Employee financial wellness programs can help employees find balance and control over their finances, now and throughout their lifetime. Improving employees’ financial wellness can lead to healthier employees, reduce absenteeism and lower turnover rates while raising employee satisfaction and improving the employer brand. For financial wellness programs to be successful they need to do more than just provide education -  they need to result in employees taking appropriate actions that lead to financial success.

 

We have been working at the intersection of retirement benefits, health benefits and other aspects of human capital for more than 15 years in India and financial wellness fits-in well to our service basket. The solutions can include:

  • Financial coaching - Delivering sessions (webinars & in-house sessions) on various topics linked to financial wellness
  • Providing support to client’s employees for development of a financial plan
  • Interventions based on behavioural economics - Designing and managing surveys linked to behavioural aspects of personal finance
  • Designing an India specific financial wellness programme for clients
  • Helping clients in evaluation of vendors for financial wellness solutions

Helping employees throughout their lives

Mercer’s approach to employee financial wellness focuses on engaging employees throughout their lives, with a focus on guiding employees towards action. The objective is to help employees reach their goals for every stage of their “financial lives,” whether it’s saving for a house, a car, college, or retirement.

 

The strategic benefits of financial wellness

Organizations have every reason to want their employees to be financially sound. An effectively designed employee financial wellness program can help employers:

  • Bolster productivity, because employees aren’t distracted by financial worries.
  • Drive more predictable workforce flow throughout the organization.
  • Result in improved physical health (people with high levels of financial stress are more prone to sickness).
  • Increase employee engagement and retention.
  • Create more affordable retirement opportunities for all employees and enable career advancement opportunities for younger employees.

Having a clear understanding of the business benefits of financial wellness, integrated within the overall wellness and HR talent/acquisition strategy ensures corporate commitment and is key to a successful financial wellness program.

The human side of data

Our methodology relies on data analytics to provide insights into employee behaviors. We use statistical analysis to isolate demographic and behavioral characteristics to find the most successful programs and tactics for employees. We then also craft “personas” from the data to increase employee engagement. Our goal is to help employers develop a sustainable approach to financial wellness that improves outcomes for employees.

 

Give employees help, not hype

There’s a lot of financial advice out there; most have a not-so-hidden agenda, linking advice to investment programs and products. At Mercer, we are transparent with our clients and help them be transparent with their employees.

How Mercer can help

Mercer financial wellness programs help employees take action and reduce financial worries while employers increase workforce engagement and productivity

We’re here to help

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