A person’s financial well-being – how effectively one manages his economic life – is as important as his physical well-being. As an employer, you have a unique opportunity to provide financial education and support to your employees. In fact, this is a benefit that could easily differentiate you from other employers. There are numerous programs to consider and approaches to use. For example, you could bring in “experts” to speak on various financial well-being topics. Examples include:
* managing cash flow
* planning for big purchases
* making retirement a reality with a 401(k)
* maximizing company benefits
* supporting elderly parents
* planning for your child’s education
Best news…you don’t have to break the bank to roll out a financial well-being initiative! Here are a few simple strategies to get you started and keep you on budget:
Do your research and find low cost approaches
First, ask your employees about the topics in which they are interested. Then find the experts for these sessions…ask your colleagues and be sure to speak with your benefit and 401k brokers. They might even have people on their staff available at no charge to come and speak with your employees.
Start with a pilot program of one session. Do a lunch and learn.
Limit open slots
Offer the program to a specific number of people. For example, if you have 100 employees and can only afford to sponsor 20 people, offer the program to whomever can sign up for those slots within 24 hours. By taking this approach, you can plan for the exact amount to be spent.
Only pay for programs employees complete
If there is a fee for the program, limit payment for the program to employees who complete the session(s). Have employees sign paperwork agreeing to cover the cost if they sign up but do not finish.
Communicate and market the program
Be sure employees know about the program in advance and the benefits of attending. And don’t forget to include information about these programs in your applicant materials.
Introducing programs targeted toward your employees’ financial health is a great way to show you care about your employees on and off the clock. They can impact not only a person’s job satisfaction, but their life! In addition, these programs will help you in the recruitment and retention of your employees and further position your business as a great place to work!
If you need more information on setting up these types of programs, give me a call…we work with businesses like yours to develop and implement these programs.