As workplaces across the United States continue to bear the brunt of the Great Resignation, with employees leaving in droves thanks to a shift in priorities amid the ongoing pandemic, companies are looking for ways to keep and attract talent. Companies are rolling out sought-after perks like flexible hours and higher wages, but they’re also under pressure to offer wellness programs.

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What exactly is a wellness program? A discounted gym membership and healthy snacks in the workplace might be one of them, but CEOs might also want to incorporate financial well-being. Research has shown that poor financial management is a major cause of stress and, more clearly, of poor financial results. The problem, most of the time, is that Americans just don’t have the financial literacy tools to navigate such inherently complicated terrain.

Bosses, supervisors, and HR managers can absolutely help put their employees on the best path, by encouraging financial well-being in tangible ways, including appealing to their own sense of generosity.

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Pay them fairly

“One of the most effective ways for companies to help their employees get back into shape financially is to pay them fairly as a priority,” said Vicki Salemi, Monster career specialist. “Let’s close the pay gap once and for all. By paying people their fair value, it sends the message that the employer recognizes and values ​​the talents and abilities of its employees.

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Offer a lunch and learn about personal finance

“Businesses can help employees by giving them access to information,” said Salemi. “For example, they may want to host a series of lunch and learns that feature financial advisor briefings, such as explaining their 401k plan funds. Another lunch and learn can teach you about effective budgeting. This can be effective because employees may not have a lot of time to make financial health a priority on top of everything they juggle, so giving them access during the day becomes part of the job. employee time with access to resources. “

Ask employees what they want

“Employers may want to send an anonymous survey to their employees to see what type of financial information would be most useful in supporting them,” said Salemi. “It’s a win-win solution: it helps employers know what is most important to deliver and it shows employees that their employer is making an effort to best support their financial well-being. “

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Make financial education programs compulsory – with a premium

“While many companies offer financial education programs, often these are ‘check the box’ programs and many employees do not participate,” said Robert r johnson, Professor, Heider College of Business, Creighton University “If businesses want financially savvy employees, they need to inspire employees to participate. Making participation in such programs compulsory gives the impression that such programs are a punishment; instead, if companies offered positive incentives, these programs would be seen as a real benefit to employees. Examples of incentives could be cash bonuses or gift cards to local businesses. In addition, having a series of such programs offering training in a variety of personal financial topics makes these programs more attractive.

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Offer individual assistance

“Another great way to get your employees to practice financial wellness is to offer one-on-one assistance,” said Donna Tang, budgeting expert at CreditDonkey. “By keeping lines of communication open with employees through one-on-one support meetings, employers can educate their workers on the benefits of such programs and help them become healthier in their spending and lifestyle. Since finances are such a sensitive topic for most people, one-on-one meetings help maintain confidentiality and enable effective communication.

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Make retirement savings the norm

“We are finding that the most successful companies with the most employees who are on track to retire with sufficient retirement income are those who are making retirement savings a standard in their businesses,” said Clayton Wood, CFP, managing partner of CB. Timber finance. “They have a defined process for how and when to enroll employees in their retirement savings plan. The process begins with a way to track an employee’s waiting period to enroll and contact employees on the day they’re eligible. When the HR team contacts the employee, they fully understand how the plan works. HR teams don’t need to be investment experts, but they need to know what the business is and how to enroll a new employee, and then refer the employee to their plan advisor for investment advice.

Provide HSA accounts

“Consider providing employees with a Health Savings Account (HSA),” said Magdalena G. Johndrow, M.SC., CFS®, CDFA®, financial advisor and partner at Johndrow Wealth Management, LLC. “HSAs are only available for high deductible health plans, but if your business has this type of health plan, consider adding an employer contribution to the HSA as well. This will encourage employees to save money in their HSA, which in turn will allow them to pay their medical bills with pre-tax dollars, which will save them money in taxes.

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Consider helping to pay off your employee’s student debt

“Under the CARES Act, as an employer, you can pay up to $ 5,250 per year for student loans to your employees tax-free until December 2025,” Johndrow said. “This means that the employee will not have to pay income tax on this money and that the employer benefits from a payroll tax exclusion. It is a win-win situation for the employee and the employer.

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