Millennials are now the largest generation in the U.S. labor force. Making sure your company has adapted to the needs of this unique group is vital to the long-term success of your brand.
One thing that will help you attract and retain key talent from the millennial group is helping your employees with financial education and wellness programs. When you show you care about their life outside your workplace, you’ll build loyalty.
Employee financial wellness for millennials can also reduce stress among your staff, giving you better productivity and profitability. Here are five effective ways to help your millennial staff improve their financial wellness.
Walk Employees Through a Financial Assessment
The worst thing you can do is put together a program blindly. You can’t assume that everyone on your staff has the same problems as each other, and you certainly can’t assume you know what the concerns are.
66% of Americans would fail a financial literacy test. That means that most of your millennial employees have no idea what the state of their finances is or how to fix them. A financial assessment is a vital starting point if you want your program to succeed.
An assessment can help your employees understand what’s causing financial stress, which is eye-opening for many people. From there, they’ll be ready to take steps to correct their concerns.
Offer Online Training Courses in Personal Finance
Online training courses are a great strategy for working adults. Not only can each person progress at their own pace, it’s less intimidating than a face-to-face class.
A study in 2014 showed that online classes are even more effective than traditional ones, regardless of how much preparation and knowledge students start with. The least-prepared learn just as much as everyone else.
An online class allows you to easily engage with a variety of learning styles. You can include video, audio, text, interactive exercises, and more. This allows you to reach everyone in your employee group with a single tool.
From there, continue the online experience by using a tool like Best Money Moves to help employees build a budget and get rewarded for managing their money well.
Address the School Debt Problem
School-related debt is a major stressor for millennials. Helping your employees with strategies to manage that debt can go a long way toward helping your employees reduce stress.
Americans owe over $1.48 trillion in student loan debt. The average debt a graduating undergrad had in 2017 was more than $39K. This debt causes a significant impact on both financial wellness and mental health – people simply aren’t happy if they aren’t on a good financial footing.
A lot of millennials earned degrees to help get the job you’ve hired them to do. Why not show some goodwill by helping them manage the debt?
One tool you can consider is GotZoom, which allows you to offer student loan repayment assistance as an employee benefit. Imagine the great reputation your company would have with top-level talent once word got out that you care about student loans and help with repayment!
Teach Employees About Healthcare Costs
Many times your staff doesn’t really understand what drives healthcare costs and how to help manage them.
The first thing you can do is help employees adopt healthier lifestyles. This should be done carefully, without shaming. Instead, help your staff understand what factors can cause disease, fatigue, and other health problems. No one wants these issues in their life, so tap into your employees’ natural desire for wellness during these programs.
When your employees lead healthier lives and make better choices, you’ll save much more than healthcare costs. You’ll also gain from happier, healthier, and more productive staff.
The second layer is education around managing the everyday costs, things like premiums, deductibles, HSAs, and more. For those new to this information, it can feel overwhelming to comprehend and integrate into their standard financial planning. We recommend working with your HR department to develop clear educational material around your various healthcare plans and actionable tips for managing these costs.
Tools like our Hoopayz solution can help employees to reduce their out of pocket spending by lowering the cost of covered services. The platform also provides powerful healthcare financial management tools.
Boost Interest and Awareness in the Program With Champions
All of the programs in the world won’t boost employee financial wellness for millennials if no one takes advantage of them. That’s why the last tactic you need to employ is to use internal champions to build awareness of the programs you offer.
It’s important that employees feel comfortable asking for help, whatever kind of help it is. Taking a financial assessment, using online learning to lay a financial foundation, and facing student debt can be overwhelming. A champion can help your employees believe they can succeed and encourage them to give the program a try.
Champions help drive change internally. They don’t have to be from the management level, but they do need to see the vision of what your program can accomplish and desire to advocate for it. They can help remove the stigma of not understanding personal finance.
Financial stress has a major negative impact on any organization. By helping to implement programs to boost employee financial wellness for millennials, you can not only reduce stress and boost productivity, you can also attract top talent to your organization and retain them long-term.
Have more questions on implementing financial wellness in your organization? Contact us to see what kind of programs or approach would be best to reach your employees. Integrity Data offers a variety of financial wellness tools to help your employees gain financial confidence.