What constitutes a good workplace? Is it a high salary package or a range of employee benefits?
In today’s age, when attracting good employees has become a race for employers, merely offering a good pay package or employee benefits is not enough. Employers need to ramp up the value-added benefits that they offer to their employees if they wish to promote loyalty and better productivity. One such employee benefit, which is slowly gaining prominence in today’s corporate frame-work, is the concept of the financial wellness of employees.
Who are financial wellness consultants?
Financial wellness consultants are individuals or companies which conduct financial wellness programs for the employees of an organisation. Financial wellness consultants have thorough professional knowledge about all the aspects of finance and how financial management can be undertaken. These consultants devise a financial wellness program for the employees which provide financial help and consultation to all the employees.
Moreover, financial wellness consultants also offer personalized services to employees who would like assistance in managing and handling their finances. Thus, financial wellness consultants are, in reality, financial coaches for your financially challenged employees.
Koppr provides financial wellness solutions to startups, SMEs and large enterprises. Have a look at our financial wellness platform.
Top financial wellness consultants in India
As mentioned earlier, financial wellness programs are still in their nascent stage in India. However, employers looking for financial wellness consultants would still be able to find multiple options as the concept is fast catching on. So, if you are looking for some of the best financial wellness consultants for your organisation, here are four of them to choose from
Mercer is a multinational company which offers a range of employee benefit programs, including financial wellness programs. The company is present across 44 countries and is a leading name in providing financial consulting services. Mercer’s financial wellness programs are tailor-made to suit the requirement of employees of different types of organisations. Mercer also believes in fostering financial literacy and helps employees have better control over their finances.
Getting You Rich
This is a relatively new company which was founded in Mumbai in the year 2012. The company specializes in professional financial consultation and in conducting employee financial wellness programs. They allow employers to download their e-book free of cost which outlines the importance, need and the method of employee financial wellness. The company has conducted many financial wellness programs in India for reputed clients which include Hindustan Unilever Limited, Reliance Industries Limited, Capgemini, Randstad, TCS among others.
Vinod Desai is a noted author whose works on financial literacy and habits have found many takers. He conducts employee wellness programs for companies and the program is called the Moneyplanting Program. The program stresses on the basics of investing and handling finances. Vinod Desai’s employee financial wellness programs have different modes.
There is a 4-hour boot session camp which teaches the basics of finance, a 1-day essential program for a deeper knowledge and a 2-day comprehensive program for a complete understanding of financial matters. Employers can also test the program’s effectiveness through a 2-hour long talk session which outlines the program details and its need.
Another Indian company, ArthaYantra believes that employee financial wellness is of utmost importance for corporates if they want to be profitable and competitive. ArthaYantra’s financial wellness programs have been recognized the world over with the company earning many awards under its belt.
The company’s financial wellness program for employees is defined in four main words:
Objective – which shows that the program is objective-driven and works towards employee’s financial wellness
Customized – which shows the flexibility offered by the program to be customized as per the needs of the organisation
Scalable – which shows that the program can be easily measured
Outcome-driven – which shows that the program has a focused approach to the outcome which it yields.
Corporates can, therefore, create an effective financial wellness program for their employees with the help of ArthaYantra’s programs.
How to choose the right financial wellness consultant for your company?
Employers can choose any of these financial consultants to develop a financial wellness program suitable for their employees. However, before zeroing in on the best financial wellness consultant, you should take care of the following:
- Find out how financially prepared your employees are. Take a financial wellness survey to judge the financial health of your employees. This survey would give you the data of how financially free your employees are and the areas around which the program should be developed.
- Make sure that the program is customized as per the needs of your employee. This would make the program effective in tacking the exact financial problems that your employees face.
- Make the financial wellness program incentive-based to increase participation. Though the program is aimed at making the employee financially empowered, its importance might be lost on some of the employees. By providing employees with the promise of incentives you can ensure maximum participation to get the maximum benefit from the program.
- Try and make the program an ongoing activity. Financial wellness is not a mean feat. It needs time and dedication. Only when your employees are regularly updated about the program and taught financial practices on a continuous basis would they be able to achieve financial wellness.
Get the complete guide: How to bring financial wellness to your employees
As an employer, you know what your employees need and its time you put their needs into focus to propel your business to new heights. A happy employee is a happy workplace and what better way to promote the happiness of employees than by making them financially free? So, choose a suitable financial wellness consultant for your organisation and motivate your employees to participate in financial wellness programs.