Financial wellness helps your employees be their best selves. Incorporating a financial wellness platform into your overall benefits package is the key to holistic well-being. Healthier employees are more likely to be successful in every aspect of their life, including bringing better results in the workplace.
Developing a financial wellness program for your business isn’t always easy though. There are many factors at play including the size of the company and the availability of resources. That’s why we’ve created a resource to guide you step-by-step through the process. In addition, we’ll provide ways we can assist you in engaging your employees in Your Money Line, or any program you choose to implement to benefit your workforce.
When you add a new benefit to your benefits package your goal is high engagement. However, engagement is easier said than done and you aren’t alone in the struggle to encourage participation.
Our Top 9 Engagement Tips:
Below are 9 key tips for engagement practices that will help you build buy-in, get the most ROI from your programming, and keep your benefits relevant to your employees' interests. Not all of these tips and tricks will apply to your organization, but they are a good starting point on how to maximize your team’s engagement.
- Onboarding New Hires
Introduce new hires to their financial wellness benefit during their onboarding process. Highlight it as one of the key offerings your company has. Even better, make enrollment mandatory or incentivize it.
- Leadership Engagement
Make sure you and your leadership team utilize your financial wellness benefit because it sets an example for your employees. When your leadership promotes the benefit, they can speak from personal experience. Hear directly from Rachel Beck, the Benefits Analyst for Arapahoe County in Colorado, how Your Money Line changed her life and how she’s using her story to encourage others to use the platform here.
- Provide Time
Everyone is busy, but if you encourage your employees to utilize this benefit during work hours, they will be more likely to engage. We know that this isn’t possible in every industry, so Your Money Line has prioritized 24/7 platform access and live guides available 12 hours a day, 5 a week.
- Incentivize
Consider rewarding engagement. Provide prizes or hold contests for employees to get them to engage. You likely incentives retirement planning with a company match, incentivizing financial wellness is no different. If you want financially happy, productive people, don’t hesitate to reward them for it.
- Share Positive Feedback
Share positive feedback from your team! Sharing positive feedback from colleagues with your entire team is a great inspiration to get others to check out the offerings. At YML, we love sharing positive feedback with our clients so they can show off to leadership teams and the company at large.
- Lunch and Learn
Utilize the platform during lunch hour as a team. You can hire a speaker, stream a webinar, or explore online courses as a team.
- Recognize Engaged Employees by Sharing Success Stories
Employees love positive recognition! When possible and appropriate, ask team members to share a recent success story they had or a positive financial change they have made. Highlight that employee during a monthly team meeting or through company communication
- Make One Day a Month Your Company’s Financial Health Day
Many organizations have a wellness month, we encourage companies to use this time to highlight financial wellness and its many benefits. Or consider making one day a month your financial reminder day and incorporate a financial tip in your communication.
- Provide Monthly Financial Helpline Example questions
Sometimes it can be tough for people to know where to start or what questions they should be asking. Send your team an email or other communication with a few example questions other team members have been asking. For example: “Should I lease or buy a car?” “Should I rent or own a home?” “How do I pay off debt?” “How do I start a budget?”
Engagement can be tricky, that’s why we put together our top 9 engagement tips and tricks to help you implement your financial wellness program. You want to get the most out of your benefit, so by using these engagement practices, you should see an increase in participation. Even better, by engaging your employees with a financial wellness platform like Your Money Line, you’ll see an increase in productivity, less stress, and overall more engagement from your employees at work.
A financial wellness benefit can help your employees reach their financial goals and increase the bottom line of your business, but only if they are using it. If you have low engagement numbers consider trying out these practices.
Want to learn more about how Your Money Line can transform your employees’ financial lives? Schedule a demo here!