Should I bring financial coaching to my company for my employees? I humbly believe the answer is yes. Why? Let’s dig in.
Financial coaching helps your employees become financially secure and on their way to personal financial success, which can lead to increased productivity, higher employee satisfaction, greater loyalty, and retention.
What is financial coaching? Financial coaches understand a client’s current situation through analysis of their finances, uncovering their goals / needs, defining clear objectives, prioritizing steps, providing education, guidance, and accountability, and supporting clients to work toward a state of financial wellness and security. Financial coaches must possess the content knowledge and andragogy skill sets to provide education and guidance that help clients confidently take effective action on financial matters that best fulfill their goals.
Who should bring financial coaching to their organization? Companies who have or are ready to implement an overall wellness strategy, are willing to invest money and time in that strategy, and fundamentally believe their employees are their most valuable resource.
Who shouldn’t? Those looking for a quick fix, who don’t see value in or are unable to invest time and money into a strategy, or don’t view their employees as integral to the organization’s success.
Don’t I already have access to resources like this? If your company sponsors a 401(k), the financial company may provide presentations or commission-driven representatives available at no cost. But, when was the last time you got something from a large financial institution for free? If you did, was that “something” of value?
Many companies I work with are fearful of introducing a commission-driven representative to their employees, so they avoid this offering.
While I appreciate the attempts of large financial institutions to provide resources like one-on-one meetings and or presentations, the result is often a vapid, uninspired creation which has been chewed up and spit out by corporate compliance and teams of attorneys. So, while you may have access to resources sounding similar to independent, objective financial coaching, it’s always important to remember the source.
As part of an integrated wellness strategy, financial coaching can have a profound impact on the lives of your employees and your organization. Strengthen your company by strengthening those employees at risk financially, suffering from stress and anxiety. An integrated strategy that incorporates group presentations, opportunities for on-demand independent learning, and one-on-one financial coaching from someone non-commission-driven will be a net positive for your organization.