The Economic Whiplash of 2020: Supporting Employee Financial Well-Being in the New Normal
Posted on Thursday, April 16, 2020 by Businessolver Team
Just a few short months ago, companies couldn’t find enough employees.
But, when it comes to investing in employee financial well-being solutions, it’s natural to have a few concerns and questions, especially if this is new territory for you. Here are the top 3 most common questions we receive from our clients and the HR community at large when considering a variety of financial well-being benefits.
What’s the lowest cost method of improving employee financial well-being? We get it, HR departments are stretched thin as it is, especially in the current climate. Research suggests three approaches are particularly successful at getting results without a lot of lift: financial counseling, small-dollar loans and savings goal accounts.
How can I find the right benefits that fit the needs of my employees? The best way to get to the bottom of your employees’ needs is to listen. A simple survey sent out can lend a plethora of information, even if not all your employees participate in the survey. Think about it. If 50% of your employee population fills out the survey, that’s a pretty great sample size to work off of. Be sure to send reminder emails about the survey and provide a cutoff date for responses. You can also provide an incentive. Offer the chance to win a gift certificate to a local restaurant to use when the quarantine is over. You can support your local businesses and encourage employee participation. Two birds, one stone.
Can we simplify the enrollment of employees into savings accounts as we do with HSAs? Many studies illustrate that behavior change is best achieved by “making the healthy choice the easy choice.” Saving money is no exception. Simplified enrollment into savings goal accounts will be key to successful utilization. Keep in mind, when you’re searching for a vendor, the more integrated they are to your benefits system the better. Every time an employee leaves your benefits system it decreases retention and engagement.
Supporting employees’ financial well-being is important, but it’s not as easy as flipping an “on” switch, even though we wish we could in the current environment. There are many questions that need to be answered before you can implement a successful program. Read the full guide below that goes into more detail and lists 7 more FAQs about financial well-being benefits from HR/benefits professionals like you.