Supporting Employee Financial Wellness
As the COVID-19 pandemic has placed new financial stress on employees, now is the time for companies to re-asses their employee benefit and financial wellness programs to ensure they are providing employees with timely, high-impact support.
Step 1: Review your current employee benefit offering to see if it is meeting employees new needs. From hospital indemnity insuranceies to critical illness insurance, it's essential to consider adding new benefits, especially ones that are more relevant in the wake of COVID-19.
Step 2: Increase communications around benefits and financial wellness programs to improve awareness and utilization. Communications now will be key to helping employees better protect themselves from financial risk and to enabling them to manage their short- and long-term goals.
A Crucial Time for Support
As the economic crisis continues, both employers and their employees face continued challenges in the months — and perhaps years — to come. These changes will impact the economy, but they will also lead to outsized disruptions in employee perceptions of work-life balance, caretaker obligations, personal stress and financial worries.
Businesses that adopt financial wellness programs and have strong benefit programs will help build a resilient workforce where their employees can handle these new economic challenges — and boosting overall engagement, productivity and talent retention in the process.