What metrics do you need to keep an eye on to ensure an impactful financial wellness program?
Here’s a quick guide to measuring the impact of your employees financial wellness program, proving that investing in financial wellness can drive real results:
1. Employee Surveys and Financial Health Checks Results
Regular surveys can help gauge changes in employees’ financial stress. Asking questions about thier confidence in managing money, debt, and savings habits and using self-assessment tools where employees rate their financial health over time and track improvements through periodic financial health checks. Employee feedback on program efficiency also reveals what’s working and what is not. If scores are improving, you’re on the right track!
2. Program Participation and Engagement Rates
Measure participation by tracking how many employees are attending workshops, and frequency of app access. Frequent use shows the program’s relevance. Compare employee satisfaction rates between program users and non-users to see if wellness support impacts loyalty and satisfaction.
3. Company-Specific KPIs & Data
- Absenteeism: Financial stress can cause employees to miss work. Compare absentee rates before and after the program to spot any drops.
- Productivity Metrics: Enhanced financial wellness often leads to better focus. Track productivity indicators like project completion times or error rates for improvements.
- Turnover Rate: Financially insecure employees are more likely to leave. Monitoring turnover can reveal if wellness support is boosting retention.
- Employee Satisfaction and Loan Requests: Regular satisfaction surveys and tracking requests for advances or loans can show how well financial stability is taking root.
A financial wellness program is an investment in your workforce’s well-being. By tracking these metrics, you can measure its impact on both employees and the company’s bottom line