Rising living costs, economic uncertainties, and shifting job markets have underscored the importance of robust financial support systems within organizations.
In a recent Mercer study, it was found that most Americans are stressed about how they are going to cover their monthly expenses. The ability to retire followed closely thereafter, and personal debt was not too far away on the stress and concern meter as well.
Financial stability is going to continue to be a conversation over the next few years as we get a better understanding of where our economy is headed.
This is just one reason among many, why companies are starting to recognize more and more the profound impact financial stability can have on employee well-being. I’ve said this before and I’ll say it again, financial stability truly has nothing to do with how much you are paying your employees (that’s another conversation). Offering financial wellness benefits doesn’t mean you don’t pay your employees well. Rather, it shows you care about their future.
So, what exactly are employees looking for in the second half of 2024?
The current landscape
Key Components of Financial Wellness Benefits
In 2024, employees are seeking benefits that go beyond traditional offerings to address their diverse financial needs comprehensively.
Financial Education and Guidance
Providing access to financial literacy resources and personalized guidance is crucial. Employees want to understand concepts like budgeting, saving, investing, and debt management to make informed financial decisions. Hosting workshops, webinars, and one-on-one counseling sessions can empower employees to take control of their finances.
Save, Secure Loan Options
If you offer financial counseling, you also need to offer some kind of solution that employees can use to pay off debt or use for their bills. More often than not, employees first need a tangible solution for their problems before they can dedicate time to learn and adjust their current behavior. A program like TrueConnect’s voluntary benefit may be the program your employees are looking for.
Flexible Compensation Packages
Customizable compensation packages that allow employees to allocate funds according to their priorities are highly valued. Offering options such as flexible spending accounts, health savings accounts, and retirement plans with employer contributions can give employees greater financial flexibility and security.
Student Loan Assistance
With student loan debt reaching unprecedented levels, assistance programs have become a sought-after benefit. Employers can support employees burdened by student loans by offering repayment assistance, refinancing options, or contributions towards loan payments.
Emergency Savings Support
Encouraging and facilitating the building of emergency savings funds is essential for financial resilience. Employers can incentivize savings through employer-matched savings programs, automatic payroll deductions, or financial wellness apps that promote saving habits.
Some tactical advice
Fostering a culture of financial wellness doesn’t happen overnight. You may need to use some of the below to make the right decisions for your organization and your employees.
- Conduct regular surveys and assessments
- Collaborate with financial experts
- Partner with financial advisors or fintech companies
- Measure and adjust
If you’re looking to incorporate financial wellness into your employee benefit program, learn more about TrueConnect’s Financial Wellness Platform.
We are here to help your employees thrive personally and professionally.
