You know those organizational inventories we recommend for other dimensions of wellbeing? Before launching a physical wellness program, for example, we conduct audits of workplace factors that influence physical health, like pretty stairwells, healthy food in vending machines, and so forth. Before launching a culture-of-health strategy, we assess the current state of the organization’s culture, using criteria like “Is wellness mentioned in the company’s mission statement?” and “Does the CEO visibly model wellness behaviors?”
We should do the same with our ever-popular financial wellbeing strategies. Before launching strategies to promote savings, budgeting, debt management, and retirement planning, let’s assess our organizational status with criteria like:
- Do we offer livable wages?
- How does our average frontline worker wage compare to our CEO pay, relative to benchmarks?
- Do we offer affordable medical benefits?
- Are employees’ schedules predictable (so they can arrange for childcare, or even a second job, if necessary)?
- How generous and inclusive is our family leave policy?
- Do we provide college loan repayment assistance?
- Do we provide adoption assistance?
- How generous is our tuition remission benefit?
- Do we offer paid vacation time and paid sick time, or generous PTO policies?
- Do we offer disability insurance?
Remember: Just as with our other workplace inventories, we don’t have to check all the boxes (well, except number 1!). But we should understand our organization’s wellbeing strengths, identify the gaps and aspire to fill them, and recognize that employers must share some accountability — it can’t all be about changing employee behavior — for all dimensions of wellbeing, including (especially) for financial wellbeing.
About The Author: Bob Merberg
Bob Merberg, Principal Consultant of Jozito LLC, has 20+ years of experience leading employee wellbeing strategies and now channels his knowledge and experience to help employers bolster employee wellness and organizational outcomes. He recently introduced Mental Health First Aid Training into his practice to help employers address the burgeoning employee mental health crisis.
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