How HR and Finance Can Collaborate on Financial Well-being Initiatives

January 27, 2026

Stephanie Gilman

Financial well-being programs work best when more than one team supports them. HR may be the first to notice when employees are stressed about money, but the finance department sees the numbers that reveal how financial strain affects productivity, absenteeism and labour costs. When these two groups work together, they can build stronger, more equitable employee financial wellness initiatives that support the workforce and align with business goals.

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Even though 42 per cent of Canadians cite money as their top source of stress, many employers still approach financial wellness in silos, with HR focused on employee experience and finance focused on cost. By contrast, a coordinated approach can help companies design financial wellness programs that meet their employees’ needs while staying financially realistic.

Aligning HR and finance to support employee financial wellness

An effective HR and finance collaboration on financial wellness recognizes that each team has a distinct and important role to play.

HR professionals understand people — they see how financial stress shows up in performance reviews, EAP usage and attendance patterns, and hear directly from employees about their concerns.

The finance team understands data — tracking payroll trends, benefit usage, and budgeting constraints that influence what is feasible in a financial well-being program.

When HR and finance come together, they can create integrated financial wellness programs that are supportive, measurable and aligned with organizational strategy.

” Shared goals are the foundation of any effective HR and finance financial wellness collaboration. Both teams bring different priorities to the table, which means alignment early on is essential. ”

Setting shared goals for a strong financial wellness HR and finance partnership

Shared goals are the foundation of any effective HR and finance financial wellness collaboration. Both teams bring different priorities to the table, which means alignment early on is essential.

Common goals often include:

Improving employee financial confidence and reducing stress;
Supporting retention and lowering turnover-related costs; and
Aligning financial wellness initiatives with company budgeting and workforce planning priorities.

But goal-setting is more than a checklist. It’s a chance for HR and finance to clarify what they’re trying to solve. Are employees struggling with day-to-day cash flow, long-term planning or navigating benefits? Are certain demographic groups shouldering more financial strain? Agreeing on these questions upfront helps both teams define success, set realistic timelines and choose the right tools or vendors.

It also creates a shared language between teams, which makes collaboration easier when decisions need to be made quickly. Getting aligned early prevents misunderstandings later and keeps the entire planning process running smoothly.

Building a roadmap for HR and finance to deliver financial wellness

Once goals are set, HR and finance can jointly design a plan for financial wellness programs. This includes decisions around:

Which financial education topics to offer;
How to support diverse employees at different income levels;
Which tools or platforms to use; and
How much budget to allocate to workshops, vendor support or enhanced benefits.

Collaboration also helps identify gaps early. For example, HR may notice employees struggling with cash flow, while finance may spot opportunities for earned wage access or more flexible pay cycles. From there, finance can model the financial impact of different options, helping both teams understand which initiatives offer the strongest value and are sustainable long term.

This joint planning process also ensures that financial wellness isn’t designed in isolation but is tied to real budget forecasting and workforce needs, strengthening HR-finance alignment for employee financial wellness.

Tracking metrics through a cross-functional partnership between HR and finance for financial wellness

Measurement is where a cross-functional partnership between HR and finance for financial wellness really pays off. Instead of guessing whether a program is working, both teams can track clear indicators that show what’s landing and what needs tuning. Useful shared metrics include:

Participation rates across teams or demographics;
Engagement with tools, workshops or coaching sessions;
Changes in self-reported financial confidence; and
Shifts in absenteeism or turnover linked to financial stress.

Looking at the data together gives HR and finance a fuller picture of the program’s impact, allowing them to see not just who is participating, but who isn’t and why. If engagement is low in specific groups, it may signal that the content isn’t accessible, the timing is off or the support doesn’t match employees’ financial realities.

Tracking these metrics over time turns financial wellness from a “set it and forget it” initiative into a living program that evolves with the workforce. It also helps both teams adjust design and delivery so the program remains relevant, inclusive and effective.

Moving toward HR and finance working together to support financial well-being

When HR and finance move from siloed efforts to true collaboration, they can build an integrated wellness program that supports employee well-being and organizational performance. This unified approach also strengthens workforce trust, since employees see financial wellness being supported consistently across departments. A coordinated effort ensures financial wellness is woven into workforce planning, budgeting and company culture — not treated as an optional add-on.

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