How to create an inclusive financial wellbeing program across a global organization
The world is diverse, and so are our interpretations of how best to live a fulfilled and happy life. That sentiment spills into the workplace too. As an employer, you might be thinking, how do I keep everyone happy, when everyone has different needs, desires, and challenges? The key is to make sure your financial wellbeing program is globally inclusive to cater to diverse populations.
For a benefits strategy to be effective, it must be suited to a wide range of demographics. It is important for a benefits program to be adapted across a variation of demographics to ensure everyone, regardless of background, location, or salary, feels supported by their employer.
Excluded employees leads to unprofitable business
A recent report found that people who feel included, and that they belong are:
- 75% less absent, than employees who feel excluded – this equals $2.5 million worth of lost productivity each year (per 10,000 people)
- 50% less likely to leave than employees who feel included – that’s around $10 million each year (per 10,000 people).
- 56% more likely to perform better – that’s a gain of $52 million each year (for every 10,000 people).
What is an inclusive financial wellness program?
An inclusive financial wellness program needs to be completely impartial – that means your employees shouldn’t be exposed to financial education that’s littered with services and products with an ulterior motive. Secondly the program should be built on financial education that’s underpinned by technology. The tech needs to be designed for inclusion and developed from behavioral psychology.
The main aim with an inclusive financial wellness program is to ensure your people are fully equipped with all the information they need to make the best choices for them, and their circumstances – that includes awareness of all the employee benefits available to them. There will be benefits in your stack that could significantly improve your employee’s financial wellness – but they don’t know about it yet – reminding and prompting employees of all that’s on offer is critical.
How do I get started with a global inclusive financial wellness program?
First, is to use data to understand your people’s diverse financial needs. You can then build a full picture of their financial world by assessing key insights holistically – with information that sometimes gets overlooked, ie. like how many dependents they support. Data is the door to giving you a better understanding of your people’s true financial needs, behaviors, dreams and goals. With data, you can support the 49% of people who feel excluded from the financial ecosystem.
The benefits of a globally inclusive financial benefits program
- Globally consistent employee experience: You can provide equitable, consistent support for all employees, no matter who or where they are.
- Local financial education content: You will be able to provide everyone, everywhere with relevant financial education and content.
- Support global mobility: This will enable you to help employees relocate to a new country, and culture.
- One global vendor: Simplify your reporting and management information, by managing only one global vendor.
We’ve just produced new research on the impact of financial education – 2023 Global Financial Wellbeing Report – on why financial education breaks organizational barriers and helps individuals thrive. The study reinforces that with personalized financial education employees are:
- 63% more likely to feel committed to their employer
- 41% have increased their savings
- 34% have stronger understanding of their employer benefits
Download the report and find out how to break barriers and help individuals thrive.
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nudge is an impartial financial education benefit – for everyone, everywhere. nudge combines behavioral psychology, data and personalized education to empower people to develop their financial skills and knowledge to achieve financial resilience.