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Infographic

Infographic: Improving employee satisfaction with financial wellbeing programs

Health and Benefits|Retirement|Talent|Total Rewards|Wellbeing
COVID 19 Coronavirus

August 5, 2020

Employer-provided financial planning resources are valued by employees. Discover how a little effort goes a long way when it comes to employee trust.
Employer-provided financial planning resources are valued by employees. Discover tips for enhancing offerings and how a little effort goes a long way when it comes to levels of employee trust.

Improving employee satisfaction with financial wellbeing programs
Employees want better financial planning resources

  • >58% Financial planning
  • 51% Loans/banking/tax prep services
  • 35% Discounts on goods
  • 34% Tax-favoured accounts

Percentages indicate being selected into top four and financial was a top preference

Yet, they’re least satisfied with their employer’s support with finances

  • 70% Health care plan
  • 55% Retirement plan
  • 32% Resources to help manage finances

There are turnkey ways they can do more
Nurture employee trust with broad financial wellbeing offerings

Access to employer-provided financial resources vs. online tools would earn greater employee trust

  • 31% No access
  • 46% Some access
  • 61% High access

Encourage social connections to reinforce good financial behaviour
Percentage who say their finances are headed in the right direction

  • 71% strong alignment on financial priorities with their spouses/partner
  • 68% strong social connections at work and in the community

Get active and communicate more
While 63% are actively promoting existing counselling resources
Only around 10% have already

  • Expanded use of affinity groups in financial wellbeing initiatives
  • Implemented NEW financial counselling resources

But employers appear comfortable with status quo

  • 9 out of 10 are not considering recalibrating retirement budget to emphasize near-term financial needs of employees
  • 5 out of 6 are not considering prioritizing investments to support the most financially vulnerable

Improve the perceived value of your program
To drive greater trust, credibility and higher value on investment, employers should focus on:

  • Better, broader resources to meet the wide range of employee needs
  • Improved communication and promotion of resources to support decision making
  • Social reinforcement through new counselling services and affinity group partnerships

Sources: 2019/2020 Global Attitudes Study U.S.; COVID-19 Employers Surveys on Benefits and Reopening the Workplace, U.S.

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