Any company that’s serious about looking after its employees knows that it’s worth investing in their financial wellbeing.
With living costs on the up, continued uncertainty in global financial markets, and many unsure whether they’ll ever be able to retire, finances can be a major source of stress for any employee. Critically, that stress means they can never fully concentrate on the job in front of them.
The case for a good financial wellness programme is pretty obvious then. Trouble is, when it comes to finances, people can switch at the first glimpse of a graph. I mean, when was the last time you talked about your pension plan with anything even vaguely approaching enthusiasm?
The good news is it doesn’t have to be that way. You can engage your employees on matters of financial wellness in ways that are both fun and meaningful.
Here are a few ideas on how to do so.
Quiz evenings can be a ton of fun, especially if you’ve got enough people to put a few teams together.
For the most part, you can follow the conventions that make for a successful evening: an engaging quiz master, audio-visual components, great prizes, and a readily available supply of refreshments.
Unlike your average quiz evening though, you can’t just rely on people’s general knowledge to get them through.
It’s therefore probably best to bring in financial wellness experts for a series of information sessions prior to the quiz.
TV and radio game shows date back to the 1930s and have been popular ever since. They’re fun, engaging, and make most of us think “I could do that”.
Whether it’s knowledge-based shows like The Chase and Mastermind or challenge-based shows like The Cube and In it to Win it, all can provide inspiration for your financial wellness initiatives.
When it comes to the former, you’re probably best off having information sessions, while with the latter you can use the challenges as learning opportunities.
Assembling a group of objects together could, for instance, unlock information about a financial benefit that’s key to conquering the next challenge.
Many of us associate board games with family holidays or nights in with friends, but did you know that they actually have a history of being used for financial wellness education?
When American anti-monopolist Elizabeth (Lizzie) J. Magie Phillips created Monopoly precursor The Landlord’s Game she did it to educate people about the dangers of monopolies.
That makes them ideal for financial wellness education initiatives. Unlike the quiz show format, you can use board games at a variety of scales.
You could, for instance, have a number of teams working on standard sized board games related to financial wellness, or bring the game up to much larger scale and have teams physically move around the board.
An important part of financial wellness is building up good financial habits. While you can only encourage people to build those habits in their personal lives, you can incentivise saving at work.
You could, for example, have your financial wellness team talk to your employees about how much they spend during their work day on things like petrol, coffee, and takeaway lunches.
Once a number’s been put on that spending, your employees can set realistic savings targets for themselves by carpooling, making coffee at home, and bringing lunch into the office.
You could also give prizes to the people who get closest to their targets or save the most as a percentage of their salary.
Get it right, and you’ll make saving seem like something fun rather than something you know should do, but that feels really painful.
Have you instituted any fun financial wellness initiatives in your company? Let us know in the comments section below.