Now more than ever, employees at all income levels are struggling with their finances, especially those with low to moderate incomes. When people worry about their finances, they struggle to stay focused and productive at work. What’s more, employees have come to expect that their employers will provide wages and benefits that support their financial health.
See: Financial Health Network Report: Financial Data – The Consumer Perspective
Investing in the financial health of your workforce can create a win-win for your employees and your business. But beyond being a smart thing to do, many companies recognize that investing in employee wellbeing is the right thing to do. Caring for the financial health of your workforce shows that you value your employees and the contributions they make to your company’s success.
Diagnose Needs
Employee needs are diverse. One-size-fits-all financial health solutions can result in low uptake and limited impact, because they don’t address the needs of the employees who could benefit most. Before designing solutions, take the time to understand your employees’ needs and prioritize the most acute challenges.
Identify Solutions
To find the right solutions for your employees’ most pressing financial needs, begin by looking for gaps that could be addressed with enhancements to existing programs or new solutions.
See: How Employers and Leaders Can Help With Our Mental Health Crisis
Design for Engagement
For many employers, encouraging employees to use their benefits optimally is an age-old challenge. Use these strategies to promote engagement with your financial health programs.
Measure Impact
You’ve begun diagnosing your employees’ needs, rolling out solutions to meet those needs, and designing your program to maximize engagement. Now how do you know if it’s working? A robust approach to measuring impact of your programs is a critical component of an effective employee financial health strategy.
Continue to the full resource –> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
Source: https://ncfacanada.org/financial-health-network-employer-finhealth-toolkit/
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