Written by: John Shaouni, Regional Sales Manager
Wellness is often treated as a broad or ill-defined concept that is difficult to implement in a business environment. However, the benefits of financial wellness for employees have been a topic of increasing focus among business leaders across a wide range of industries. In fact, studies have shown that more than 80% of large businesses provide wellness programs as part of their employee offerings. [1] But what constitutes a wellness program? And what are some concrete examples of businesses that have used wellness programs and thrived?
What Is a Wellness Program?
A wellness program is any incentive or solution that an organization offers to its employees to improve their health, finances, education, or overall sense of well-being. These programs can vary from 401(k) plans to free health screenings. Many wellness programs take a holistic approach to employee wellness, focusing on key pain points for each individual. For example, one employee may need financial education while another may need support finding affordable daycare for their children. However, in most cases, wellness programs put particular emphasis on reducing financial stress for employees.
3 Companies That Use Wellness Programs and Thrive
At Mentoro, we specifically focus on financial wellness, but this does not mean that we only help organizations educate their employees about money. We believe that financial wellness is about health, not wealth. Therefore, implementing a strategy that is unique to each company and its employees can ultimately yield far-reaching benefits. Here are just three examples of organizations that have used our wellness programs and thrived:
Harris County School District
One of the most important concerns among many employees is saving for retirement. When employers can provide ample retirement benefits and programs, they can enhance employee retention, productivity, and overall wellness. In the case of the Harris County School District in Hamilton, Georgia, their ongoing retirement plan is so popular that it garnered the Plan Sponsor of the Year Award. [1] The annual Plan Sponsor of the Year awards program recognizes retirement plan sponsors that show a commitment to their participants’ financial health and retirement success.
PCI (Publishing Concepts)
PCI is a company that provides various services to educational partners, including assistance with fundraising campaigns and alumni connection programs. To help PCI’s employee wellness, Mentoro created a customized incentive program that increased engagement with benefit offerings. More specifically, the program gave the employees a financial wellness portal, classes, and one-on-one consultations. Completing the steps in the portal awarded each employee with $250, helping employee finances directly while also educating workers on good financial habits.
EZLynx
EZLynx is an insurance agency software provider. Over time, the company found that they were having low engagement rates with benefits programs. Moreover, EZLynx wanted to raise awareness among its staff of all of the offerings available to them. To do this, Mentoro has worked with EZLynx to customize webinars that highlight company benefits offerings and bring light to all the resources available to employees.
Implement Wellness Programs With Mentoro
It is easy to look at the percentage of companies that use wellness programs and see that there is value in the practice. Even some of the most enhanced business strategies cannot replace a workforce that feels financially empowered and engaged with their work. Fortunately, if you want to implement a financial wellness program for your employees, Mentoro can make the process simple.
If you are currently in the market for a financial wellness company or you want to learn more about companies that use wellness programs, be sure to contact the experts at Mentoro today!
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