{"id":4082,"date":"2020-02-13T10:00:00","date_gmt":"2020-02-13T11:00:00","guid":{"rendered":"https:\/\/sonusbenefits.com\/empowering-employees-through-financial-wellness\/"},"modified":"2020-02-13T12:00:10","modified_gmt":"2020-02-13T12:00:10","slug":"empowering-employees-through-financial-wellness","status":"publish","type":"post","link":"https:\/\/sonusbenefits.com\/empowering-employees-through-financial-wellness\/","title":{"rendered":"Empowering Employees Through Financial Wellness"},"content":{"rendered":"

The heightened frustration around the rising cost of living in the US is unmistakable and likely felt in your organization. Extreme healthcare costs, massive student loan debt, and rising housing costs have put an enormous strain on the American workforce. <\/p>\n

In a study on employee financial wellness<\/a><\/u> in 2019, it was found that the leading source of employee stress across generations stems from financial issues. Despite record-high employment, employees are still struggling to meet rising financial demands across the board. Nearly half<\/a><\/u> of all employees struggle to pay their household expenses on time each month. More and more<\/a><\/u> people are expecting to work into their retirement to pay for healthcare and living costs.<\/p>\n

So what does this mean for employers trying to attract, retain, and care for their talent?<\/p>\n

It’s an opportunity to find ways to empower and support your employees financially.<\/p>\n

But how?<\/h3>\n

There are many ways to provide financial support services to your employees, but it’s critical you understand the particular needs of your workforce. What might be right for a start-up tech company may not work for a retail store or small insurance agency.<\/p>\n

To identify what services are right for your employees, it’s always a good idea to start by asking them! Conduct an internal survey to pinpoint where your employees need help. You can decide how to best address the needs once you know what they are.<\/p>\n

There are a few common financial pain points; however, you can expect to find in most communities. Here are some ideas to address them.<\/p>\n

1. Offering 401k plans with matching contribution<\/h3>\n

It isn’t far-fetched to assume that everyone—really, everyone<\/em>—wants to retire someday. And with 80% of people expecting<\/a><\/u> to work during retirement, you really can’t go wrong by providing an opportunity for your employees to get in (or ahead of) the game. Tax breaks are available to businesses offering 401K matching plans to their employees, which helps mediate the overall cost of set-up and maintenance.<\/p>\n

To those employees you’re hoping to attract and retain, offering a 401k plan with matching contribution says you care about their future and are willing to invest in it. Doing so will help build loyalty to your company and will play into a company culture that values the empowerment of its employees.<\/p>\n

2. Student loan repayment <\/h3>\n

It’s widely known in the US that student loan debt has increasingly damaged people’s ability to thrive. It’s common to hear graduates working extra jobs, moving back home with their parents, and living in poverty to pay off their bills. Here’s what the numbers tell us:<\/p>\n