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Best Practices for Implementing a Financial Wellness Program

HUB International

Let’s face it. Rising interest rates and stubbornly high inflation are causing financial stress among those who previously felt financially secure. One can therefore appreciate how this one-two punch is now overwhelming anyone who wasn’t already in a decent financial position before these two economic conditions took hold. 

It’s well documented that concerns over money and financial security are now contributing to declines in mental wellness. At present, 19.86% of American adults, equivalent to nearly 50 million people, are experiencing a mental illness of some sort.

Well-constructed and employer-led financial wellness programs can help alleviate some of this pressure, leading to greater happiness and workplace productivity. Financial wellness now plays an essential role in ensuring what we like to call a Quality Employee Experience or QEX for short.

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Topics: Strategy, Personalization, Audience Segmentation

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Reshape Your Employee Benefits Strategy Thru Workforce Persona Analysis

HUB International

Regulations aside, employee benefits management hasn’t changed much in several decades, so it’s notable that employers are beginning to use traditional marketing tactics to make sure their benefits efforts hit the mark for their employees. 

Case in point: HUB Workforce Persona Analysis.  It’s a smarter way to inform your benefits strategy, meeting employees where they are. If your organization isn’t taking steps to understand your population using audience segmentation, you should. (You can watch a video on Persona Analysis here.)

Analysis of workforce personas enables employers to design personalized experiences from multiple perspectives. Seeing benefits from different angles can make your benefits spend smarter, resulting in a return on investment 5% to 8% ahead of a one-size-fits-all approach. Just ask any consumer marketer and they nearly unanimously will tell you that personalization also deepens customer relationships.

So why can’t this approach also advance your employee relationships? It can, for organizations that stop to take the pulse of their workforce and apply what they learn to guide how we engage each other and nurture healthy employee cultures. These actions ultimately inform better benefits design, improved job performance, boosted impacts from leadership, and reduced employee churn.

Here's how to look at it;

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Topics: Plan Design, Strategy, Personalization, Audience Segmentation

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