How Can Companies Encourage Financial Wellness to Employees? Experts Weigh In
As workplaces across the U.S. continue to bear the brunt of the Great Resignation, with employees leaving in droves thanks to a shifting of priorities amid the ongoing pandemic, businesses are looking at ways to keep and attract talent. Companies are rolling out sought-after benefits such as flexible hours and higher wages, but the pressure is also on them to provide wellness programs.
What exactly does a wellness program entail? A discounted gym membership and healthy snacks in the workplace could be part of it, but CEOs might want to also incorporate financial wellness. Research has shown that poor financial management is a major cause of stress and, more obviously, bad financial outcomes. The problem, most of the time, is that Americans simply don’t have the financial literacy tools needed to navigate such inherently complicated terrain.
Bosses, supervisors and HR managers can absolutely help with getting their employees on the best track, by encouraging financial wellness in concrete ways — including by tapping into their own sense of generosity.
Make Retirement Savings Standard
“We find the most successful companies with the highest number of employees that are on track to retire with a sufficient amount of retirement income are the ones that make retirement savings a standard at their company,” said Clayton Wood, CFP, Managing Partner of C. B. Wood Financial. “They have a set process of how and when to enroll employees into their retirement savings plan. The process starts with a way of tracking an employee’s waiting period to enroll and contacting the employees the day they’re eligible. When the HR team contacts the employee, they have a high understanding of how the plan works. HR teams don’t need to be an expert about investments, but they need to know what the company matches and how to enroll a new employee, then refer the employee to their plan advisor for investment advice.”
You can read the full article written by Nicole Spector here: How Can Companies Encourage Financial Wellness to Employees? Experts Weigh In