As the cost of living increases, it should be no surprise employees are seeking financial wellness benefits from their employers. No matter what life stage your employees are in, there are benefits for everyone. Here are nine sought-after financial wellness and planning benefits to consider offering.
[Read more: 4 Smart Enhanced Employee Benefits to Kickstart Recruiting]
Understanding financial wellness and planning benefits
Financial wellness and planning benefits cover a multitude of services and monetary advantages for employees. They include any benefit that would provide knowledge or relief in money-related areas, such as retirement funds or budget counseling.
Such programs are known to increase employee retention, employee productivity, and company satisfaction. Offering sought-after financial wellness aid can provide your company a boost in a competitive job market and increase the likelihood of securing, and retaining, strong employees. When employees are financially stable and able to put away savings, they’re more inclined to take pride in their work, be more productive, and demonstrate higher morale.
Top financial wellness and planning benefits to offer your employees
If you’re looking to best support your employees’ financial health, here are nine financial wellness and planning benefits to consider adding to your compensation package:
Retirement plans
Offering retirement help, whether it comes in the form of a 401(k) or an employer-matched contribution plan, can lower stress and increase optimism in your employees. Often, company retirement plans also include tax incentives for you and your business, making it a worthwhile investment for all involved.
[Read more: How to Choose a Retirement Plan for Your Small Business]
Financial education and coaching
Providing opportunities for credit coaching or budget counseling will aid in the financial well-being of employees. Try partnering with a local financial advisor to share information and resources with your employees. A 2021 study from the Society of Human Resource Management (SHRM) found that only 24% of companies offered coaching to all employees, but this unique benefit can impress and attract job seekers.
Including financial wellness programs in your company-provided perks is not only a monumental value for your staff but has ongoing advantages for your business as well.
Emergency fund access
According to the above SHRM study, unemployed Americans say access to emergency funds is the third most important benefit they look for. Many workers have little to no savings, so providing a cushion for your employees through contributions to an emergency savings account (ESA) via paycheck deductions can have lasting benefits.
Student loan assistance
Student loan assistance is a coveted benefit among younger job seekers. Student loan debt is at an all-time high; contributing a recurring amount, even a small one, toward employees’ principal balance will aid in debt reduction and help create a desirable company culture.
[Read more: How Your Business Can Offer Student Loan Assistance as a Benefit]
Disability insurance and life insurance
In the event of an accident leaving an employee unable to work, disability insurance covers their income for a predetermined length of time. Similarly, including a life insurance package will protect the employee’s family against financial burdens if a death were to occur. It’s also common to include additional coverage that can be purchased.
Education costs
Adding education contributions to your benefits package encourages employees to further their schooling as it pertains to their occupation. An education costs compensation benefit will better your employees and build trust and long-lasting relationships with them.
Work-related stipends and reimbursements
Reimbursements and stipends for work expenses can help ease financial strain and demonstrate company support for employees. If your employees are commuting long distances or improving their professional development through courses or training, consider including a stipend in your benefits package. If your company is remote, reimburse for any home office needs.
Personal financial assistance
The costs of child care, tuition, and other personal financial fees can be a large burden on families. Providing employees with fertility treatment assistance, day care aid, or contributions to a 529 higher education plan makes a significant difference in their financial health.
Flexible paydays
Offering flexible paydays can largely reduce financial stress for those living paycheck to paycheck or struggling to cover bills on time. Flexible pay is also easier on the payroll department, and new tools and platforms can automate payments. Including services such as these make for a competitive benefits package that makes your business a desirable place to work for employees.
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