SavIncent is a financial wellness program designed to improve employees’ financial health and retirement readiness. The program uses monetary incentives to reward workers’ financial improvement activities—much the same way many workers are already being rewarded for their wellness activities, Buck says.
SavIncent links financial education and activities to a company’s retirement savings plan. Employees who complete various elements of the program are rewarded with employer contributions to their savings plan, thus motivating them to improve their financial health.
Examples of activities that SavIncent can reward include completing a financial health or risk profile; enrolling in a 401(k) plan or signing up for auto escalation; meeting with a financial adviser; establishing a will; taking financial training seminars; and monitoring one’s credit score.
Activities are promoted through and tracked by an online participant and administration system, which calculates the incentives so employer contributions can be reported to the recordkeeper, allowing for direct deposit into employees’ 401(k) accounts.
“Employers already understand that physically healthy workers are more productive, so many have introduced incentivized wellness programs to drive healthy behaviors,” says Lori Block, principal and engagement consultant, Buck Consultants at Xerox. “We are now introducing the very first financial wellness program to increase employees’ retirement savings, using employer contributions as rewards for participation in financial wellness activities.”
She adds, “SavIncent reflects our philosophy that when employees better understand how to reach their health, wealth and career goals, employers achieve better results.”
More information about Buck Consultants’ services may be found at www.xerox.com/hrconsulting.