Measuring ROI: Financial Wellness Program Analytics for Canadian Employers

Key Takeaways

• Measuring ROI for financial wellness programs is essential for Canadian employers to prove value and improve outcomes.
• Key financial wellness metrics include participation rate, utilization rate, turnover, absenteeism, employee satisfaction, and financial stress scores.
• Program success indicators help you track progress, such as increased engagement and reduced turnover.
• Analytics tools like HR dashboards and Swift Wellness’ built-in analytics make tracking easy.
• Actionable steps: Define goals, choose metrics, collect data, analyze results, and adjust your program.
• Swift Wellness offers Canadian employers a simple way to measure and maximize the ROI of their financial wellness initiatives.

Introduction

Are you investing in a financial wellness program but struggling to prove its value? You’re not alone. Many Canadian employers know that supporting employee financial health is the right thing to do—but when it comes to showing real results, things get tricky.

The good news? Measuring the return on investment (ROI) of your financial wellness program is easier than you think. With the right metrics and tools, you can track program success, make data-driven decisions, and show your leadership team exactly how your investment is paying off.

In this guide, you’ll learn how to measure ROI for financial wellness programs, which metrics matter most, and how to use analytics to drive better outcomes for your business and your people.

Why ROI Measurement Matters for Financial Wellness

Financial wellness programs are more than just a “nice-to-have” benefit. In today’s post-pandemic world, they’re a strategic investment in your workforce. But how do you know if your program is actually making a difference?

The Business Case for Financial Wellness

• Employee financial stress is a top concern: According to the Canadian Payroll Association, nearly half of Canadian employees say financial stress impacts their work performance.
• Turnover is expensive: The average cost to replace an employee in Canada is about 33% of their annual salary. For a 50,000/yearemployee,that’sover50,000/yearemployee,that’sover16,000.
• Productivity gains are real: Employees who feel financially secure are more focused, engaged, and loyal.

Canadian Context

• In 2024, Canadian employers reported a 20% increase in turnover rates compared to pre-pandemic levels.
• Financial wellness programs have been shown to reduce turnover by up to 15% and absenteeism by 10% in Canadian workplaces.

Bottom line: If you’re not measuring ROI, you’re missing out on valuable insights—and potentially leaving money on the table.

Key Financial Wellness Metrics to Track

To measure ROI, you need to track the right data. Here are the most important financial wellness metrics for Canadian employers:

Common Metrics & What They Measure

How to Collect These Metrics

• Participation & Utilization: Use your HRIS or benefits platform to track sign-ups and usage.
• Turnover & Absenteeism: Pull data from payroll and HR records.
• Employee Satisfaction & Financial Stress: Run anonymous surveys at least twice a year.

Real Canadian Example

A Toronto-based tech company launched a paycheque advance program in 2023. Within six months:

• Participation rate hit 65%
• Utilization rate was 40%
• Turnover dropped by 12%
• Employee satisfaction scores rose by 18%

Program Success Indicators & Analytics Tools

Not all metrics are created equal. To truly measure program success, focus on indicators that align with your business goals.

Top Program Success Indicators

• Increased participation and utilization: More employees using the program means higher impact.
• Reduced turnover and absenteeism: Fewer people leaving or missing work saves money.
• Improved employee satisfaction: Happier employees are more productive and loyal.
• Lower financial stress scores: Employees who feel financially secure perform better.

List: Program Success Indicators

• Participation rate above 50%
• Utilization rate above 30%
• Turnover reduction of 10% or more
• Absenteeism reduction of 5% or more
• Employee satisfaction scores up by 10 points
• Financial stress scores down by 15%

Analytics Tools for Canadian Employers

• HR Dashboards: Most HRIS systems (like Ceridian, ADP Canada) offer built-in analytics.
• Survey Platforms: Tools like SurveyMonkey or Google Forms for employee feedback.
• Swift Wellness Analytics: Our platform provides real-time data on participation, utilization, and impact.

Real Canadian Scenario

A Vancouver retail chain used Swift Wellness analytics to track their paycheque advance program. After one year:

• Turnover dropped from 28% to 20%
• Absenteeism fell by 8%
• The company saved $60,000 in replacement costs

Calculating ROI for Financial Wellness Programs

Now that you have your metrics, it’s time to crunch the numbers. Calculating ROI doesn’t have to be complicated.

Simple ROI Formula

ROI = (Program Benefits – Program Costs) / Program Costs x 100%

Example Calculation

• Program cost: $10,000/year
• Savings from reduced turnover: $15,000/year
• ROI: (15,000−15,000−10,000) / $10,000 x 100% = 50%

Sample ROI Scenarios for Canadian Employers

What Counts as “Program Benefits”?

• Reduced turnover costs: Fewer employees leaving means less spent on hiring and training.
• Lower absenteeism: More days worked equals higher productivity.
• Improved engagement: Happier employees are more likely to stay and perform well.
• Indirect benefits: Better employer brand, easier recruitment, higher morale.

Common Pitfalls

• Not tracking the right data: Focus on metrics that matter to your business.
• Ignoring indirect benefits: Don’t forget about improved morale and employer reputation.
• Short-term thinking: ROI may grow over time as participation increases.

Actionable Tips: How to Start Measuring ROI

Ready to get started? Here’s a step-by-step checklist for Canadian employers:

Step-by-Step Checklist

1. Define Your Program Goals
   • What do you want to achieve? (e.g., reduce turnover, boost engagement)
2. Choose the Right Metrics
   • Pick 3-5 metrics that align with your goals.
3. Set Up Data Collection
   • Use HRIS, payroll, and survey tools to gather data.
4. Analyze Results Quarterly
   • Look for trends and compare against benchmarks.
5. Adjust Your Program
   • Use insights to improve participation and impact.

Pro Tips

• Use anonymous surveys for honest feedback on financial stress and satisfaction.
• Benchmark against industry averages to see how you stack up.
• Partner with providers like Swift Wellness for built-in analytics and support.
• Communicate results to leadership and employees to build buy-in.

Quick Reference: Metrics to Track

• Participation rate
• Utilization rate
• Turnover rate
• Absenteeism
• Employee satisfaction
• Financial stress score

Frequently Asked Questions

How often should I measure ROI?

• Quarterly is ideal for most organizations. Annual reviews are a must.

What if my program isn’t showing positive ROI yet?

• Give it time. Participation and impact often grow as employees become more aware and engaged.

Can small businesses measure ROI too?

• Absolutely! Even with 10-20 employees, tracking participation and turnover can show real value.

What’s the best way to present ROI to leadership?

• Use clear visuals (tables, charts) and focus on cost savings, productivity gains, and employee feedback.

Conclusion

Measuring ROI for your financial wellness program isn’t just about justifying costs—it’s about making your investment work harder for your business and your people. By tracking the right metrics, using analytics tools, and acting on your findings, you can boost retention, engagement, and productivity.

Ready to see real results? Swift Wellness makes it easy for Canadian employers to measure, analyze, and maximize the ROI of their financial wellness programs. Our platform offers built-in analytics, real-time reporting, and expert support—so you can focus on what matters most: your people.