The COVID-19 pandemic is not only challenging the way Americans live on a daily basis, but also posing significant economic threats that could have a lasting effect on their financial well-being. Furthermore, studies suggest that financial worries can affect employees’ health and productivity. That’s why the majority of employers believe they must help address these issues before they worsen.
Amid the pandemic, more employers than before feel responsible for helping improve employees’ financial well-being and reduce their stress. According to a recent Bank of America survey, 62% of employers feel “extremely” responsible for their employees’ financial well-being, compared with 13% in 2013.
Employers can choose to provide financial planning assistance in a number of ways, through HR, financial advisors or other third-parties. Assistance may include budget counseling, educational resources, and student loan paybacks and purchasing programs—anything that helps reduce employees’ financial anxieties. Employers should consider surveying employees to pinpoint what programs or resources would be most impactful for them.
Easing the financial worries of employees has many positive benefits. By helping employees with a major source of stress, employers can improve morale, productivity and overall employee well-being. Employers should review their current financial assistance offerings to ensure they can satisfy the evolving needs of their workers.
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The content herein is provided for general information purposes only, and does not constitute legal, tax, or other advice or opinions on any matters. This information has been taken from sources which we believe to be reliable, but there is no guarantee as to its accuracy.