Aetna’s financial benefits team, headed by Carol Klusek, believes that employee wellness should encompass the fiscal as well as the physical.
The company had already begun to implement a successful physical wellness program and felt that it needed a component to address and improve employees’ financial wellness. Understanding that financial concerns are one of the top causes of stress and that stress can negatively impact one’s health, Aetna needed to take its wellness program to a new level.
Challenges included reaching a diverse workforce that had differing learning styles, geographical differences, and varying levels of financial knowledge; encouraging employees to take control of their financial situations amid a recession when many are struggling just to pay the bills; and creating a highly effective and helpful program on a slim budget.
Aetna built a physical wellness center devoted to health and financial wellness and created a multistep process using three key components to help employees reach their financial goals:
- Unbiased financial education on any topic from Financial Finesse
- Aetna-specific retirement planning advice provided by ING
- Asset/wealth management services through UBS
“One of the most rewarding outcomes of developing this program is knowing that it’s really helping people,” said Klusek, head of retirement and financial benefits in the Aetna Compensation & Benefits department. “Feedback shows that 99% of our employees feel that financial education is an important part of their overall benefits package and that 93% of employees made positive changes to their financial situations after participating in the program.”
The company also implemented a multichannel program of financial education and services delivered in a variety of ways including online education/tools, virtual financial planning meetings, and live workshops so that all Aetna employees could participate regardless of their location.
Great pains are taken to ensure content resonates with the target audience, Klusek noted. “What interests a Generation Y employee may be irrelevant to a baby boomer and vice versa. We try hard to target populations with only what they need. It’s not a one-size-fits-all program.”
The program, called “Grow your Money,” was marketed as a financial wellness benefit, with a large campaign that included monthly financial-themed communication to employees. Content is continually updated and enhanced with resources their employees can use.
“We try to grab people’s attention in a number of different ways—eye-catching ‘eCards,’ on-site small group workshops, webcast workshops, one-on-one counseling in person or over the phone, videos, calculators, and many other planning tools,” Klusek said.
Those who used the Financial Planning Center to create a personalized financial plan and attended a workshop, webcast, or financial planning session reported being more comfortable with their financial situation. In comparing financial metrics between 2009 and 2010, nearly four in five agreed that planning helped improve personal cash flow, versus 69% in 2009. And nearly half believe their investments are allocated appropriately among stocks, bonds, and cash based on my risk tolerance and time horizon, and improvement from 29% the previous year.
“Our 401K plan has increased participation by 4% since we started this financial education program, and in this economy we think that’s phenomenal!” Klusek said.
- Company: Aetna Inc.
- Headquarters: Hartford, CT
- Website: www.Aetna.com
- No. of employees: 34,000
- Nature of business: Aetna is one of the nation’s leading diversified health care benefits companies serving members with information and resources to help them make better informed choices about their health.
Key executives:
- Ron Williams, chairman and CEO
- Mark Bertolini, president
- Elease Wright, head of Human Resources
- Meg McCarthy, senior vice president and chief information officer
- Joe Zubretsky, executive vice president and chief financial officer
- Lonnie Reisman, chief medical officer
Key solutions providers: 
- Aetna, medical, dental, voluntary benefits
- Financial Finesse, ING, UBS, financial wellness