A Financial Wellness Program In The Workplace That Does Makes A Difference.
At a recently held TPSU Program held at University of Memphis, an HRIS Administrator of a 1600 person organization was interviewed at the conclusion of the program. HRIS Administrators typically use software to automate and analyze the HR functions such as payroll, PTO, onboarding, maintenance of employee records and financial wellness, in the interest of building a stronger workforce and organization. The HRIS Administrator shared some of the company strategies around their organization’s Financial Wellness Program and the positive results of having the program.
The Design Drives Results
The viewer will notice this company spent a significant amount of time when establishing what their program was going to look like and can accomplish. An employer has two choices when implementing a Financial Wellness Program. An organization can either:
- Purchase a “shelf product” where they have access to standard reports, canned communications packages and then analyze results from a set of pre-defined metrics to determine the benefit of the program – if any; or
- Take an active interest in determining the intended outcomes of the Financial Wellness Program and then structure the program into incremental-modules and features which will result in the employee-base reaching for better outcomes – with Rewards.
All Employees Have the Opportunity – but Not Everyone Gets a Trophy!
When implementing a new Financial Wellness Program it can be difficult to motivate employees in that direction. Financial incentives can help unify the goals of the employees and the employer. It is all in the Design of the program. These programs are similar to 401k Plans and 403b Plans – if you have a great plan, but no one participates, is it truly a great plan?
This plan is designed with incremental steps which need to be completed in order for employees to qualify for the financial incentive – a key point. In this organization’s Financial Wellness Program, not everyone achieves the financial incentive.
The lesson from this video is that a properly structured Financial Wellness Program makes for a healthier and happier workforce.
Latest posts by Steff Chalk (see all)
- 401k Lawsuit Demonstrates the Need for Solid Documentation - May 22, 2018
- Healthcare: Plan Participants Struggle with Cost Increases - April 19, 2018
- Making a Meaningful Difference for Plan Participants - April 18, 2018