Experience the joy of giving financial self-reliance to your employees giving financial self-reliance.
Our comprehensive financial wellness program solves employee financial stress. Provide your employees with financial education, goal-setting, budgeting, and 1-on-1 financial coaching so they can be their best, productive selves.
The platform that gives your employees the help they need
Whether your employees are hourly baristas, educators, sales people, or software engineers - they are looking to you for help to manage their financial stress and to build their financial health.
of employees experience lost productivity at work due to financial stress.
of employees report living paycheck to paycheck.
don't have enough savings to cover a $1,000 emergency expense.
employees hold $1.5T (trillion!) in student loan debt.
How to Set Up Financial Wellness Program
Tailor Perks from Employee Feedback
We will gauge the needs and desires of your employees with a financial wellness survey of both objective and subjective questions. This will measure both the financial hardships they may be experiencing and their concerns toward such hardships.
Determine Goals of Initiative
The ultimate goal of a financial wellness program is to increase your employee’s overall financial health. So, we will quickly determine any issues and make corrective changes to get your program on track by measuring engagement level and their progress.
Launch 12-Month Promotional Plan
Even the best financial wellness initiative will fail if employees do not know it exists. A recent Bank of America survey found that about 30% of employees of large companies were not sure if their company offered a financial wellness initiative. The same survey found that most initiatives also had low participation rates. The way to combat this is to have a consistent promotional strategy that keeps the financial wellness initiative.
6 Ways to Measure the Success of Financial Wellness Efforts
1. Step 1
Collect Initial HR Data: To understand your financial wellness program’s ROI, you have to know certain data before actually launching the program. What you choose to measure will be up to you, however, the more data you collect, the more accurate your ROI calculations will be.
2. Step 2
Collect Employee Data through an Anonymous Survey: You will want to understand how many employees have financial stress before implementing the financial wellness program. You can ask questions to help you understand such things as presenteeism, loyalty to the company, barriers to using company retirement benefits and more
3. Step 3
Roll Out Financial Wellness Program: Once you have the initial data, it is time to roll out the program. Be sure to communicate the existence of the program and provide incentives for participation. Research financial wellness program best practices before launching your program.
4. Step 4
Collect Data after a Given Time: Ask employees the same questions to determine whether financial stress levels have decreased, presenteeism has decreased, and loyalty has increased. Ask your employees what they felt was most useful, and what they’d like to see as additional financial wellness components.
5. Step 5
Make Calculations: Once you have all the before and after data, it is time to crunch the numbers. Example, Turnover: [Before turnover rate – After turnover rate] times the cost of recruiting and training new employees. If you don’t have an average cost, one recent study suggests the average is $4129 per employee.
6. Step 6
Calculate ROI: For example, if you saved $232,500 on a program that cost you $24,000, your ROI would be 232,500/24,000 x 100 = 969 percent. This means that for every dollar you spent on a financial wellness program, your company gained $9.69.
About Chris Jackson, MBA, CFP®, EA, CExP, CDFA
Chris has help managed over 750 million dollars of individual and institutional assets and held senior roles at multiple globally recognized investment firms. He draws on a decade of multidisciplinary experience and knowledge of financial planning, investment management and tax planning. Chris is well respected in the financial planning industry and serves as a Hearing Panelist with the CFP Board’s Disciplinary and Ethics Commission for reviewing alleged CFP rules violation and determining what sanctions are appropriate.
An entrepreneur, speaker and media personality, Chris has been featured in several news outlets such as CNN, Huffington Post, Wall Street Journal, and The Washington Post.
Let the numbers speak for Chris
MILION IN ASSETS MANAGED
Businesses I’ve helped with my Education
Everything you need to know abut a holistic financial wellness benefit that increases retention by 36%, dramatically raises employee engagement and recruits more ideal talent while improving the lives of your employees.
Learn how the Cashfit program can work for your company
Schedule a call with Chris
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