From assessment to implementation, here’s a guide on how to boost financial wellness among employees paid HUBInsurance
on how to create health, disability and retirement benefits tailored to their employees' needs, supported by customized communication techniques.In a competitive labor market, employers are actively searching for ways to meet employee demand for better benefits that support both health and wealth. To do so requires a more strategic approach that includes non-traditional benefits, comprehensive employee communications and maximizing existing benefit plans.
Even a wide range of benefits offerings may not align with what employees need. And the more time employees spend distracted from work, the bigger effect it has on the company: The average cost of lost productivity due to financial distractions can add up. The estimated cost for an employer with 10,000 workers, for example, is $3.
To better assist their employees, companies need to understand their financial concerns and behaviors. The effectiveness of the surveys varies based on how the questions are structured—but HUB advisors help firms navigate that hurdle. A well-crafted survey, says Clark, can accomplish two goals: identify what employees want and assess their financial literacy.
As companies seek to improve their benefits offerings, it’s important to work with a consultant who understands the full scope of employee needs and can source the best solutions to address them. If workers are struggling paycheck-to-paycheck, consider workplace banking services to help them set up an emergency savings account, and in critical situations, provide access to low-interest loans and payday advances for a nominal fee.
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