Below are some best practices that brokers can suggest to help their employer clients shape a program that wins acceptance from employees and spurs their loyalty as well.

• Commitment by senior management. There is a strong correlation between senior management support and program participation. Scheduling year-around workshops so employees can utilize information when they are making financial decisions is one way to demonstrate commitment.
• A diversity of educational opportunities for a diverse workforce. The level of financial literacy, generational needs, and preference for a range of topics are all factors to consider.
• A variety of communications vehicles and tools should be used to engage employees across the workforce to help them understand the value and how they can benefit from the program.
• Individualized professional assistance should be available for employees who want to take advantage of the information they have absorbed to discuss their individual goals, whether they have a simple question or are in need of a comprehensive plan. 

Retirement Planning Can Be a Foundation

Employers do not have to implement a financial education program all at once. Planning for a secure retirement is an overarching challenge that ultimately confronts all generations, and retirement planning can serve as a foundation for additional educational offerings as the program evolves. Topics for workshops can reflect important economic and social trends, for example the emergence of women as key financial decision makers. Many women in the workplace also are caregivers for aging parents, which can intensify pressure on both time and savings. Also, parents who are caring for children with special needs may require unique financial decision making. The most successful financial wellness programs will be attuned to these types of developments as well as meeting the diverse needs of your client's employees. Ultimately, every member of a workforce – highly and less compensated, younger and older, and even those experiencing life changing events such as a divorce or death in the family can benefit from a well-designed program.

When evaluating financial wellness programs and their providers, brokers can help guide employers to look for the following:

– Cost to the employer or employee – some programs are free of charge, and others may carry a fee.

– Credentials of those organizing the program.

– The right blend of "turnkey" solutions to meet diverse needs and individual attention to employees.

– National availability – a national program that can provide a consistent experience to employees at multiple locations.

"Employers are more aware than ever of the important role that benefits play in attracting and retaining talent," MetLife's Farrell adds. "Workplace financial education programs add to satisfaction with benefits and to increased employee loyalty. This is becoming increasingly significant as employers seek to contain costs and to maximize the return on investment of their benefits programs. Certainly there is no better time to begin a financial wellness effort than now."

For more information about creating a successful financial wellness program, please click here.