A recent survey conducted by PwC to assess employee financial wellness in 2017 found stress-related finances to be a major factor in the lives of 53% of employees. 38% of employees even stated that they would prefer to move to an organization that prioritizes financial wellbeing of its workers.
Supporting the financial wellbeing of employees must be a top priority for employers. Financial guidance coupled with comprehensive benefits can make significant improvements in productivity and lead to a healthier workforce.
If the popularity of wellness programs are anything to go by, it is obvious that employees greatly appreciate the efforts employers make to improve their mental and physical health. Throw financial wellbeing in to the mix and you are sure to see a happier workforce.
Here are several ways to make your employees financially secure:
Financial Guidance
People routinely find themselves in financial hardships. These may be caused by a host of issues including a growing family, medical emergencies, etc. According to a survey by JP Morgan Chase, following a big medical expense, families usually take up to a year to recover financially.
In such an environment, employees can greatly benefit from advice on money management and debt counseling. If your firm doesn’t have the in-house resources to provide such guidance, take advantage of customized programs offered by financial advisors.
Tax-Free Perks
Non-taxable perks such as health and educational benefits can be provided to employees so they don’t see a deduction in their monthly paychecks. The list of tax-free fringe benefits extends to employee and performance based discounts, dependent care and provision of business devices.
Employee Discount Plans
Providing financial perks to employees is possible by partnering with goods and service providers. Employees can receive discounts on online shopping or get discounted memberships at various places.
Do keep in mind to ask for employee feedback before implementing a plan such as this. There may be a consensus for a different kind of support needed by the workforce. So, it is better to consult them before you roll out any plan.
Pensions
Provide a decent retirement scheme and give employees the opportunity to add money to their retirement pool. Not only will this feature help you attract employees, it will also promote loyalty in existing ones.
Critical Care Insurance
Critical care insurance gives employees the peace of mind knowing that in the event of a life-threatening disease, they will be taken care of by the company. This insurance can be paid out as a lump sum to enable an employee to get private medical care or stop working temporarily while they recover.
An insurance plan such as this one can be complicated, so seeking help from a specialist consultancy is recommended.
Employers who smartly invest in their employees by providing them with benefits that solve their biggest problems will see the best return on investment. Incorporate these tips in to your benefits program for a more productive and loyal workforce.
Want An Effective And Comprehensive Wellness Program?
ConsultJS Benefits Groupfor an all-inclusive benefits program. We are a leading employee benefit and HR consulting firm with over two decades of expertise in designing effective benefit programs for our clients.
We work with organization across the Mid-Atlantic region to develop plans that are backed by thorough market research and analysis.
Call 877 355-6070 to learn more about how we can help.
