Internal planning tool: Your workplace financial wellness program

As detailed in Six steps for launching a financial wellness program, the most important part of determining your program approach is understanding what your organization is trying to accomplish from an HR perspective. That way, you can measure your results against the resources you’ve invested, figure out how successful you’ve been, and make any necessary changes.

By answering the following questions, you’ll be able to organize your HR priorities and begin shaping your financial wellness program.

• What human resource issues does your organization have? Some of the most common challenges:
  • Competing for new talent
  • Retention
  • Productivity
  • Absenteeism
  • Team morale
  • Employee satisfaction
  • Appreciating employees and showing we care about them
• How does your HR strategy address the issues noted above?
• How does your HR strategy support your overall strategy?
• What internal challenges and concerns do you face in implementing a workplace financial wellness program?
• What resources are available to develop and maintain a financial wellness program?
  • Budget?
  • Time?
  • Space?
  • Resources from advisors, board members, vendors?
• Do senior management, top executives, and the board support implementing a program? If not, what kind of information do you need to educate them on the effects of employee financial stress on the organization? (See Making the case: Why nonprofits need workforce financial wellness programs.)
• What kinds of benefits would result from a financial program offering?
• What is the profile of your workforce? A few aspects to consider:
  • Age or life stage
  • Income level
  • Veteran status
  • Part- or full-time status
  • Dependents (children, parents, etc.)
• What kinds of financial stress is your workforce facing? Think about student loans, mortgages, retirement, tuition, childcare, and eldercare, to name a few.
• What financial education topics should you offer to address your workforce’s unique challenges?
• What financial wellness benefits do you already have that might be repurposed as part of a larger financial wellness program? Your organization’s retirement plan is one such benefit, especially if you provide matching funds.
• Can you use any other financial education resources already available in your community, partner network, or sphere of operations?
• What channels do you already have in place for delivering resources to your workforce? What new channels could you use?
• What data do you already have that would help you measure the effectiveness of your program?
• What data can you begin tracking?

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