Employee Benefits Solutions Provider, Clarity Benefit Solutions, Shares Strategies for Implementing Financial Wellness Programs

NEW YORK, Feb. 10, 2020 /PRNewswire/ -- Employee benefits solutions provider, Clarity Benefit Solutions, shares strategies for implementing financial wellness programs.

For many employees, the start of a new decade means evaluating financial stability and planning for the future. Financial wellness programs allow employees to make sound short- and long-term financial decisions so they can achieve financial security. Employers should implement financial wellness programs to empower employees to better manage their financial future. This will not only help to alleviate employees' stress, but it can result in a more productive workforce as employees can better focus on their careers. The following are some strategies to implement financial wellness programs in the workplace.

First, it is vital to clearly define what a financial wellness program is and convey its benefits. A solid communication plan will help employees realize they will want to learn more and that this program is designed to help them. Survey employees to determine their specific wants and needs when it comes to financial planning. Making them a part of the process will make them more willing to participate.

Remember to deliver pertinent information in a number of formats. Employees will absorb this information differently. Newsletters, posters, literature, email blasts, and lunch and learn sessions are just some of the ways to effectively disseminate information. Offer worksheets that can help them establish a budget, assess their net worth, and determine retirement requirements. Be transparent in delivering this information and update employees immediately when there are any changes in the financial wellness program.

Give employees access to a financial advisor who can address any questions or concerns. Employees who are better educated about their options are more likely to utilize a financial wellness program. Provide employee incentives to enroll in the program, such as gift cards, entertainment tickets to local venues, or additional PTO.

Finally, employers must assess what is working versus what aspects of the program need improvement. Gather data on retirement program participation, health benefit utilization, employee turnover, workplace accidents, and disability claims. Track financial wellness plan participation and ask employees if they are satisfied with the financial wellness program.

About Clarity Benefit Solutions: Clarity Benefit Solutions provides technology that makes the health insurance plan selection process fast, easy, and straightforward. For over two decades, we have provided clients with industry-leading technology, compliance, and exceptional customer service. Our offering is designed to save time and lower the costs of managing benefits while also promoting employee self-service and automated ACA compliance.

SOURCE Clarity Benefit Solutions

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https://claritybenefitsolutions.com