Poor financial wellness may be the reason your employees have poor savings or may not be participating at all. Financial worries may be keeping your employees up at night and distracted during the workday. Research shows that financial stress leads to poor health and chronic conditions that would drive up your health care costs.
The Employee Education Solution is a robust suite of education services designed to help your employees develop a deeper understanding of the financial implications of their lives. The overall goal of the Employee Education Solution is to heighten your employees’ awareness of financial wellness to help reduce financial stress. The Employee Education Solution can help them improve their financial literacy and retirement readiness, and avoid costly mistakes.
Employees have financial concerns, such as saving for college, getting out of debt and buying a house. These worries may add to the cost of running your business, due to lower productivity, absenteeism and higher healthcare costs.
Using a holistic approach, the Employee Education Solution provides customized solutions based on your specific population. You may choose to offer the Employee Education Solution on its own or package it with the Financial Wellness Platform.*
Employee Education Solution with Financial Wellness Platform
Employees will also have access to a personalized Online Financial Wellness Assessment to gauge their overall financial wellness and identify their key financial vulnerabilities. They will be able to design and implement a customized, step-by-step action plan to seek to improve their personal financial situation. In addition, they have access to the Online Financial Learning Center, where they can find the resources they need to make important financial decisions. LPL Financial has created a partnership with Financial Finesse to offer a Financial Wellness Platform of tools and resources to enhance the Employee Education Solution. This program is offered to plan sponsors for an additional fee, which may be presented as a stand-alone or built in to other services or products.
You will receive information on which classroom sessions were given and attended, and if you offer the Financial Wellness Platform, you will also receive the Workforce Wellness Assessment Report. This report is generated from participants’ survey responses and provides a detailed breakdown of employees’ financial wellness, key vulnerabilities, and key financial priorities by demographic (age, income, location and gender) that can help gauge key education needs in vital areas of financial planning. This will also help you meet your regulatory guidelines in providing access to education for your plan. Please note: There are a minimum number of participant assessments that must be completed to be eligible to receive the Workforce Wellness Assessment.
Provides plan sponsors the ability to help deliver the education participants need, using an optimal combination of online and group employee meetings. Education modules are designed to address the areas identified as most important for your particular employees, with a wide variety of financial wellness topics to choose from.
The modules are designed to address the areas identified as most important for your particular employees. There are a wide variety to choose from, including:
- The Retirement Zone, New Choices and Possibilities
- Romance and the Business of Life, Managing Marriage and Money
- Women, Money and Choices
- Kids and Cash
Financial Wellness and Education Marketing
The Employee Education Solution includes all materials necessary to encourage employees to participate in the educational modules. You’ll have access to turnkey marketing materials, and everything you need to create a campaign that helps drive attendance.
Financial Wellness and Education Results Tracking
A vital part of the program is the ability to track results. You’ll be able to access results measuring employee progress toward their financial goals. You can use these results to show evidence of employee education to satisfy your 404c requirement. It also provides feedback to make tweaks to your program moving forward.