Financial benefits have been part of corporate benefits packages for decades—but going the classicist route of offering a simple 401(k) and HSA isn’t enough to truly support employees’ holistic financial wellness. Rising costs of living, student debt, and economic uncertainty have made it clear that employees need more than just retirement savings plans. They need real-time guidance, education, and tools to navigate financial challenges at every stage of life.
Leading companies are rethinking financial wellness, moving beyond one-size-fits-all benefits, and instead implementing holistic programs that drive engagement, reduce stress, and improve retention. This guide explores how HR teams are structuring financial wellness initiatives to maximize impact—and what key elements set the best programs apart.
A successful program starts with a clear purpose—HR teams need to outline and define the why behind their financial wellness program implementation; a crucial aspect for securing leadership support and getting key decision-makers on board.
This plan should define specific goals for your employees and company, such as:
Pro Tip: Companies that define measurable success metrics see 20% higher engagement in their financial wellness programs.
One-size-fits-all programs don’t work. Leading companies provide
Many employees don’t fully utilize their financial benefits simply because they don’t understand them. Successful companies:
Pro Tip: Companies integrating financial wellness with total rewards platforms see higher engagement and retention rates.
Financial wellness programs only work if employees actually engage with them. Top companies use incentives like:
The biggest mistake HR teams make? Only promoting financial wellness during open enrollment. Leading organizations:
Pro Tip: Companies that communicate financial wellness consistently see 2x higher participation rates in their programs.
Want to build a high-impact financial wellness program? Here’s what works:
Looking for a structured plan? Download our Financial Wellness Program Implementation Guide to get step-by-step instructions on launching a successful financial wellness initiative at your company.
Need help? Contact us to explore customized financial wellness solutions for your workforce!