Exemplary Employer — Meredith

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Exemplary Employer — Meredith 2017-05-23T11:18:47+00:00

Meredith Corp.

Meredith’s Financial Wellness Initiative

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“Everyone should take at least one of these classes and the YOUNGER the BETTER – A REAL EYE OPENER! Thanks for offering.”
New York Participant
“I took the Money Concepts class last week and honestly I was dreading sitting through an hour and a half lecture. I also had a cold and sat by the door prepared to walk out. BOY WAS I WRONG about this class. The time flew by… in fact we felt that we needed more time. I personally learned SOOOOO much from this class and will definitely come prepared to my new class today. Keep them coming!!!”
New York Participant
“I wanted to let you know that the material presented is the best I have ever seen for these types of courses. The instructor does great job of explaining things and keeps the class moving at the right pace. When I worked at [another company,] I attended workshops like these and the courses offered at Meredith are much better.”
Des Moines Participant

Meredith Corp., a media and marketing corporation headquartered in Des Moines, Iowa, runs a very effective integrated financial literacy program. Known best to consumers for its popular magazine Better Homes and Gardens, Meredith Corp. has over 3,900 employees across 21 different locations. In 2008, Chairman and CEO Steve Lacy launched the Meredith Wellness Program with the primary goal to “help our employees enjoy a long and healthy life, right now and during retirement.”

The Meredith Wellness Program (MWP) has a dynamic approach to improving employees’ lives. Physically, the program offers classes on nutrition, health care, and lifestyle, as well as sponsoring activity tracking and exercise events. On top of this, the MWP includes a targeted set of financial classes and testing to see where employees stand financially. The aim of this approach is to reduce financial stress in the short term and prepare employees for the long term.

Another innovative part of the MWP is its focus on education. Classes such as “Your Money in the Year Ahead and Tips for Taxes,” “Holiday Budgeting,” or “Credit and Debt Management” are all offered free to employees and their spouses. Also, the instructors are brought in solely to teach; they have no products or services to sell. Both the focus and the lack of products remove any conflict of interest for those teaching, leading to a better experience for participants.

At the heart of the financial arm of this program is the Personal Financial Wellness (PFW) checkup. Designed for Meredith by the Personal Finance Employee Education Foundation (PFEEF), this eight-question checkup “benchmarks cash flow stress, rate of savings, level of understanding of employee benefits, and overall level of financial well-being.” Scored on a scale of 1 to 10, this survey provides invaluable data and insight into the financial education needs of employees and has allowed Meredith to tailor its offerings each year to maximize the benefit from its program.

This focus on tracking results extends across the entire program, not just the financial side. Through its own website, developed specifically for the MWP, Meredith confidentially tracked participation and progress, and offered incentives for completing certain events and challenges. These incentives included “Well-Bucks,” which can be redeemed for prizes; reimbursement programs; and increased company contributions to health care premiums.

While the program itself is impressive, the results are even better. Participation in the company 401(k) program increased 10 percent in just one year; 87 percent of employees reduced debt or were debt free by 2013; and the percentage of people with high financial stress was reduced from 22 percent to 8 percent in three years.

On top of the employee gains, Meredith has also benefitted. While it has spent over $2 million on its wellness program, the estimated financial savings from health care costs, sick leave, and stress-related illness is over $10 million.