If you’re at the head of a company, especially in the startup space, providing financial wellness benefits to your employees can seem like an unimaginable luxury. If you’re barely making everyone’s salaries, how are you supposed to help out with insurance and retirement benefits?
Thing is, a good financial wellness programme doesn’t have to cost you the earth. How so? Well, it’s important to remember that the goal is to create an overall feeling of financial wellbeing among your employees.
Here are a few ways to do that.
As we’ve repeatedly shown this month, sound financial literacy is key to financial wellness. It builds courage and allows people to interact with financial products that will ultimately enrich them.
Fortunately, equipping your employees with that know-how doesn’t necessarily mean bringing in expensive outside expertise.
Instead, you can sign them up for an online course at a fraction of the cost. While these courses don’t always provide the one on one time that some employees need, they do have other advantages.
Not only can they be more affordable, they also allow employees to go through the material when they feel comfortable doing so.
If you want to go a little left-field, you could also sign them up for 42courses’ behavioural economics course.
Financial fitness challenges
Anyone who’s worked in the employee healthcare space knows how effective fitness challenges can be when it comes to inspiring employees to improve their health. So why not apply the same principle to employee financial wellness?
Sure, it might not be as easy to quantify as steps or weight-loss, but it’s far from impossible.
Start by bringing in a financial coach (you’ll have to pay, but it’s a one-off expense), to talk to your employees and help them set achievable goals for the duration of the challenge period.
The coach can offer them tips and resources on achieving those goals.
From your side, you can encourage employees to share what’s has and hasn’t worked for them and provide rewards for those who come closest to achieving their goals.
Bring on the apps
As we’ve written previously, apps can be immensely useful when it comes to encouraging and tracking financial wellness.
Because they’re on an employee’s phone, they’re easily accessible, with most available at no cost.
The best ones give people a clear overview of their finances, empowering them to make better financial decisions.
While you obviously can’t force your employees to use these apps, you can encourage them.
Host information sessions on the different apps and encourage employees to try them out. Once a little time’s passed, go back and talk to them about their experiences. Ask them if they’d be willing to share those experiences with the rest of the company.
If they are, get them to do a talk or write a blog about what they learned.
Not only does this show that you care about your employees’ financial wellbeing, it’ll make them feel more engaged in the company’s financial wellness programme.
It’s also worth noting that apps can easily be integrated into a financial fitness challenge.
While the suggestions we’ve made are great for startups looking to give their employees some financial wellness aid, they’re just a start.
As your company grows, you will have to start looking at more structured financial wellness solutions, especially if you want to attract and retain the best talent.
The important thing is to view this spend as an investment rather than an expense.