By Alison Southwick, Grand Poobah of PR
“Is 2017 the Year of Employee Financial Wellness Programs?” asked a recent Society for Human Resources Management article.
According to the latest research from PwC, we at The Motley Fool sure hope so.
More than half (53%) of US workers report feeling pressured over personal finances, which (unfortunately) sounds about right. Stress doesn’t care when you clock in and out: 1 in 3 employees say that issues with personal finances have been a distraction at work.
One way we try to help Fools reduce stress – and manage their money – is by hosting an annual Financial Health Day. Although it takes place at HQ, Fools are encouraged to take the workday off to concentrate on financial wellness. That’s right – we tell Fools to stop working, and instead focus on getting their financial house in order. (Hat tip to Ron Lieber at The New York Times for the idea.)
We give employees a few helpful nudges throughout the day, such as a checklist of money tasks to tackle and hourly challenges like obtaining an updated credit report. We also bring in guest speakers to address bigger issues like estate planning and contract negotiation. Most of all, we try to make it clear to our people that the company cares deeply about their individual financial success.
Hosting our Financial Health Day is a relatively inexpensive benefit that reaps real rewards for Fools, and more than half of our employees participate. One Fool estimates that the steps she took during one Financial Health Day a few years back has saved her $2,000 a year ever since.
This idea is worth testing at your company, too! To get started, here’s a step-by-step guide available for download.