Millennials are now
One thing that will help you attract and retain key talent from the millennial group is helping your employees with financial education and wellness programs. When you show you care about their life outside your workplace, you’ll build loyalty.
Employee financial wellness for millennials can also reduce stress among your staff, giving you better productivity and profitability. Here are five effective ways to help your millennial staff improve their financial wellness.
Walk Employees Through a Financial Assessment
The worst thing you can do is put together a program blindly. You can’t assume that everyone on your staff has the same problems as each other, and you certainly can’t assume you know what the concerns are.
An assessment can help your employees understand what’s causing financial stress, which is eye-opening for many people. From there, they’ll be ready to take steps to correct their concerns.
Offer Online Training Courses in Personal Finance
Online training courses are a great strategy for working adults. Not only can each person progress at their own pace, it’s less intimidating than a face-to-face class.
A study in 2014 showed that online classes are
An online class allows you to easily engage with a
From there, continue the online experience by using a tool like
Address the School Debt Problem
School-related debt is a major stressor for millennials. Helping your employees with strategies to manage that debt can go a long way toward helping your employees reduce stress.
Americans owe over
A lot of millennials earned degrees to help get the job you’ve hired them to do. Why not show some goodwill by helping them manage the debt?
One tool you can consider is
Teach Employees About Healthcare Costs
Many times your staff doesn’t really understand what drives healthcare costs and how to help manage them.
The first thing you can do is help employees adopt healthier lifestyles. This should be done carefully, without shaming. Instead, help your staff understand what factors can cause disease, fatigue, and other health problems. No one wants these issues in their life, so tap into your employees’ natural desire for wellness during these programs.
When your employees lead healthier lives and make better choices, you’ll save much more than healthcare costs. You’ll also gain from happier, healthier, and more productive staff.
The second layer is education around managing the everyday costs, things like premiums, deductibles, HSAs, and more. For those new to this information, it can feel overwhelming to comprehend and integrate into their standard financial planning. We recommend working with your HR department to develop clear educational material around your various healthcare plans and actionable tips for managing these costs.
Tools like our
Boost Interest and Awareness in the Program With Champions
All of the programs in the world won’t boost employee financial wellness for millennials if no one takes advantage of them. That’s why the last tactic you need to employ is to use internal champions to build awareness of the programs you offer.
It’s important that employees feel comfortable asking for help, whatever kind of help it is. Taking a financial assessment, using online learning to lay a financial foundation, and facing student debt can be overwhelming. A champion can help your employees believe they can succeed and encourage them to give the program a try.
Financial stress has a major negative impact on any organization. By helping to implement
Have more questions on implementing financial wellness in your organization?