Improving Employees’ Financial Well-being
Updated: Nov 14, 2022
Benefits pros are probably tired of hearing about the Great Resignation. After all, you’re doing everything in your power to provide the best benefits package you can to help HR retain and attract employees. But is financial well-being part of these packages?
If not, it needs to be. And the reason is simple: Financial issues cause people major stress.
Employees who are stressed and worrying about financial issues aren’t focused on their work. If they aren’t focused, they aren’t going to be productive, and their quality of work will suffer.
Plus, many people aren’t good at managing their finances. They don’t have the knowledge or financial literacy tools they need to help them manage money properly.
But if a company offers tools that’ll help them, it’s a major boon to their retention program.
How can you help?
Emphasize retirement savings
Companies that emphasize the importance of saving for retirement and have a set plan in place to get employees enrolled, have the largest success rate. Meaning, their employees have sufficient retirement funds. They have a tracking process that notifies them when an employee’s waiting period is over and they can enroll, explained Clayton Wood, CFP, managing partner of C.B. Wood Financial. Then they initiate contact the day the employee is eligible. Benefit pros don’t have to be investment experts, noted Wood. They can refer people to their plan advisor for investment advice. But they do have to be experts on their company’s plan and how it works.
You can read the entire article written by Renee Cocchi here: Improving employees’ financial well-being