Recent events have changed the way in which many people look at their careers. For starters, 63% of employees1 in a recent survey said their financial stress has increased. At the same time, 41% of employees2 plan to leave their job within the next year—be it for work-life balance, more money or better workplace benefits.
Employers are expected to offer increasingly robust employee benefits to stay competitive in the race for talent.
As jobseekers pay more attention to employee benefits, having a robust set of offerings—including financial wellness tools—provides an advantage. Here’s why financial wellness tools are in demand and can help you land top talent in a tight market.
Employees want more help managing their daily lives and sources of stress. Employers that are part of the solution play an essential role in their staff’s well-being.
With money concerns being front and center for many Americans, implementing a financial wellness education program could be a great way to help employees. Employees may feel financial stress from medical bills, student loan payments or general life expenses. Financial wellness programs can help them feel confident, and employers who offer these educational programs can build trust with their workforce.
Financial wellness benefits, just like other workplace benefits, aren’t one-size-fits-all. The right program is one tailored to your employees’ varied needs. This looks different for each generation within your workforce, as well as other distinct life experiences such as growing their family or gearing up for retirement.
Employees may be far more likely to participate in financial planning and wellness plans if they’re incorporated into an existing company platform. For example, a team member who logs into their retirement savings account will be more likely to participate in its accompanying financial wellness program. The more you can keep benefits streamlined, the fewer roadblocks people may experience.
Your retirement plan provider should also include financial wellness options that you can incorporate into your company’s plan. This makes it easier for employees to participate, which helps you maximize value as well. AIG Retirement Services packages its plans to include financial wellness tools, focusing on how users can improve their financial wellness and reduce money-related anxieties.
Financial wellness programs benefit both your organization as well as the people who keep it running.
With organizations in an ever-increasingly competitive space for talent, benefits often play a bigger role in helping candidates decide where to work. AIG Retirement Services is uniquely positioned to help today’s employers make the most of their benefits package, including our comprehensive financial wellness offering, FutureFIT®. We can help employees find financial support, map out retirement goals and make money decisions for current and future needs.
1. 2021 PwC Employee Financial Wellness Survey, https://www.pwc.com/us/en/services/consulting/workforce-of-the-future/library/employee-financial-wellness-survey.html
2. TechRepublic “Microsoft: Remote work is exhausting and we need to take action now” by Mary Branscombe https://www.techrepublic.com/article/microsoft-remote-work-is-exhausting-and-we-need-to-take-action-now/