2 Key Components to a Successful Financial Wellness Program

If you are an organization in Wisconsin it is likely you are facing many staffing challenges.  Unemployment is at record lows which causes the job seeker to be much more selective when searching for the perfect job.  Younger generations entering the workforce have higher demands than ever before.    They are looking for more from an employer than just a paycheck.  The job seeker is concerned with culture and if the company’s value aligns with their own.  This forces companies to work harder to provide benefits and perks that will attract quality workers.  If an organization can do things that proves they care about an employee’s well-being, it will help the company stand out in a positive light.

Perhaps you have tried to offer financial wellness to your staff and you feel it didn’t work.  Low engagement, lack of interest, and no impact are some of the road blocks that can crop up if not administered correctly.  Here are two key items to be sure to include when selecting the right financial wellness program.

Ask Employees What They Want

There is no “one size fits all” approach to financial wellness.  Each employee is in a different spot financially and needs to have specific discussions about what they are experiencing.  Employee surveys are a means to identify what the needs are.  This data is then used to customize a financial wellness program that employees will utilize.  When employees feel they have a voice in something being developed, the chances that they will be engaged and take part are better.

Measure the Impact

In every new product, investment, or project that an organization develops, all the stakeholders want to know what is the return on investment.  Quality control and process improvements are put in place to measure how well a company is delivering a product or service to the consumer.  Financial wellness programs within an organization should not be any different.  It is important to know if the information being offered is making an impact on people’s lives.  Are they taking the new information and doing something with it?  Does the increased knowledge of money management help them make better financial decisions?

Gold Standard Financial Wellness Company utilizes a financial wellness assessment tool that does both things.  The questionnaire identifies the needs of the individual and acts as a measurement tool of the impact of the program.  The assessment is administered in the beginning of the program and then again after 12-24 months.  The goal is that people’s answers change which proves they have a better handle on their finances and stress levels have diminished.   Are you ready to work with a financial wellness partner that delivers these key components?  Contact info@gsfinancialwellness.com today to start improving the financial health of your most important asset, your people.