Open enrollment shouldn’t be the only time you engage your employees in their financial wellness program. To maximize the effectiveness of your program, you should communicate frequently.
Financial wellness programs can help reduce employee stress and help them stay more focused at work. Financially stressed employees spend an average of 3–5 hours per week worrying about their personal finances. By engaging your employees, you can save hundreds of dollars per year, per employee.
Whether you’re introducing a financial wellness program for the first time or creating a more robust engagement strategy for your existing enrollees, continually engaging your employees with their personal finances can pay dividends in many areas of your business.
For starters, talk to your program provider about ways to incentivize employees for enrolling. As you rollout your financial wellness program, offering an incentive to sign up can help to promote its launch and keep it top of mind for the rest of the year.
Platforms like Edukate give employers contest tools and ways to boost engagement with the launch of a program. These incentives could be financial rewards or gift cards that can help employees kickstart their financial wellness journey. Just like a fitness program, your rewards can be awarded to employees who earn points or make progress towards their own financial goals.
Outside of financial incentives, you should find three or four key areas you’d like to highlight throughout the year — Tax season, open enrollment, and upcoming summer vacations are great times to start talking to your employees about their personal finances.
Talk to your program provider about ways you can engage employees during these key times. Send emails with relevant tips and strategies to manage spending, encourage employees to use their financial wellness benefits to learn about topics of interest, and have in-person conversations with employees about what they’re doing to prepare for these times of the year.
Aim to communicate at least once per quarter with your employees to keep them using their financial wellness offerings. Keeping finances top-of-mind will help employees long-term feel more confident going into financially-stressful times of the year.
You should continually grow your financial wellness program’s educational resources. With new videos, articles, contests, reminders, and product updates, you can create content to message your employees about.
In addition to the major quarterly engagement campaigns you roll out, messaging employees monthly with personal financial reminders or even interesting articles you find can go a long way to making a long-term difference to employees’ spending and saving habits.
As your financial wellness program grows and employees engage, you’ll learn about their habits and learning preferences. Use this data to find even better ways to engage with them.
For example, if you see that many of your employees are focused on learning about how to reduce their personal debts, you can find resources for the office on that particular topic.
If your employees are sending lots of questions to your HR department about how open enrollment works with your retirement plan offerings, you can create articles and resources for your intranet to provide answers to frequently asked questions.
As you engage your employees with their financial wellness journeys, remember that every employee’s goals are unique.
Continually adapt your communications to help employees in targeted ways to see the biggest impact.
Also, work with your financial wellness program provider to find ways to help employees in the areas they need most and use data to expand your offerings throughout the year.
Continually engaging your employees with their finances is the best way to have a big impact!