Does your organization offer voluntary benefits? How about a financial wellness program?
Mercer's "Healthy, Wealthy and Work-Wise: The New Imperatives for Financial Security" survey found 79% of respondents trust their employers to help them with financial advice for retirement. As studies show the impact employees' financial stress has on their work lives, employers can no longer ignore the financial aspect of employee wellbeing. To help ease employee financial concerns for all generations and stages of life, employers have a variety of choices for products to offer.
What can employers do to help?
Why offer financial wellness and voluntary benefits products?
- Reduced employee financial stress yields improved productivity
- Additional cost savings on healthcare expenses for employer and employees
- Financial planning and support helps improve employee retention
When offering financial wellness services, employers may find employees are more engaged when it is clear a neutral third party is collecting financial data, not the employer.
Connect with us to learn more about voluntary benefits and financial wellness.
Lee Barney, "Study Offers Suggestions for Improving Americans' Retirement Confidence," Plansponsor, 29 January 2018, https://www.plansponsor.com/study-offers-suggestions-improving-americans-retirement-confidence/
Jeanne N. Brandon, "Using Voluntary Benefits to Improve Employee Financial Wellness and Your Bottom Line," Wells Fargo Insurance, August 2016, https://wfis.usi.com/insights/whitepapers/Documents/WCS-2647908-WFI-Financial-wellness-white-paper-FNL.pdf
Stephen Miller, "Employees' Financial Issues Affect Their Job Performance," Society for Human Resource Management, 29 August 2016, https://shrm.org/ResourcesAndTools/hr-topics/benefits/Pages/Employees-Financial-Issues-Affect-Their-Job-Performance.aspx
Rebecca Moore, "Voluntary Benefits Can Be Part of Overall Financial Wellness Strategy," Plansponsor, 20 March 2018, https://www.plansponsor.com/voluntary-benefits-can-part-overall-financial-wellness-strategy/