Wondering how to prioritize financial wellbeing on your ever-growing employee benefits wishlist? You’re not alone.
As the COVID-19 pandemic continues to shake up the modern workplace, benefits leaders are left with some big decision to make. Competing priorities like employee mental health, childcare, and maximizing the impact of existing benefits all demand attention.
Yet, employers looking for impactful results across the holistic spectrum of wellbeing are turning to programs that offer financial guidance. Why?
Here are the top ways that financial wellbeing benefits address the top workplace challenges your employees face today.
Improve mental health (with financial resiliency)
A recent study shows that 72% of employees report that financial insecurity has a negative impact on their mental health. Stress around money is nothing new, but the pandemic has been like gasoline on the fire for many American families.
Home and work lives are now intertwined, so there’s nowhere to hide from stacks of bills, nagging home repairs, and the looming anxiety around having to delay retirement. By offering unbiased financial guidance and access to Certified Financial PlannerⓇs, employees can make a plan and start to feel control in this aspect of their lives.
Afford care (with DCFSA education)
For working parents that now have two jobs (working at their desks AND taking care of kids), childcare is top of mind. This urgency raises financial questions, as finding trustworthy care becomes more difficult and more expensive.
Do your employees know about the power of their Dependent Care Flexible Spending Account? Many are in the dark, and therefore leaving major money on the table. Partnering with a financial wellbeing program that offers holistic education on the many benefits you offer (like HSA, FSA, DCFSA and more) can help employees save money, feel supported, and get the care they need.
Make their paycheck work harder (with the power of pre-tax benefits)
When employees don’t understand their benefits, they can’t use them to their full potential. Many simply don’t know the best way to make their total compensation work for them. Now is the best time to educate your team on insurance, retirement, and your full offering of voluntary benefits.
You have a lot on your plate, so partnering with a financial wellbeing program that offers benefits guidance and access to CFPⓇs is the way to go. Employees that contribute to tax-advantaged accounts like your company’s 401k lower their own taxable income (meaning they may be taxed at a lower rate next April). Additionally, your company saves money on payroll taxes which translates to ROI for your company.
Ready to get your team onboard with financial wellbeing? Get in touch with the experts at LearnLux for more info.