The most basic group benefit plan will provide some form of health insurance to employees, with some percentage paid by the employer. Many employers have taken steps to offer a more appealing range of benefits to their employees, including life insurance, long term care insurance, a 401(k) with matching funds, and vision or dental coverage.
Another perk has proven to be appreciated by employees: Financial planning resources. It is a rare employee who has a full grasp of investment strategies, how much they need to save for retirement, or how to reduce their taxable income. Offering financial planning to your employees can be one more way to foster loyalty.
Company owners can provide their employees with financial guidance on issues that are of great concern, including saving for a child’s education, investing in a retirement account, and budgeting income. While most company owners have financial planners, a regular employee may not have access to the type of advice they deserve and offering this benefit can be valuable both for the company and the employee. It is vital that all legal matters are managed correctly, as with a volatile market, advice could go awry, and if your business sponsored financial advisors, you want to ensure the employee does not try to hold you liable, which is easily accomplished with a legal document.
Even the best employees may have financial woes. With financial counseling, these employees can become educated, face and resolve issues impacting their overall financial wellness, and resolve a burden that may keep them awake at night – and they appreciate an employer providing them with the access to professional guidance on their individual financial matters. Reducing employee stress is among the most effective ways to improve productivity.
Financial counseling offered to employees could include debt management, savings programs, counseling regarding outstanding student loan debt, and information regarding investing in the company sponsored retirement account. Your EAP, or Employee Assistance Program, can be established to assist employees with a range of concerns, including physical, mental, and financial health. These benefit programs can be extremely valuable, as they address real-world issues of concern, and financial stress is often at the top of the list. If you are establishing an EAP, ensure the benefits offered are understood by your employees so they don’t miss out on the support you have made available.
It is well known that employees who feel valued are happier. If you are considering updating your group benefits, you can show how much you value your teams by offering financial planning support, along with other wellness programs. New plans become available every year, and you should have your group benefits reviewed yearly, as you may be able to offer more benefits, while paying less. Call one of our agents for assistance in planning a custom-designed group benefits plan.