If you would like to provide a huge salary increase to
your employees without spending a penny, we suggest
initiating a Financial Wellness Program in your company.
Helping employees achieve financial wellness will not only
improve productivity, but will also reduce the stress and
distractions that workers experience.
Financial wellness can be defined in many different ways,
but the idea is that it involves an employee’s complete
financial picture. More specifically, it’s the ability of
each employee to manage household finances for short-term
needs while saving for mid and long-term goals.
The fact is that employees need more guidance than ever.
As the cost of items like gas and health insurance
premiums far exceed any annual 2% or 3% salary increases,
employees often look at their companies as “the bad guys”
because their take-home pay is shrinking.
Additionally, as employees approach retirement age, they
tend to turn to Social Security, their workplace
retirement plan, and their home equity as their primary
savings for retirement. Unfortunately, these resources
are not enough.
Employees can’t achieve financial wellness in the future
if they are not managing their day-to-day finances now.
As such, companies are in the ideal position to help
employees increase take-home pay and plan for the future
with some basic financial education.
HR POINTER: One of the best sources that we have found to
help employees understand personal finances is a series of
financial wellness videos called Better Money Habits,
created through a joint venture by Khan Academy and Bank
Even though this series of videos is primarily sponsored
by Bank of America, it is not an advertisement for the
Khan Academy (www.khanacademy.com) is a non-profit
organization that provides free world-class education
videos on numerous subjects. If you know of any children
who are struggling with math, science, history, etc., then
check out the amazing free videos from Khan Academy on
hundreds of topics.
With regard to financial wellness, Khan Academy and Bank
of America have devised a free training program on basic
personal finances for people that can be found at the link
There are currently 44 free videos in this program with
the broad topic headings of:
*Saving & Budgeting
Each video is about 5 to 8 minutes, which makes this
material great for 15-minute lunch & learn sessions to
bring employees together each week, watch a video, and
briefly discuss the topic.
Many companies take time each week to have employees
participate in physical wellness and “Biggest Loser” type
weight reduction sessions.
Why not establish a financial wellness program?
If you would like some additional information to support
the need for financial wellness and ideas for programming,
click on the link below for a PDF from Bank of America
that offers some great tips.