(3) not meeting monthly expenses;

(4) being laid off; and

(5) increased debt

Even knowing these financial concerns, though, employers do not always know how to alleviate the personal impact they may have on an employee’s life. These financial concerns are brought into the workplace, causing general distractions and stress that can lead from everything to everything from increased blood pressure to depression. In turn, these conditions can cause absenteeism, wage garnishments, disability/workers compensation claims, or substance abuse and even theft. This can impact the business’ profitability, decrease employee productivity, and increase health insurance rates, overtime, and employee turnover.

Trusted advisors are in a position to work with employers to create a strategic financial wellness plan which offers a well-rounded benefit package relevant to the needs of attracting and retaining employees. This starts with understanding the company philosophy. An advisor can help an employer understand the correlation between what financial concerns employees are stressed about and how it will holistically affect both the employee and the employer.

By helping the employer move towards a corporate philosophy focused on employees’ well-being, the benefit advisor can then begin to establish the framework for the structure of a financial wellness plan to meet that philosophy.

One size doesn’t fit all In determining the components of the financial wellness plan, benefit advisors can also help their employers think strategically — and not only about the employee’s top concerns noted above. Ask questions such as, “Is the company paying competitively?” Or, “Is the company in a growth or down-sizing mode?” Also, understanding the workforce make-up will help establish criteria within the plan; for example, knowing that white-collar workers traditionally have more student loans and that they are more likely to not invest in retirement until debts are paid off and that blue-collar workers are prone to forgo 401(k) investments entirely.

While many companies want to mirror what the big boys like Facebook, Netflix and Google are doing, it may not be practical for their particular industry or culture. It is good to watch what others are doing; however, identifying the culture and needs of both a company and its employees will help to build a tailored plan that works specifically for them.

Create measurable outcomes Another piece of the puzzle is to know both the employer and employee objectives. For the employer, these are often geared toward ROI and might include reduced health care costs, turnover and absenteeism. These are hard dollar costs that can be measured. Outcomes the employees would derive could include reduced credit card debt and health care costs, and increased savings and retirement funds. Coordinate these outcomes into deliverables through 401(k)s, health care plans, and leave policies, including disability and workers compensation programs. The advisor should also be sure to inform the employer of any required state laws or compliance requirements.

Maintaining a financial wellness program Educating and motivating employees on a consistent basis is another piece of the puzzle. What tools and resources do your current vendors bring to the table? Do your vendors offer on-line training, apps to track spending, or rewards for achievements? Maximize vendor services for best results.

What will the rollout of your plan look like? Many programs die out quickly due to lack of buy-in and consistent long-term communication at all levels. Educate your employers to use the financial wellness program as part of their employee communication toolkit. It takes time and consistency to build up a habit of use. Buy-in and promotion of the plan needs to be at all levels within the company to ensure sustainability.

Most importantly, help employer clients create perpetuation of a financial wellness plan. Trusted advisors can help with establishing analytics to monitor both company and employee progress. This way, objectives are all measureable. Advisors will be in a position to help employers tweak programs where needed, and establish a rewards system when milestones are reached.