Financial Wellness Program for Your Employees

As we return to work over half of employees are stressed about their finances.¹ As an employee, your career should be a source of financial relief and security—not worry. Tobin Investment Planning  strongly believe that employees who spend less time worrying about tomorrow can spend more time helping your business grow and meet its objectives today. Confident financial decisions are best made when you have a plan that favors solid evidence over distracting emotions.

Ensuring that this rings true for your employees is important to both their satisfaction, retention, performance  and ultimately your companies bottom line. There’s a reason why 53 percent of companies have started to offer financial wellness programs.² Keep reading for a full breakdown of financial wellness programs, as well as how we can help implement a modern benefit for your employees financial health.

What Is a Financial Wellness Program? 

The name pretty much sums it up. Financial wellness programs are designed to alleviate the financial worries of your employees. They go beyond mere financial understanding; they promote a healthy relationship with money by offering the appropriate tools and guidance. It’s employee-centric education and advice combined for better results. 

How to Implement a Program 

There’s no perfect financial wellness program; the best program for you depends on the nature of your business and the needs of your employees. Below we’ve gathered a list of possible steps your company can take to start incorporating financial wellness into the workplace. 

Educational Programs 

Employees need the information first in order to apply it. Here are a few ways you can make financial literacy resources accessible. 

• Distribute educational materials. This is an easy step that any small business can take. You can provide your employees with simple resources such as budgeting spreadsheets, helpful articles, or newsletters. 
• Lecture series. Offering a themed lecture series is informational and enjoyable for employees. People love to learn, especially when it comes to their money. Contact financial professionals well-versed in speaking and organize a series of lectures, webinars or workshops; possible themes include “investing basics” or “retirement planning.”
• Partner with  financial professionals. Although you’ll likely offer this resource less often, consider having a  financial advisor host on-site or virtual consultations. This offers a direct path for your employees to work with financial professionals.  Anyone can benefit from the guidance of a financial professional, and it’s a win-win for both your company bottom line and your employees. 
• Financial assistance. These programs directly assist employees with their finances. It’s up to you to determine if this is a viable option for your small business, but some businesses offer wellness stipends, discounts, student loan assistance or debt consolidation. 

It’s useful for every business to have some form of a financial wellness program. Being intentional about improving the financial health of your employees helps their productivity, performance and happiness overall. Consider if a financial wellness program is right for you, call us to help get started.