Promoting to the Tipping Point: Growing Enrollment in Financial Wellness
One big key to any successful financial wellness program is how well you promote it to your team. Even a world-class program won’t benefit your business if no one knows about it. To get employees engaged and excited about what you’re doing to help them with their money, you first have to capture their attention.
Grabbing your employees’ attention has less to do with effort than intentionality—it’s much better to work smart than hard! The smartest way to promote a great financial wellness program is through expert timing and word of mouth. When you appeal to your team at key times of year and draw attention to their success stories, participation will ramp up.
Three Great Seasons to Promote
There’s no wrong time to promote financial wellness for your team, but there are some optimal seasons to make a bigger push. Consider waves of promotion throughout the year that hit these key seasons:
- New Year’s Campaign – January is often a month for setting goals and rethinking money habits—the perfect time to remind employees how you can help.
- Tax Time – Some of the best New Year’s intentions collapse by spring. But tax season is a great time to encourage your team to keep up their effort to take control of their money because people suddenly realize how much money they made last year—and how little they have to show for it!
- Fall Campaign – As kids go back to school and summer vacations come to an end, early fall is another time when many people re-evaluate their finances. Expect a fall push to be a great time to grow enrollment in your financial wellness program.
Shared Success and Incentives
As participation in your program grows, many will see big improvements in their finances. Take advantage of the momentum and help it to spread. One great way to do so is through the sharing of success stories. Non-participants are far more likely to join when they hear about the progress their teammates have had with their money.
Another great way to grow the program is through incentives. You could award points in an existing rewards program when employees hit wellness milestones. Or consider creating an entirely new incentive program around this benefit. Time off, cash or gift cards make great incentives. Get them even more motivated by giving the prizes out through drawings or raffles.
Once you hit about 18–20% participation, you are at the tipping point companies look for. From that point on, so many members of your team are using and benefiting from your program that enrollment really takes off.
Your Team Deserves Personalized Service and Proven Results
The right timing and plenty of celebration are the most effective approaches to promotion. This is where a trusted turnkey financial wellness program can be a huge help—it takes some of the work off your shoulders and allows you to focus on telling as many employees as possible about what you have to offer.
Look for a program with proven success in pulling participants in and keeping them personally engaged for the long haul. It should be both easy for you to roll out and adaptable to meet individual employees where they are. The best program will also give your employees an easy way to track their progress in the program.