Financial wellness tools: big with employees, not so much with employers

A tough job market—for employers—is leading employees to be more outspoken about what they want and expect from the companies they work for, and some of what they’re speaking up for are changes in pay and benefits—especially when it comes to financial wellness.

According to MetLife’s 16th annual U.S. Employee Benefit Trends Study, workers are looking for more commitment and involvement in their personal success by employers—including their financial well-being—and a human connection that takes their personal identity into account on the job, as well as giving them a sense of purpose.

While 43 percent of employee respondents feel that a career is “something I am passionate about,” 16 percent see it as “the same as a job,” and there’s a substantial disconnect between what they see as a great work experience and what employers see—and provide—as one. For one thing, employee respondents want more help from their bosses, not just in doing their jobs but also in creating a better balance between life and work.

Related: 2018: The year of financial wellness at work

Bosses, not so much. In fact, bosses think they’re doing better on many employee fronts than employees do. While 74 percent of employers say employees are learning the skills they need to succeed in their current positions, only 63 percent of employees say employers are teaching them what they need to succeed in those positions. And while 77 percent of employers say they’re committed to employees’ success, employees aren’t feeling the love—just 65 percent say their companies are committed to employee success.

An important aspect of success is financial wellness, and employers do see the wisdom of it; 38 percent of employees say that employers should be more actively involved in promoting employee financial security and 50 percent say that employers have a responsibility for employee financial well-being, 59 percent of employers also see themselves as having that responsibility.

Workers want help, with 84 percent saying that a financial wellness program, financial planning, education, workshops and/or tools are either must-haves or nice-to-haves, with 57 percent being interested in a comprehensive financial wellness program. But 18 percent say that few employers are offering such tools and assistance. And 62 percent say that the employee benefits they were offered are the reason they came to work for their company—with that percentage trending upward.

And only 71 percent say they’re satisfied with the benefits provided by their employer, so there’s definitely room for improvement.