Increasingly, employers are implementing programs to address employees’ overall financial stress.
The Guide to Employee Financial Wellness, developed by the National Fund for Workforce Solutions and the Social Policy Institute at Washington University in St. Louis, sets a clear process for employers to follow to ensure they select the right program for their business and their workers.
With funding from Prudential, the groups developed the guide to provide employers with the tools, resources and strategies they need to provide the best financial wellness programming for their employees. It discusses six steps to get employers on the right path:
- Understand employees’ financial lives;
- Assess employees’ financial wellness needs;
- Determine the right kind of financial wellness solutions for the company;
- Find and commit to a financial wellness program;
- Implement and evaluate the solution; and
- Amend the solution based on evaluation and feedback.
“The coronavirus crisis has exposed just how fragile the financial lives of many Americans are,” says Janice Urbanik, senior director of strategy and innovation at the National Fund for Workforce Solutions. “It won’t be enough simply to recover from this crisis. We must redesign a stronger economy built on good jobs for frontline workers. Financial wellness programs are an important part of that.”The guide can be found at https://nationalfund.org/employee-financial-wellness-guide/.
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