money.

According to the American Psychological Association, money has consistently topped the charts as the number one source of stress.

Stress is one of the greatest causes for chronic disease, and chronic disease is one of the largest contributors to early death. Yet many of our workplace wellness programs are lacking initiatives to address this key stressor: financial concerns. Why is that?

Wellbeing1Many workplace wellness programs focus the majority of their attention on physical health and fail to consider the other elements that contribute to one’s overall wellbeing. As we see traditional wellness programs evolve to look at wellbeing, more attention is gradually being brought to employees’ financial wellbeing.

Currently, most of companies’ financial literacy education comes in the form of the annual 401(k) explanation and enrollment. These are important topics, but are they really addressing the financial concerns of your employees? Most likely not. Instead, companies should consider a more holistic approach to provide employees with comprehensive financial education and solutions to address rising health care costs, overwhelming student loan debt, and other personal financial challenges.

What are ways you can help promote financial wellbeing with your employees?

  • Offer financial education sessions in the office such as a lunch & learn. Talk to a bank in your area, many offer outreach services and may be available to host sessions for your employees.
  • Consider webinars or other technologies to help educate your employees on financial topics. Personalized assessments and financial calculators & modeling tools are just a few ideas.
  • Though sessions and webinars are informative, some employees may seek more one-on-one support. Providing access to financial advice, or a discounted rate, for employees interested in working with specific advisors or resources is a trending concept.
  • These tactics won’t be successful unless management provides support and allows employees time to attend. If your people do not feel like they have permission to go, they will not participate in the workshops, seminars, and lunch & learns.

How do you know what types of financial wellbeing initiatives are best for your workplace? Ask your employees! Though studies and reports can tell us what is troubling the majority of Americans, to truly understand what your workforce needs you have to ask. Conduct a survey to find out what financial programs would be of interest to your employees. Are they interested in educational sessions or workshops on budgeting, saving for college, and debt management? Or are they concerned about gaining a better understanding about planning for retirement through seminars and one-on-one coaching? Are they seeking online tools or do they desire hands on sessions? You don’t know until you ask.

Financial stress can easily lead to compounding problems which can impact an employee’s health, productivity, and engagement. When developing your workplace wellness initiatives, look beyond physical health and keep your employees’ financial wellbeing in mind. 

Nicole Fallowfield

Written by Nicole Fallowfield

Nicole is a Principal, Director of Administration, and part of the executive leadership team. She is accountable for the entire employee experience, from interactions with human resources and technology to the facilities in which our employees work. Nicole previously served as the Director of Wellbeing and EB Operations at Gibson. She is also a member of Gibson’s Board of Directors Additionally, Nicole is responsible for the health and wellbeing strategic leadership for Gibson’s clients. She is also a member of Gibson’s Board of Directors. Read Nicole's Full Bio