Employee Financial Wellness: Getting C-Suite Buy In and Measuring for Success
It is without question: Building a financially resilient workforce is good for employees and equally impactful to the bottom line of corporations large and small. But economic factors like rising inflation are putting pressure on wages and therefore, employee finances. Companies that can’t afford to give employees a 10-20% increase in pay are looking for other ways to stand out in a historically competitive labor market underpinned by a 50-year low in unemployment rates. This reality is the driver of evolution for employee financial wellness solutions from a bonus employee perk to a critical component of a solid business strategy.
If we can each agree that employer-funded financial wellness programs are the way to go, the question becomes: How do we get started? In this bonus episode of the SECURE podcast, we deep dive into the answer. Charles Lattimer, the Chief Innovation Officer at FinFit, is interviewed by Tim O’Neil the Senior Workforce Solutions Specialist at TrueNorth Companies. During their conversation, they cover:
- Identifying who is involved in determining the employee health and well-being strategy
- The challenges that impact the strategy and goals of the program
- How to make a data-driven business case for program implementation
- How to build internal advocacy to get a solution funded
- Ensuring its long-term success
When asked what three words describe the process of choosing an employee wellness solution, Lattimer paused and responded with, “Overwhelming, undifferentiated, but also important. Reverent. You can have an impact on 50,000, maybe even 100,000 people’s lives. Especially if you’re orchestrating point solutions… but you work through it because of the upside when you do it right. We can see the individuals who participate and get financially well overtime, and the difference in turnover can be almost 25% less. People begin to feel safe enough to be stable. We’re having a real impact.”
Tim O’Neil is the Senior Workforce Solutions Specialist at TrueNorth Companies. He’s been with the company a little over a year. Prior to that he worked as an Executive Director of Employee Experience at Dotdash Meredith for 14 years. O’Neil is a graduate of the University of Phoenix.