The Keepwell Summit is an annual Ibec run event that shines a light on all thing’s wellness.
Interestingly, this year the team at The Keepwell Summit are looking at wellbeing through the lens of both personal wellness and corporate wellness.
As someone who has developed an Employee Financial Wellness programme in recent years, I am delighted to have been asked to join the Keepwell Summit panel to discuss the various elements of Employee Financial Wellness.
There are two very different parts of financial wellness in my view.
1. Personal Financial Wellness
Firstly, we must consider and understand what personal financial wellness is and how that differs from one person to the next.
The goalposts with personal financial wellness are constantly shifting as we progress through our lives. An event that an individual may have sailed through as a 30-year-old, may cause your 50-year-old self sleepless nights! One 40-year-old mid-career employee with a family earning a household income of €100k maybe managing really well, while another with an identical financial set up may be really struggling.
Our own Financial Wellness is unique to all of us and is determined by lots of different factors. To gain an understanding of how to improve an individual’s financial wellbeing, we must examine the various goals and ambitions each individual has and work towards those goals.
Financial (un)Wellness is a leading cause of individual stress and each financial educational intervention should look to reduce or eliminate that related stress.
2. Employee Financial Wellness
The science behind Employee Financial Wellness is very different from that of personal financial wellness. The challenge for HR professionals and Workplace Wellness champions is to not simply accept that financial stress exists amongst their workforces. They must look at running an effective health promotion intervention that addresses the cumulative financial wellness needs of their workforce.
Employers needs to be able to design a programme that measures their workforces’ attitudes and trends, look at the common life cycle stages and quantify those results into a functioning plan.
Secondly employers need to consider what form the education of their employees should take. Is it all self-learning based, internally run or should an employer bring in outside experts? Should an employer simply run webinars or is there value in making individual clinic appointments available to employees? Should a programme have consistency, or will a more ad hoc approach suffice?
Finally, it is important to consider how a financial wellness programme is communicated. The messaging is really important in terms of building engagement amongst your workforce with the programme itself. How a programme is branded, advertised, delivered and messaged on site, will all contribute to ensuring that employers get the most “bang for their buck” in improving the financial wellness of their employees.
I will be discussing these points and more with Ciara and the Ibec team at this years Keepwell Summit.
Visit The Keepwell Summit Event Website for more information and to join us.