Guide to Employee Financial Wellness
Step 4: Find and Commit to Your Financial Wellness Program
Find a Program
So far, you have figured out what your employees’ needs are and what types of financial wellness programs would meet those needs. Next, you will need to select a specific program.
For this task, start local. There may be good options in your community already, such as those from local credit unions or community organizations, starting with those you already have a relationship with. After considering local solutions, review national employee financial wellness programs using a provider directory, like the one developed by Prosperity Now.
Lastly, consider issuing an RFP and inviting providers you have identified to apply. A competitive bid process will help you gather program options and provide structure for evaluating and comparing them, which will help you get the best program for your employees.
Get Buy-In
Before launching any program, you will need to make sure your staff are ready for it. Frontline managers can be an incredible asset in this effort. Make sure your managers are all aware of new program offerings and familiar with the details. They will need to know what the programs are, who can sign up, how to sign up for them, and what participating in them will mean. These managers might even be helpful when selecting which program(s) to offer, so keep them informed about the selection process.
Managers may want to try out the programs themselves first, in order to make sure they can give employees plenty of firsthand information before recommending the programs. Employees may trust programs more if a manager tells them about their own experience. Communicate frequently with managers about the programs so that they can offer invaluable input continuously.
What you’ll have in the end:
- A list of viable program options
- Frontline managers who are empowered to make the program a success