It’s time for you to become a leader in compassionate workplace culture. Finish this guide and you’ll understand exactly how CashFit can benefit your company. Experience the joy of giving financial self-reliance to your employees.
IS THIS THE YEAR OF YOUR FINANCIAL WELLNESS PROGRAM?
For employers with workers paid $25 per hour or less, offering a financial wellness benefit is non-negotiable. The illnesses and mental distractions that come with financial stress disconnects an employee from their in-the-moment job responsibilities and the ability to connect to a company’s mission. These issues also drown HR departments in sky-high paperwork such as dealing with high turnover, increased healthcare costs, absenteeism, and payroll advances.
Financial wellness programs educate employees about overcoming personal finance challenges. Training topics could include debt reduction, asset management and saving for current and future needs-such as purchasing a home, financing their children’s education, or preparing for retirement. Leading-edge employers will be marrying financial wellness education with employee 401(k) education in 2019. Many
employers are finding that employees who don’t know how to create a budget can’t begin to understand how to diversify their 401(k) plan accounts. Without basic Financial knowledge, employees have a hard time understanding more advanced concepts like risk and volatility.
How well your plan is designed can impact employee participation. As with most benefits programs, an
effective financial wellness program won’t be one-size-fits-all and will depend heavily on the resources made available to it. I recommend that employers consider these questions during the design phase of a financial wellness plan:
How will we measure the success of the program?
Because the outcomes will be less apparent and not as easily quantified as health and retirement benefits.
How in-depth will the program be?
Obviously, the more individualized your program is, the more effective and expensive it will be.
Will your program be mandatory?
Incentives we see frequently used can range from small, one-time bonuses to subsidized sessions with a financial planner.
Services Include:
- Personalized assessments, workshops, webcasts, personal coaching, online tools, and our 10-day Cashfit Program Worksheet, we empower your audience to help them achieve their goals, improve their return on life and unlock their internal motivation.
- A Beneficiary Financial Counseling Program that includes: A personal financial coach to personally assist survivors, analysis their overall financial picture, provide action steps and serve as a beneficiary financial resource guide for key issues affecting surviving family members
- Assistance in developing an employee financial education program to: Enhance employee understanding and appreciation of upcoming benefit plan changes, increase employee comfort with making choices, provide an appropriate level of education to each employee, address your organization’s potential liability exposure resulting from changing an existing plan.
- A financial report card, for small business owners, that includes: Business valuation, insurance review, tax review, estate planning reviw for owners &employer benefit review.