Financial Well-being Programs Provide Value Beyond Recruitment, Retention
As employers continue to search for ways to increase employee satisfaction and retention, the adoption of financial wellness programs has grown. Broad-based education on financial planning and investing are the most common, but topics that address inflation’s potential impact on retirement and child/elder care are among those gaining popularity.
In its annual Financial Wellbeing Employer Survey, the Employee Benefit Research Institute (EBRI) found that employers are willing to cover the cost of such programs as another tool to help improve an employee’s well-being. Today’s financial well-being programs go beyond seminars and webinars. In addition to expanded education, employers can offer:
- Personalized credit/debt counseling
- Financial planning/coaching
- Tuition reimbursement or assistance
- Caregiving benefits, including leave policies
Of the companies surveyed by EBRI, 84% reported that financial well-being benefits are being used by employees to improve mental health. While some mental health programs are provided as part of the company’s health insurance, 24% of companies offer mental health benefits as a separate benefit that includes financial wellness programs in addition to therapists and meditation subscriptions to apps such as Calm.
More companies are also taking action to address diversity, equity, and inclusion in their financial wellness programs. Surveys are a common first step to gain understanding of worker needs. Based on what is learned, companies can better tailor messages for their diverse employee groups, such as offering varying types of solutions to accommodate different age groups, and financial counselors or coaches that are diverse in terms of race and ethnicity.
The cost of financial wellness benefits is a challenge for employers that want to recruit and retain workers, but employee demand for these benefits is driving more companies to enhance benefit offerings to include financial well-being offerings. Contact a financial professional at AssuredPartners Investment Advisors to explore available financial wellness benefits.
Source: 2022 EBRI Financial Wellbeing Employer Survey: Employee Satisfaction and Retention a Primary Focus, October 27,2022
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