Quiz
SELF-ASSESSMENT QUIZ
A complete financial wellbeing strategy needs to connect, educate, and engage your employees. The following questions will measure your strengths in each of these areas…
Does the company have an existing strategy specifically targeting financial wellbeing?
Does the company allocate a budget for financial wellbeing initiatives?
How often do your employees receive some form of financial wellbeing training?
Which of the following financial wellbeing resources are readily available to your employees (click all that apply):
How do you measure the effectiveness of your financial wellbeing efforts (select all that apply)?
Ongoing methods of communication
Which ongoing methods of communication are used to inform employees of the financial benefits available to them (select all that apply)?
Wellbeing training to employees on topics typically outside the range of company benefits
Do you give financial wellbeing training to employees on topics typically outside the range of company benefits, such as budgeting, mortgages and tax?
About you
The effectiveness of a financial
wellbeing strategy depends on the structure of the company. The final two questions are about
understanding the physical challenges your company faces implementing a
financial wellbeing strategy.
How many employees are at your company?
Where are your employees based?
Test complete!
Before we show you your results, we would love to know about your motivations for taking the test today…
Which of the following areas drive your
interest in financial wellbeing? (tick all that apply):
All done!
Results
C:[variable-1]
E:[variable-2]
N:[variable-3]
S:[variable-4]
Percentage C: [variable-5]
Percentage E: [variable-6]
Percentage N: [variable-7]
Total Score: [variable-8]
Your total score is [variable-8]%. This has been calculated based on your individual scores for connectivity, education and engagement. Below, we provide a summary of your results in each section.
Feedback on Connectivity:
[variable-5]%
Creating a connection with employees is an essential component in any successful financial wellbeing strategy. Without it, employees will fail to take full advantage of the financial wellbeing assistance and resources being offered to them.
Think about how your strategy can ensure information is available to an employee as and when they need it. The time when employees want to think about their employment benefits may not be when they are at work, or if they are at work, is the information accessible to them given the nature of their job?
The mediums used to connect with employees should also be carefully considered. Written material might be an easy way for the company to share information with employees but can be easily ignored or delayed, as well as pose problems for employees with visual impairments or dyslexia.
Feedback on Education:
[variable-6]%
An effective financial wellbeing education strategy requires both quality and breadth. Think about whether the education you provide not only delivers on the facts but also gives the knowledge needed to make a decision, and stresses the importance of making a decision. For instance, providing information on how to contribute to a pension is useful, but your employees also want assistance on picking the right contribution rate and need to understand the consequences of not contributing.
To deal with financial wellbeing requires a holistic approach, so covering topics outside those of traditional employee benefits is key for a successful strategy. Think about areas which also impact your employees such as mortgages, budgeting and tax and ensure that any education includes these areas too.
Education doesn’t have to be a one-way process, the most effective approaches involve a degree of interaction. As well as providing information, interactive tools allow employees to better understand the dynamics of a situation and can give the necessary extra detail needed to make more complex decisions.
Your score shows that there is plenty of scope for improvement in this area. A key focus for you will be to identify and fill the gaps you have in your current strategy. Think about the likely areas in which your employees might struggle with their finances and explore the options available to you to provide assistance. If you are unsure of the financial areas where your employees might want help, consider introducing a questionnaire.
To further enhance your strategy, making available a range of tools can also go a long way to enabling employees to further their understanding and help them to take action.
Your high score in this area shows you have clearly thought through your strategy for educating your employees in areas of financial wellbeing. Key to strengthening this position will be identifying any gaps you have in your current provisions and filling them. A well-structured employee questionnaire could prove useful for this purpose.
To further enhance your strategy, making available a range of tools can also go a long way to enabling employees to further their understanding and help them to take action.
Feedback on Engagement:
[variable-7]%
Maximising engagement is a case of achieving the right balance in terms of quality and consistency, with no single approach being the best. For instance, in-person presentations will create a much stronger engagement amongst employees than an email reminder, but whereas the engagement benefits of an in-person presentation will fade with time, a structured email program can be maintained throughout the year.
Employees’ focus on their financial wellbeing will naturally waver over time as other aspects of life take focus. To maintain employee engagement, gentle reminders from time to time, by text or email, can be a very effective way of reminding employees to keep on top of their finances as well as reminding them that support is available.
When considering your content, also think about the appropriate tone and length. Video content can be a very effective way of making your materials engaging but it is best kept to bite-size chunks to avoid overwhelming employees with too much information at once and to fit around busy schedules.
Maintaining engagement also requires having the means by which members may want to take action easily accessible. If a form is required to change a benefit or pension fund choice, removing unnecessary obstacles to obtaining, completing, and submitting the form all improve the chances that action will be taken.
Your score shows that there is plenty of
scope for improvement in this area. A
key focus for you should be to extend the choice of media by which your staff
can access information on their benefits and general financial wellbeing.
Consider introducing gentle reminders from
time to time through newsletters or notifications by text message or email, to
call employees to action.
Feedback on Total:
Your total score is [variable-8]%.
The size and structure of your business introduces additional challenges around connecting and engaging with staff. Ensuring the quality of the financial wellbeing strategy while maintaining cost effectiveness becomes a key consideration in the approach you take.
Thank you!
Thank you for completing our questionnaire.
We hope you found it valuable, and we’ve inspired you to take your financial
wellbeing strategy to the next level!
One of our consultants will review your
results and will contact you if we can help with your financial wellbeing
strategy.
Click the EXIT button to exit the questionnaire.
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