The prescription for a winning financial wellness program for health care organizations
In light of the current COVID-19 pandemic, the physical, emotional and financial wellness of workers in health care organizations is more important than ever before.
Voya Financial®, in collaboration with the American Society for Healthcare Human Resources Administration (ASHHRA) of the American Hospital Association (AHA), recently conducted its first annual survey on retirement plans in the health care sector. The 2019 Voya Health Care Report reveals emerging trends impacting retirement plans for health care providers.
One important takeaway from the study is the growing importance of financial wellness in the health care sector today. The popularity of financial wellness is largely driven by Millennials and Gen Z workers — many who have student loan and other types of consumer debt preventing them from saving for retirement. In fact, debt burdens are shifting the entire concept of retirement for younger workers. They want to be financially well throughout their life — not just save for a goal 30 to 40 years away. And financial wellness programs show real promise in helping health care workers do just that.
Financial wellness is the new frontier for health care organizations
The continual balancing act of saving for tomorrow and living for today is causing real tension in the lives of health care workers that materializes as financial stress. And financial stress leads to a myriad of problems:
However, successful financial wellness programs have a positive impact on worker absences, productivity, and quality of care. Financial wellness programs can also help health care employers gain an edge in a very competitive landscape. Brodie Wood*, senior vice president and national practice leader for Voya’s Health Care market explains:
“One key takeaway from the Report is the growing importance of offering employees holistic financial wellness programs — it’s the new frontier for many health care organizations. This has become critical in helping them retain and attract top talent, especially in today’s environment where the competition is fierce with the unemployment rate at a near 50-year low.”
*Registered representative of Voya Financial Advisors, Inc. (member SIPC).
What are the goals of financial wellness programs for participants?
Any effective financial wellness program should help employees understand what is required to reach their financial goals. The Voya Health Care Report uncovered some of the key goals of financial wellness programs.3
Why are health care organizations unwell about financial wellness?
Even though 81% of industry leaders say financial wellness is a top priority, the Voya Health Care Report outlines five perceived challenges that prevent organizations from adopting a financial wellness program.
The largest of those hurdles is the ability to measure or show value and outcomes — with 56% of leaders citing this as the key preventative factor.
Charting the performance of financial wellness programs
It’s important for health care employers to have clear and effective reporting on the performance of their financial wellness program. Plan sponsors should be able to ask and confidently answer key questions, such as:
- How well are my employees being reached by the financial wellness initiative?
- Is the financial wellness campaign effective at guiding my employees to the next best action?
- How are these actions influencing plan outcomes?
While each of these questions are directly related to financial wellness, they are also strong indicators of the overall health of the retirement plan. And Voya’s plan health experience is designed to provide insight into the health and performance of the plan as well as the holistic financial wellness of the employee base.
The Voya plan health experience helps employers visualize employee’s retirement readiness in real time, with the ability to deep-dive into granular segments of employee populations to uncover behaviors, trends and actionable insights.
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Experience results you can see with Voya’s Financial Wellness Experience
Voya’s financial wellness program addresses the financial roadblocks that can form when life’s unexpected happens, so health care employees can be — and feel — ready for the future they envision. The Voya Financial Wellness Experience revolves around six financial wellness pillars: areas we’ve learned are foundational to money healthy and necessary to making an on time retirement possible.
By using an integrated system of digital touchpoints, personalization and targeted messaging, the Voya Financial Wellness experience is proven to reach health care workers where they are and help them get to where they want to be.
Help your employees and organization be financially well in any environment
A robust financial wellness program should help health care workers across all income levels understand where they are financially and their next best step. At the same time, the program should offer health care employers robust reporting and the ability to measure employee outcomes. Combined, these two components represent the foundational elements of a winning financial wellness program for the health care industry.
Reach out to your Voya representative to learn more about how a financial wellness program can help your employees and organization.
You can also visit VoyaDifference.com/healthcare to download the entire 2019 Voya Health Care Report and benchmark your plan against the industry.
Products and services offered through the Voya® family of companies.
1 PWC Employee Financial Wellness Survey, 2018.
2The Many Faces of Caregivers: A Close-Up Look at Caregiving and Its Impacts, Transamerica Institute, September 2017, https://www.transamericainstitute.org/docs/default-source/caregivers-research/the-many-faces-of-caregivers-research-report-2017.pdf
3 2019 Voya health care report:
4 Voya internal data, as of 12/31/19.
5 Voya internal data, Tableau Report as of 1/16/2020.