Your Employees Want Financial Help—Now What?

When employees voice financial concerns, it’s not just a personal struggle—it’s a workplace challenge. Financial stress impacts productivity, engagement, and retention. Addressing it isn’t just the right thing to do; it’s a strategic move to build a resilient workforce.

But knowing employees need help is only the beginning. The real question is: How do you take action? The answer lies in designing a financial wellness strategy that meets employees where they are.

Building a Financial Wellness Strategy

A well-structured approach can turn employee feedback into impactful financial wellness programs. Prioritizing their needs ensures stronger engagement, financial stability, and an overall healthier workplace.

Here’s how to go from listening to action:

Step 1: Decode Employee Feedback

Understanding your employees' financial pain points is key to crafting effective programs. Surveys often reveal common concerns—emergency savings, debt management, or long-term financial planning.

Ted Benna, the father of the 401(k), once believed employer-sponsored retirement plans were the answer. But today, he argues that traditional 401(k)s don’t serve middle- and low-income earners effectively. Why? Because many workers struggle with immediate financial challenges long before they can think about retirement.

That’s why your first priority should be identifying where employees need help now. Are they worried about rent, medical bills, or unexpected expenses? Understanding these patterns helps shape practical solutions.

How to analyze financial stress data:

• Look for recurring concerns: Are employees worried about day-to-day expenses or retirement?
• Break down responses: Categorize feedback into short-term and long-term financial stressors.
• Identify action points: Pinpoint financial gaps that need immediate attention.

Step 2: Choose Targeted Financial Wellness Programs

Traditional retirement-focused benefits aren’t enough. Employees need financial wellness solutions that address their immediate concerns while also fostering long-term security.

Ted Benna warns that pushing employees toward retirement savings while they lack emergency funds is counterproductive. Instead, he advocates for accessible savings solutions that employees can tap into when they need it most

Programs to consider:

• Emergency savings accounts (ESAs): Payroll-deducted savings to create a financial buffer for unexpected costs.
• Debt reduction tools: Support programs for credit management and student loan assistance.
• Financial education: Simple, engaging resources to help employees make informed money decisions.

What to prioritize in a financial wellness program:

• Simplicity: Employees should easily understand and use the program.
• Scalability: Programs should grow alongside your workforce.
• Immediate impact: Focus on solutions that offer fast relief and long-term benefits.

Step 3: Launch and Communicate the Program Effectively

Even the best program will fall flat if employees don’t understand or trust it. Transparent communication ensures employees see the value and feel encouraged to participate.

Best practices for a successful rollout:

• Get leadership buy-in: When leaders support financial wellness initiatives, employees are more likely to engage.
• Make it relatable: Show real-world benefits tailored to employees' financial challenges.
• Pilot test: Start with a small group, gather feedback, and refine before a full rollout.

Step 4: Keep Adapting to Employee Needs

The best financial wellness programs aren’t static—they evolve with your workforce. Regularly assessing and improving initiatives ensures they remain effective.

Ted Benna believes financial security should be dynamic, not a one-size-fits-all solution. A program that worked five years ago may no longer be relevant today. Employers must stay flexible and responsive.

Ways to enhance financial wellness programs:

• Survey employees periodically: Track satisfaction and evolving financial needs.
• Monitor program success: Measure engagement, savings growth, and reduced financial stress.
• Expand offerings: Add budgeting tools, retirement education, and debt assistance as needs change.
• Stay ahead of trends: Adopt innovative solutions that keep financial wellness engaging and effective.

Reimagine Financial Wellness for Today’s Workforce

Traditional retirement plans alone won’t cut it anymore. Employees need financial security at every stage of life—from handling today’s expenses to planning for the future.

Ted Benna’s shift in perspective reminds us that financial wellness should start with foundational security. By prioritizing emergency savings, debt relief, and practical financial tools, employers can offer benefits that truly make a difference.

The bottom line? Your employees have spoken. Now, it’s time to act. Build a program that meets their immediate needs, supports long-term goals, and ultimately creates a financially healthier workforce.