Stakeholder buy-in for financial wellbeing program success
2 min read
Mission critical: stakeholder buy-in for financial wellbeing program success
The success of a global financial wellbeing program hinges on the alignment of both regional and local stakeholders. Without strong support and commitment from your leadership team, even the most well-thought-out plan may encounter significant challenges in execution. So, how can you ensure senior leadership buy-in? Let’s explore best practices shared by my network on how to successfully engage stakeholders, foster alignment, and ultimately drive the success of your global financial wellness program.
Securing stakeholder buy-in is a challenge that must be tackled early in the process. Forbes has even called it "mission critical." Senior leadership plays a pivotal role in both decision-making and modeling the value of the offered benefits. When the leadership team recognizes the importance of financial wellbeing and its direct connection to business success, introducing a new program becomes much smoother.
One of the major challenges companies face when seeking stakeholder buy-in is that financial wellbeing often gets deprioritized in favor of other business objectives. However, it’s essential to recognize the profound impact financial wellbeing has on overall employee health and productivity. Stakeholders must understand the urgency of establishing a globally consistent framework for financial wellbeing support. Factors such as rising global inflation, retirement readiness challenges, and the detrimental effects of financial stress on employees underscore why organizations need a solution—and fast.
Stakeholder buy-in also requires closely aligning the initiative with the company's broader business goals. It’s critical to demonstrate how the solution addresses both the immediate and long-term financial needs of employees, while directly linking it to key business outcomes, such as fostering financial inclusion and equity across diverse global populations. By guiding stakeholders through a thoughtful business case that shows how the program complements other strategic priorities, you enable more collaborative decision-making.
Furthermore, an integrated approach to financial wellbeing not only boosts employee financial health but also enhances the use of existing benefits at critical moments. Stakeholders should acknowledge the competitive advantage this provides. As companies vie for top talent globally, leading employers are leveraging personalized and engaging benefits programs to attract and retain talent. Ensuring your organization stays at the forefront of this trend can make a significant difference.
Want to know more about how to successfully get stakeholder buy-in for a global financial wellbeing program You can find everything you need to know about program planning in nudge’s global financial wellbeing playbook.