As employees continue to evaluate their post-pandemic financial outlook, many are looking to their employers for additional support. According to a recent report, as many as 38% of Americans currently in the workforce have changed jobs during the 'Great Resignation,’ with 32% of those doing so for better pay, indicating that many employees are evaluating their financial position in their current roles. As financial pressure continues to outrank other reasons employees look to change roles such as relocation, advancement, and remote or hybrid opportunities, many organizations are looking for ways to support their employees' financial goals beyond their paychecks.
Economic pressures such as inflation and higher interest rates have impacted how far an employee’s dollar goes. Employees have started looking to their employers for education and support on topics such as debt reduction, budget planning estate management, and the importance of an emergency savings account. According to the Financial Wellbeing Employer Survey from the Employee Benefits Research Institute, the increasing cost of living is the number one financial concern among employees. For many HR teams, employee financial wellness is becoming a much larger piece of the puzzle.
There are operational considerations that will take place before pushing out a robust financial wellness program. HR teams need to ensure executive levels are supportive of the program and understand its value to their organization. Teams will next need to create a curriculum and guiding materials for their employees to follow. This step often includes the creation of brochures, guides, or resource centers where employees can access finance-specific resources. Finally, a communication rollout plan will be needed to explain the new resources available to employees. This can be an introductory video or webinar explaining the goals of the program and serves as an introduction to the material.
When developing a financial wellness program, here are a few questions to ask to get the conversation started within your executive teams:
Implementing a financial wellness program can be a large undertaking for an organization; however, it communicates the organization is invested in its employees' overall wellness and wants to support them in the journey to meet their goals. Your local AssuredPartners team can help as you look to develop and implement financial wellness resources – reach out to them today to discuss what options may be a good fit for your organization.
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