Tara Adams, Corporate Wellness Manager, People & Culture, ATB Financial, Calgary, Alberta

bh in Brief

With assets of $50.7 billion, ATB Financial is Alberta’s largest home-grown financial institution. Established in 1938, ATB is a network of 176 branches, 142 agencies, a Customer Care Centre, and three Entrepreneur Centres, along with mobile and online banking. ATB’s more than 5, 000 team members help more than 750,000 customers in 247 Alberta communities. 

“No one is immune to

financial stress.”

Financial wellness is a major workplace concern. We know from research that over half of employees report being stressed about personal finances. We also know that financial concerns affect employee health, are a distraction and a major cause of absenteeism. Organizations that recognize the toll poor financial wellness takes on both employee well-being and their own bottom line are working to improve the financial health of their people, from millennials to boomers. As financial wellness surfaces as a major workplace issue, attention focuses on what can be done about it. Increasingly employers are wondering what steps they can take to improve the financial well-being of their employees. 

To benefit from the experience of one exemplary Canadian organization, bh interviewed Tara Adams, dedicated Corporate Wellness Manager for ATB Financial. She has responsibilities for wellness for more than 5,000 team members across Alberta but has a specific interest in the increasingly important field of financial wellness.

1. Why is financial wellness important in the workplace?

The generally accepted definition of wellness includes physical, mental, emotional and spiritual wellness. Now, we need to add financial wellness to make this a holistic approach because finances can directly impact all aspects of our lives, including performance at work. Also, financial wellness is now a “hot topic” in the realm of corporate wellness among my colleagues and peers from all kinds of different industries and organizations. 

2. What are the most significant issues facing employees?

Money is a personal, sensitive topic. We are all afraid to admit that we don’t know a lot about our own finances, even when we “work at a bank.” Specific issues range from health care costs, debts, and retirement concerns. Stress, anxiety or uncertainty due to poor financial wellness can translate into poor performance at work. 

3. Who is most at risk?

No one is immune to financial stress. It is not helpful to assume, for example, that someone who is highly paid has no worries or that an employee with a modest salary is having financial difficulty. There are clear differences for each generation – each has key milestones and stressors – but none is exempt. Major life or financial changes can make an impact at any phase of life, whether planned or unplanned. 

4. What strategies have you implemented?

On top of our salaries and incentives, ATB offers best-in-class FlexBenefits and FlexPension programs. As a financial institution, we have additional perks and benefits related to banking and investments that not all employers can offer. We also consult with our employees. For example, we reached out to our ATB team members to ask how ATB could provide them a with world-class financial wellness program. Employees spoke up, asking ATB to tie financial wellness into overall wellness, leadership and onboarding strategies. 

5 What advice to you have for employers?

It is easier to promote financial wellness than you think. Start by educating team members with “lunch & learns” while keeping free tools and resources readily available. Leverage your providers – such as employee family assistance program (EFAP), benefits and pension providers – who likely already have financial wellness information. You shouldn’t have to start from scratch. Ask employees what they want and find financial services in your community. Look for ways to link financial wellness with other strategies. Small steps taken today can have a big impact down the road. bh