Has anyone ever seen a wellbeing program that addresses financial stress?
can you please elaborate a bit more on this question?
I love this question! Curious to hear what other people think. I haven’t heard of any organizations approach this head-on, other than what Google does if an employee were to pass away (they pay I think a full year of the deceased’s salary to easy burden on the family). I do think “financial stress” can get tricky based on how it’s defined, but it’s a very real stress for most people.
I have seen companies offering programs specifically related to alleviating and managing student loan debt. I’m also seeing more companies add financial wellbeing as part of their overall wellbeing program initiatives by offering access to financial education and advisors.
This coming year we’re trying something where we’re offering time with a financial advisor to support financial well-being. We thought this would be a better way to help our employees address their own personal needs (because it could be anything like - paying off student loans, saving for a house, retirement, etc).
Hi Jon, as Josh said this is a very good question!
We (Vicinity Centres) offer fantastic financial benefits such as on site super health checks, cover cost of insurances (salary continuance and DTPD) and financial workshops.
Through our first ever wellbeing survey in 2018 we uncovered team member confidence as being ‘quite low’ when it comes to managing their financial wellbeing. Even though we alleviate costs associated with insurances, it is actually assisting team members with their specific financial needs that will serve best when it comes to managing financial stress. This is why financial wellbeing is a focus area for our 2019 wellbeing strategy where we are honing in on ‘one on one’ and tailored financial services in partnership with our default super fund.
There are a few hurdles we identified which need to be achieved prior to offering more bespoke and tailored servicers. Team members need to:
- have a familiar and trustworthy relationship with our default fund
- understand how financial wellbeing impacts overall wellbeing (specifically mental health)
- know and understand what we currently provide for financial wellbeing (and where to access it)
Our advice would be to start with educating and equiping team members with financial knowledge and its impact on overall wellbeing. This provides a solid foundation of understanding and financial knoweldge before launching big ticket initiatives.
We are excited to find out how other organisations are addressing or tackling financial wellbeing for their workforce.
I actually think this is a great topic! In fact I think this topic is SUPER important. It ties into mental health, stress, anxiety in the workplace, career development.
I think financial well being is something that needs to be taught in schools maybe in high school/college to set up people for success for the future. One of the topics that came up in one of my discussion groups was financial well being for LGBT people who are not married and what that looks like for them in the future.
In my own experience I have found Financial Stress is a huge factor for people’s performance and or engagement/commitment. I’d be really curious to hear if others have found programs or initiatives helping their employees with financial well being impacting their work and how they develop their careers.
I stumbled upon a new company named Smart Path - Has anyone used it? They offer training, resources, and consultations for your employees.