Insights

Employee Health and Financial Wellbeing

Employee Health and Financial Wellbeing

Organizations have transformed the employee experience by holistically supporting employees' health, wellness, and financial wellbeing.

Employer-based wellness programs are at an all-time high in the United States: 80% of organizations with 200+ employees offer a wellness program. By exercising scientific rigor in selecting wellness offerings, encouraging employees to utilize them, and measuring their progress, we can get closer to healthy behavior change for all.

Savvy organizations have learned that financial wellbeing affects employees' overall health and wellness and the overall employee experience. Financial wellbeing is defined as the extent to which someone is able to comfortably meet current, ongoing, and unexpected financial obligations and has the financial resilience to maintain this ability in the future.

Employee Health

Utilize wellness programs built on a solid evidence

No single wellness program will be the right fit for every single person. People have different tastes and preferences, so it is crucial to offer a curated menu of options to find something that works for everyone's needs. Employers that provide a mix of in-person, group-based, and digital wellness opportunities gain the most employee satisfaction and usage. Our work with Joslin Diabetes Center exemplifies this:

See How Mad*Pow Partnered with Truth Initiative to Redesign Their Smoking Cessation Program

Don't rely on incentives for employee participation

Some companies offer incentives to their employees to participate in wellness programs, but often offering incentives backfires. Research consistently shows an undermining effect for extrinsic rewards, indicating people stop enjoying activities if they are compensated for doing them. It's better to design a set of interventions that align with what people already value and offer options that fit their lives, so those who do choose to participate have tools that work. Our work with New Ocean Health Solutions exemplifies this:

See How Mad*Pow Helped New Ocean Health Solutions Achieve 96% Approval on Health Risk Assessment UX Design

Implement a detailed measurement plan for your organization's overall program

Often, organizations either hyper-focus on leading metrics like program enrollment or survey completion or underplay the importance of outcomes in favor of market parity. A good measurement plan will account for leading indicators like enrollment and outline how those metrics lead to behavior changes that ultimately produce measurable health outcomes and reduce healthcare costs. This kind of outcomes map makes it possible to measure the impact of your wellness program more granularly, so you quickly identify and address problems.

Mad*Pow's HotSeat App Delivers Better Employee Health and 78% Engagement

Financial Wellbeing

Helping employees navigate and plan their finances builds confidence - giving employees the resources to make sound personal financial decisions that will yield the best outcomes and help them avoid pitfalls builds deep loyalty. Assisting people to identify their objectives and motivating them to take the actions to make changes can be complex. It is crucial to help employees move past complacency, procrastination, and feeling overwhelmed in their financial decision-making.

Deliver purposeful financial education

At Mad*Pow, we leverage behavior science and motivational psychology to help people achieve greater health and wellness, financial wellbeing, education, and sustainability. By leveraging an in-depth understanding of the principles of motivation, we work to identify target behaviors for change, uncover their underlying modifiable determinants, and draw on techniques best suited to shift behaviors into new patterns. We see these challenges as an opportunity. We aspire to make people's lives better through design.

See How Mad*Pow Helped CFPB Build Military Personnel Financial Wellness

We're firm believers that purposeful design of employer-sponsored financial wellness programs delivers true financial wellbeing to employees and their families, helping them achieve their financial goals while also helping further cultivate a positive employee experience. We want to live in a world where all people have the opportunity and ability to improve their financial lives. We are proud to partner with brave institutions to re-imagine existing programs, products, and services to inspire new ideas to help people learn more, spend less, invest in their futures, and manage financial risks.

See How Mad*Pow Helped Walmart Create Employee Financial Wellness Tools That Empower Over 1 Million Employees

Social Determinants for Finance

Financial wellbeing includes various external socioenvironmental factors, such as household, institutional, and community influences, and internal psychological traits, attitudes, beliefs, and values. While financial wellbeing will be different for everyone, it should be understood within the context of an individual's life within a household, community, land society and include both objective and subjective indicators. Adopting a broader, more holistic view is essential to understand and address the root causes or modifiable factors of an individual's financial health and wellbeing.

Take a look at Mad*Pow's Social Determinants for Financial Wellbeing

Many financial interventions seek to boost literacy, persuade against buying lattes, or provide tools or automation services to make beneficial behaviors like budgeting, paying bills, or saving for retirement easier to do. While these are all good things, they can be overly focused on individual capability and responsibility, failing to recognize and intervene upon the extensive network of factors that need to change if we truly want to make a difference in people's lives.

Want to learn more about how Mad*Pow can support your Employee's Health & Financial Wellbeing? Fill out our contact form on the next page and we will reach out to schedule a meeting.