When AWC, an industrial automation equipment company, created a new wellness program for employees, the company surveyed workers about their wellness needs. Eighty-
Nan Davis, vice president of human resources for the 240-employee company, says employees who are not financially stressed are more productive. “If employees are not managing their money well, then they have added stress. At work they may be on the phone talking to creditors, taking care of personal business,” Davis said.
According to The Wellness Councils of America, a national nonprofit group that promotes health-related activities at the worksite, it is important for employers to include financial education in employee wellness programs. Several studies have linked financial wellness and reduced health care costs.
Davis and other AWC executives believe that it is important for employees to be financially healthy, in addition to their physical health. So they integrated financial education into the company’s wellness incentive program, allowing employees to earn points for financial education which can be redeemed for additional benefits.
The company selected Goodmoneyhabits.com, an online financial skills training program, for its employees’ financial education. Davis says Goodmoneyhabits.com is an easy way for employees to learn money management skills at their own pace.
The majority of today’s workers are behind in retirement savings goals, have not yet started to save, and don’t have a plan in place to reach short or long-term goals, according to Susan Windham, chief executive officer for The EDSA Group. “Goodmoneyhabits.com offers practical money management skills through interactive financial planning exercises and real-life scenarios. Employees learn to set goals, create a budget, plan their expenses, and plan for goals - including retirement,”
Financial problems are among the leading causes of stress for workers, and stress-related health problems are a primary reason for doctor visits. Workers in better financial health are more likely to have better physical health, reducing health care visits—and expenses.
Davis thinks her company’s focus on wellness makes a difference in their turnover. “I think we’re on the leading edge. Companies are beginning to get on the band wagon for wellness. I think financial education is extremely important,” she said.
