How To Achieve Financial Wellness in the Workplace

Income is an essential part of living a well-balanced life. It’s the main reason almost everyone takes time from their day to work and earn a meaningful living for themselves and their loved ones. Work is where it all happens, and because of that, employers should play a key role in setting their employees up for success by promoting and supporting their financial wellness. Financial wellness has many definitions, but at its core can be understood as how prepared an individual is in meeting their present and future financial commitments. How one is doing financially can often bleed into how they feel mentally and physically, since finances can be a significant stressor.

Providing resources for employees to achieve financial security and wellness is a great way to help them perform their best and stay engaged within the workplace. As an employer, are you confident in your financial wellness offerings? Here are a few helpful tactics that you should consider implementing if you haven’t  already:

  1. Before you roll out any resources, get a baseline view of how your employees are feeling financially so you know what areas to focus on. Do they need help budgeting? Unsure which insurance options fit their needs most? Unsure whether to make pretax or Roth contributions to their workplace retirement plan? Consider sending an anonymous survey asking for feedback on what financial challenges employees are facing and what topics interest them. The results will give you a better idea of what tools to prioritize and what educational topics are needed most.
  2. Use a variety of communication mediums. When it comes to effective communication, there is never a one-way-fits-all approach. Once it’s time to deliver your education and training resources, consider using various channels such as webinars, infographics, focus groups, emails, newsletters, 1-on-1 consultations and more to ensure employees have options for how they want to digest content.
  3. Evaluate your 401(k) plan and participation rates. Offering a 401(k) is one of the most important and common benefits for achieving employee financial wellness. If your participation rate is low, it’s a great indicator that your employees either aren’t aware of the importance of the benefit and how to maximize it, or the plan isn’t robust enough, or it could even be both! To increase participation rates, having sufficient education and training around your plan’s options and benefits is key. These conversations should be had during the orientation process but also on a consistent basis as people’s financial needs evolve. At BerganKDV, our teams and clients have access to an educational specialist that works with employees to evaluate and discuss next steps for optimizing their retirement plan. We also offer a fee benchmark assessment for employers to see how their plan stacks up to competitors. Check it out here.
  4. Monitor results and engagement. After you launch your educational materials, don’t assume they are working just because they are available. Track your employee participation and continually ask for feedback on your resources so that your HR team can make adjustments as needed.

The positive well-being of your employees is critical for the future success of your organization. Now more than ever, employees are prioritizing more than just wages and are looking for organizations that nurture and inspire their team members to live their best lives, both financially and holistically. By offering your employees the resources they need to optimize their financial choices, you are empowering them to take control of their income in ways that will make positive ripples of change for a lifetime.

At BerganKDV, our Retirement Plan Solutions team revolves around the power of education and financial wellness. We partner with clients daily to ensure their retirement offering is competitive and that they are offering the educational opportunities their employees need to use their 401(k) benefit to its fullest potential. Want to learn more about what solutions we can offer to your organization’s retirement plan? Let’s talk!


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The views and strategies described may not be suitable for all investors. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for accounting, legal, or tax advice. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.

The views expressed are those of BerganKDV Wealth Management. They are subject to change at any time. These views do not necessarily reflect the opinions of any other firm. Investment advisory services and fee-based planning offered through BerganKDV Wealth Management,  LLC, an SEC Registered Investment Advisor.

CATEGORIES: 401k & Retirement | Featured
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