Most plan sponsors are monitoring regulatory changes, properly managing plan operations and have appropriate fund and investments offerings, but even with diligent effort, mistakes will happen.
Financial wellness education and training can help reduce employee stress, but how should it be delivered? 30% of employees prefer digitally-delivered education and more than 50% prefer learning about benefits via e-mail.
In an ever-evolving environment, how can companies better retain top talent and maintain a strong and stable workforce so they can continue to grow and succeed in the long term?
Start with your own benefits advisor, the National Alliance of Healthcare Purchaser Coalitions' playbook counsels: Do they represent your financial and health coverage goals? Or are they in league with the pharmacy benefit managers?
Offering employees advice about their personal finances needs to be balanced with concern for their privacy, which is why leveraging technology to drive employee financial wellness is key.
After providing budget resources, employers can help employees shift from a paycheck-to-paycheck approach to a more thoughtful and proactive style – pay off debt, create an emergency fund and tackle retirement planning.