Time to Review Your Benefits Package?
It’s no secret that oftentimes a financially fit employee will help your business in a myriad of ways. Typically an employee who has a stable financial outlook and future will have increased focus and productivity, reduced absenteeism and enjoy their job more than employees that are struggling to make ends meet or see a grim financial future.
Your benefits package can hold the key to helping employees overcome their financial weaknesses and deliver the tools and resources to assist them in becoming financially fit and prepared.
If you’re a benefits manager, perhaps now is a good time to assess your current benefits program to determine if there are any areas of opportunity available that can help your employees improve their financial picture.
Helping employees manage their personal financial risk is an important way to help them navigate unexpected changes. Medical, dental, life and disability insurance opportunities can offset high costs that employees don’t typically anticipate. A solid insurance benefits package can lead to increased employee loyalty and job satisfaction as it’s a good way for employers to show they care and understand their worker’s needs.
Preparing Employees for Retirement
Another means of providing peace of mind to employees is by helping them understand how they can position themselves better for life after work. As careers start to draw to a close it’s an understandable concern for individuals who feel they aren’t prepared for retirement or have enough saved to successfully live off of. The worry of needing to work beyond retirement age can have a profound negative impact. In fact, according to an article by Bloomberg, nearly 2/3 of Americans aren’t putting money in their 401(k). It surmises that this may cause many employees the need to work into their golden years.
Research by the National Institute on Retirement Security shows that millennials are already falling short and only five percent of working millennials are saving adequately for retirement.
Ideally, a business could consider matching 401 (k) options, but that isn’t always feasible. Ultimately, providing retirement options, even if it’s connecting employees with educators and advisors, is an important piece of the puzzle when helping employees improve their financial wellness.
Financial Awareness & Education for Employees
In just the past few years, employers are beginning to recognize that there is great value in providing financial education resources to their employees. The understanding that a financially fit employee will bring a positive return back to the company is driving more and more benefits managers to find resources that either the company can provide or third parties that can assist. Costs are still a concern for employers, thankfully nonprofit organizations such as our Money Fit program, provide their financial education services at no cost to the employer or employee.
With Money Fit being an extension of the nonprofit organization, Debt Reduction Services, Inc. our financial wellness program comes with over twenty years of experience as consumer credit counselors.
Employees may find themselves burdened by overwhelming debt at times. Sometimes to the point of claiming bankruptcy or struggling years to repay their obligations. This can take a serious mental and physical toll on the employee and drastically affect on-the-job performance in a negative way.
Many employers will find that when an employee becomes financially fit through financial education and reducing their debt they are less likely to have their wages garnished, file for bankruptcy, experience tax levies or request payday advance loans.
Contact Money Fit to Discuss Your Financial Wellness Program
As mentioned, our financial wellness program, which provides educational resources and debt management services is provided at no cost to employers who partner with us. We will create your organization a webpage with our branding that employees can access. The website will include free financial education and debt management resources as well as we’ll provide any print materials you request such as break room posters, brochures or flyers that you can hand out with your benefits package.
We look forward to your call and are excited about the prospect of helping your employees in their quest to achieve financial fitness!