Companies these days are incorporating their physical wellness programs with their retirement and financial wellness benefits (one part of wellness in the workplace). We at IncentFit think it’s a great idea and have been preaching it from the start. Educating staff to be more financially savvy can only do good for the company by reducing money related stressors that could affect the work day. If we can encourage employees to be healthier as well as more financially stable, employees are much more likely to be more productive and engaged.
Research suggests that financial stress affects job performance, and we can see why Americans are stressed. One in three Americans don’t have any retirement savings and only 31% of the work force is contributing to their 401K. These numbers are alarming and it can be harder for older generations to catch up with saving. Many don’t know where or how to start saving. In fact, many employees don’t know that their employers offer a 401K. Help employees out while stepping up your wellness program by allowing them to fund it through participating.
Offer More Contributions for Participation
We always suggest that you offer increased contributions if employees participate in the wellness program. The average company contributes 2.7% of an employee’s salary to their 401K. Raise the cap a small number (0.3%) for those who sign up for the less active portions of your program. Some examples include if they were to sign up for a newsletter, take part in a charity walk, or attend practice for the company sports team at least once a month.
Pay to Get Fit
Allow employee to earn small amounts of money to contribute to their 401K through your wellness program. This can be done either as a challenge prize or for all participants of corporate wellness event. IncentFit allows employees to earn money per step, so that everyone has a chance to fund their 401K.
Use a Health Savings Account (HSA)
HSAs are savings account that can be used for health-related spending up until retirement age. After retirement, it can be used just like a 401k. You can learn a bit more about them here. The bottom line is that they are a smart way to offer retirement benefits mixed with healthcare benefits. Also, if you use a program like IncentFit, you can deliver incentives for healthy activity (like going to the gym or getting an annual physical) directly into the HSA completely tax-free.
Getting fit and saving for retirement have one major thing in common: it can be scary to start. By allowing employees to use their wellness program to start saving, you are helping their bodies and wallets stay fit. If you don’t have a wellness program set yet, reach out to us at IncentFit! We know how to make employees happy.
