Around the globe, workers of all incomes and asset levels are faced with growing financial challenges. Many struggle with consumer debt, rising costs of living, job insecurity, caring for children and aging parents, and more. While juggling these stressors, employees also struggle to build emergency savings, plan for short and long-term financial goals, and prepare for retirement.
The good news is that global employers are uniquely positioned to support their team’s financial health. With a trusted global financial wellbeing benefit on their side, HR and benefits professionals can meet each employee where they are and provide financial guidance that’s culturally relevant and always in their best interest. Offering a global financial wellbeing benefit reduces administrative burden while ensuring that each employee is supported by a program that’s tailored to their unique needs and local financial systems.
In the blog that follows, join us to explore five best practices in global financial wellbeing. We’ll cover localization, global certifications for financial professionals, navigating cultural nuances, and more. You’ll take away actionable insights to inform your financial wellbeing strategy, which will achieve impactful outcomes for your global workforce.
Practice #1: Guidance from globally certified financial experts
When considering a global financial wellbeing program with financial planners for your employees, you’ll want to look closely at their expertise, experience, training, credentials, and ethics.
At LearnLux, we employ Certified Financial Planner™️ professionals or the highest locally certified equivalent. Each professional on our in-house team has the top accreditation that a financial planner can achieve in their respective country.
To become a globally certified financial expert, candidates must complete a certification process that includes rigorous coursework, examinations, and on-the-job training. They must agree to adhere to strict ethical and fiduciary standards and meet the annual continuous professional development requirements. They must also disclose any criminal or employment termination history and pass a background check to be eligible for the designation.
Our globally certified financial experts sit all around the world and speak English plus the local language. They understand unique cultural nuances, providing localized guidance for every employee, no matter their income or asset level. They never push products and always act in employees’ best interest. Consider trusted globally certified financial experts at the very core of your global financial wellbeing strategy.
Practice #2: Translation
Translation is the process of changing text into another language. Many employees prefer to navigate benefits in their native language, so accurate translation for your global financial wellbeing program is incredibly important.
Why choose a financial wellbeing program that offers expert translation into the local language?
- Accessibility and equity: By choosing a financial wellbeing program that translates guidance into the local language, more of your global workforce will be able to access and understand the information.
- Increased Engagement: Employees are more likely to engage with and participate in programs that are presented in their own language. By translating financial information into the local language, it can help to build trust and rapport with your workforce, leading to increased engagement and participation.
- Compliance: In some countries, it may be a legal requirement to provide information in the local language. Translating global financial programs into the local language can help organizations comply with these regulations and avoid any legal issues.
The nuances of financial wellbeing program translation
When it comes to financial wellbeing program translation, language can differ from one country to another in terms of vocabulary, grammar, pronunciation, and even cultural expressions. These differences can be shaped by many historical, social, and geographic factors.
The Spanish language is a good example of the many different variations across the globe. Spanish is the official language of 21 countries, and each one has its own unique vocabulary. For example, "checking account" is often referred to as "cuenta corriente" in Spain, but in Mexico it is called "cuenta de cheques."
There are also many nuances when it comes to directly translating common phrases into other languages. For example, in Mandarin Chinese, the direct translation of "cost of living" is "生活费用" (shēnghuó fèiyòng), which means "living expenses." However, this term is often used to refer to the cost of basic necessities such as food, housing, and transportation, rather than the overall cost of maintaining a certain standard of living.
Practice #3: Localized financial content
Building on translation capabilities, localization is also a core component of meeting each employee where they are. Choose a program that prioritizes global program parity with content that is adapted to local cultural and financial nuances. Localization considers the technological, visual, and cultural aspects of adapting financial wellbeing content and guidance for employees in different languages and geographic locations.
For example, countries in Asia place a large focus on financially supporting family members. In India and Malaysia, saving for a child’s wedding is a top priority. In Europe, employees face a cost of living crisis. In Argentina and Turkey, hyperinflation is top of mind. A truly localized financial wellbeing program will be adapted to each of these cultural nuances.
Consider that other essential parts of an employee’s financial life and benefits package should also be localized. For example, employees in India receive complex home and child incentives, and health plans often include parents/in-laws and other provisions. These nuances should be closely considered when reviewing a global financial wellbeing program for its localized offerings.
Practice 4: Global customer success support
As an employer, it takes considerable effort to implement a global benefit. That’s why global customer success support is essential for HR and benefits teams who are implementing, launching, and driving engagement with their global financial wellbeing programs.
LearnLux offers white-glove customer success support at the global level, headquarters level, regional level, and local level where available.
Global customer success support includes every technical aspect of rolling out a global financial wellbeing program, along with reporting plus strategy and insights from trusted global financial wellbeing experts.
Our customer success experts serve as an extension of your benefits team, supporting you every step of the way. Global customer success for financial wellbeing means that no matter where your benefits teams are located, they can receive timely and effective support that’s localized to their time zone and convenient to their calendar.
Practice #5: Global member engagement
A truly global financial wellbeing solution extends through all employee communications. To drive ongoing engagement on a global scale, marketing materials should be considered through the local lens.
At LearnLux, we localize all marketing materials to increase the effectiveness and success of the program by making it more relevant, accessible and engaging for a global workforce. This is because financial practices and attitudes vary across cultures and countries.
Localized marketing materials can help ensure that your financial wellbeing program resonates with employees and feels relevant to their specific cultural context.
Localizing marketing communications into the local language for an employee financial wellbeing company is a crucial step in ensuring that employees have equal access to information, can better understand the content presented, and feel valued by their employer.
The future of global financial wellbeing benefits
Global financial wellbeing is a large-scale challenge in need of large-scale yet locally nuanced solutions. Doing business across borders is now standard for many multinational companies, but the global approach to benefits is a new frontier.
So much of an employee’s financial life is tied to their employer, so global financial wellbeing has recently become a must-have workplace program. During both challenging and prosperous economic times, global employees look to their workplaces for support and security.
With a trusted global financial wellbeing program on your side, you’ll successfully meet each employee where they are and offer solutions that drive real results.