Implementing Workplace Saving Programs That Promote Values-Led Savings

Values are our individual beliefs about the things that are important to us in life. Everyone has their own values based on their background, education, and personal life experiences. Values are the underlying reasons, or frameworks, that motivate our behaviors, including how we manage our finances and save for the things that matter most to us.    

Values and money go hand in hand.  

Recognizing what you value and what is important in your life and the life of those closest to you is the first step to saving successfully and creating lasting financial wellness. For some, it may be the security of an emergency fund, having a retirement plan in place, or having the money to travel to another country. For others, it may be saving to contribute to a charitable cause, tithing, or supporting family members in need.  

Values are unique to each individual and often change over time and with new life experiences. What one may have valued when they were young and single will likely be different as they age, start a family, or plan for retirement.  

Implementing A Values-Led Workplace Savings Program 

Studies show that although money is very personal, it has a direct effect on an employee's work productivity and professional life. As our previous article mentioned, around 76% of employees with money worries say it affects their work negatively and that they would like help from their employer.  

This makes taking steps to play a vital role in relieving employees' financial stress and worry crucial to building a stable and productive workforce. One way to do so is by implementing a workplace program that incorporates understanding personal values and provides tools and resources that promote setting realistic goals that are aligned with those values.      

Helping employees get a clear view of their finances, identifying what matters most to them, and the steps needed to help them achieve their goals starts with positive communication that educates, empowers, and encourages.  Here are a few ways that employers can engage with employees and reinforce the personal aspect of setting savings goals:  

• Survey employees to find out about their financial concerns, struggles, and what they want from a financial education program.  

• Create an internal social media campaign, an educational newsletter, email, or video series that delivers real-life information, tips, and tools focused on reducing stigmas and encouraging open conversation. 
• Showcase inspiring employee success stories that are open, honest, and down to earth. Feature their “whys” and the steps they took that helped them meet their goals. Take the fear of being judged out of it by offering the option for anonymity.  
• Make saving for important goals like emergencies, travel, retirement, etc., easy. Offer the ability to direct deposit into multiple accounts or promote making auto transfers to designated accounts through their financial institution.  
• Bring in a professional coach or counselor and host round table discussions, lunch-and-learns, or webinars that educate and promote saving in fun and creative ways.  
• Offer one-on-one coaching sessions that focus on spending, saving, debt reduction, and credit.  Even as little as 1 hour can make a huge difference in someone’s financial know-how, confidence, and stress levels.  
• Meet employees where they are by offering targeted guidance within diverse groups. Employees from different backgrounds, cultures, or different stages of life value different things and may need custom advice.   
• Create challenges or contests that provide incentives and prizes. 

These are just a few ideas of ways employers can create a clear culture of support for the financial well-being of their employees. Research shows financially well employees are less stressed and more productive. When viewed in this way, employers can start to see investments in their employees as an internal investment in their human capital as well as an incentive for their workforce. 

The workforce is diverse. Employees from different generations and backgrounds will have different needs and interests as it relates to their financial lives. Just as importantly, communication preferences are different. To effectively engage and educate employees, a menu of communication methods will be essential to employee engagement.  

This is where the America Saves at Work (ASAW) Network can play a role. The ASAW team can work with your human resources or wellness staff to develop employee surveys that will discern interest in benefits and communication preferences; host workshops on topics relevant to your people; and design customized digital communication tool kits.  

Reach out to the ASAW team at save@americasaves.org for more information or to set up a consultation appointment.