The Business Case for a Financially Resilient Workforce

Learn how to build a lasting financial wellness program.

  1. Diagnose and Design

    Understanding the financial needs of employees using HR data and survey tools can help an employer translate those needs into actionable decisions about where to invest in programs. For example, tracking turnover rates could help employers assess if resignation trends may be linked to employee financial stress, potentially underscoring the need for additional employee education. Similarly, reviewing retirement plan participation rates can identify specific employee populations with low enrollment and allow follow up through an engagement survey to uncover the reasons behind those trends. If those are due to financial pressures such as student loan debt or caregiving expenses, employers can respond by enhancing support in those areas.

  2. Leverage Financial Coaching as a Pillar of Resilience

    Employees’ needs change over the course of their lives, as their family, finances and challenges evolve. As a result, they can often benefit from a flexible and responsive coaching program that helps address and meet their shifting financial needs. In practice, the success of a coaching program may be increased when integrated with a communication strategy that builds awareness and engagement, particularly at key moments such as new hire orientation, or when the employer knows that the employee has entered a new life stage (e.g., when they’re having a baby).

  3. Support Mental Well-Being

    How people think about money can play a big role in how they approach financial challenges. This means principles such as mindfulness, goal-setting and self-growth may help to build financial resilience. If an employee feels overwhelmed, having resources (including Financial Advisors) to help them make more balanced and realistic decisions can potentially keep the challenges in perspective, alleviate their stress and build their resilience.

  4. Don’t Forget About Measuring Impact

    Having a measurement framework with key success indicators can help employers understand whether interventions are having the desired impact. Employers do not have to reinvent the wheel here. They can leverage the same HR data sets and proven survey tools mentioned above to capture trends and track progress over time.

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