Key financial perks for today's workforce

Thanks to advances in technology, HR leaders have many options when it comes to financial benefits. Depending on the organization’s workforce and their preferences, teams can design a comprehensive package that meets their employees’ needs. Here are a few key financial benefits to consider based on my experience leading and working with teams across various industries:

1. Invest in professional growth: Given rapid developments in technologies like generative AI, upskilling and reskilling are crucial. Companies should consider offering stipends for professional development programs, certifications, and conferences that focus on learning opportunities. Tuition reimbursement or continuing education credits can also be impactful, offering employees a sense of financial security and encouraging them to pursue higher levels of education.
2. Provide emergency financial support: With the rise in environmental disasters across the U.S. – including the recent wildfires in Los Angeles – companies should consider programs like employer-sponsored emergency savings accounts. These initiatives not only demonstrate care for employees but also provide crucial financial support during times of crisis.
3. Modernize payroll options: To give employees more control over their hard-earned pay, employers can offer earned wage access (EWA) and instant tip disbursement, allowing folks to access a portion of their earnings at the end of each workday. I’ve heard firsthand how impactful EWA can be. One Instant account holder, a single father of three, recently told me, “EWA has changed my life and the way I manage my finances. It has significantly improved my situation and how I pay bills.” This sentiment rings true across the board – my company’s recent Wages & Wellbeing study found that 74% of working Americans would feel more valued if they could collect their wages daily. 
4. Promote long-term financial wellness: Employers can empower employees to take control of their financial futures by offering access to financial planners, hosting financial literacy workshops, and sharing financial skills training materials. These programs provide folks with the tools they need to make smart financial decisions, leading to better savings and investment habits and offering peace of mind.

Steps to successfully introduce financial benefits

As with any HR initiative, a strategic approach to implementing financial benefits is critical to maximize impact and employee buy-in. Based on what I’ve learned across leadership roles, here are a few best practices:

1. Engage employees early: Conduct listening sessions or distribute surveys to understand which financial benefits employees value most. Every workforce is different, so tailoring offerings to specific employee needs will ensure higher engagement and satisfaction.
2. Secure stakeholder alignment: Clearly communicate the value of the new financial benefits you plan to introduce to the entire leadership and HR teams and each employee. Provide a clear rollout timeline and guidance on how to utilize benefits, which will foster enthusiasm for and commitment to the new package.
3. Roll out no-cost programs first: Introduce benefits that are easy and free to use – such as earned wage access – as the initial step in the rollout process. Because some benefits come at no cost to employees or employers, they make for low risk, high reward options that can quickly make a tangible difference for the workforce.
4. Pilot complex benefits: Testing more involved financial benefits with a smaller group can reveal their effectiveness and popularity. This strategy can also help identify potential issues early, letting teams make adjustments before a full-organization rollout.
5. Monitor and optimize: Establish systems to monitor company-wide utilization of new benefits and measure their impact, especially when it comes to employee recruitment and retention. Data-driven insights can better inform future decisions and prove the value of these benefits.