The costs of a financial wellness program come from engagement efforts and rollout.
When you first start implement a program, start by evaluating your current costs for financial benefits. Think of fees for retirement funds and broker costs.
The amount you currently spend on retirement plans and education may influence how much you’re able to spend on wellness.
Most employers spend up to $20,000 each year on benefits compensation per employee. That’s split between the cost of health benefits, dental, and additional retirement contributions.
Therefore, an employees who earns a salary of about $50,000 will see additional benefits contributions of about 40%.
Basic Costs
Financial wellness program costs depend on rollout and the features you choose. However, there are some basic costs that most have associated with them.
The Cost of the Program
For starters, most financial wellness programs have ongoing subscription costs.
You may be paying for financial wellness in an existing program. Alternatively, your plan advisor could bill you separately for it.
Continued Education
Employee engagement with financial wellness benefits can save money. Typically, employers see lower healthcare costs and reduced absenteeism.
Along with the cost rollout, you should also consider the costs of continued engagement. Wellness programs should include monthly and quarterly campaigns that encourage employees to use them.
Additional Costs
When you create your first budget, there are a few additional costs you should add.
The cost of designing assets to help your ongoing engagement campaigns stand out, email providers, and the cost of rewards can all be included.
To get an idea of how much a financial wellness program will cost, try to plan out a full year. Decide on campaign ideas like an email series or in-person contests. Finally, estimate the number of hours it will take to implement and maintain a platform.
Get more information about budgeting in our guide, Creating a Budget for Your Financial Wellness Program.