The Worst of Times, The Best of Times for Financial Wellbeing

in Uncategorized, Wellbeing

A man giving or taking money

In 2019, employees filed a class action lawsuit against a prominent employer for allegedly selling out its workers’ 401(k), costing the plan tens of millions of dollars in excess fees and underperformance, in exchange for mega-donations and lavish personal gifts. These shady dealings with employees’ savings were being finagled at the same time financial wellness program promotions admonished employees to “understand their values and get their finances in order.” (Learn more in my Financial Whatness? article.)

On the other hand, Dan Price of Gravity Payments, who, in 2015 raised his company’s minimum wage to $70,000 per year while slashing his own salary, launched a plan in 2019 to establish the same healthy wage for employees of a new acquisition in Boise, Idaho. Mr. Price has his naysayers, but you’ll be convinced he understands his values when it comes to employee wellbeing — financial and otherwise — after you listen to this interview:

S4 EP13: The CEO Who Radically Cut His Pay to Give His Employees a Radical Raise

10 Ideas for Your Workplace’s Financial Wellbeing Inventory

in Uncategorized, Wellbeing

inventory for financial wellnessYou 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 Continue reading »