As an employer, it’s easy to dismiss your employee’s financial wellness as a personal matter. If it affects business, however, then it becomes your business.
An annual PwC Employee Financial Wellness Survey found that 35% of employees are distracted at work due to financial matters. Additionally, a study by Fidelity Investments found that employees with high debt miss more work on average than those with minimal debt. To make matters worse, 45% of Baby Boomers have no retirement savings at all, according to a survey by the Insured Retirement Institute.
“Financial stress is at an all-time high, and it’s taking its toll in the workplace,” explained Jason Lane, Director of Retirement Plans. “When employees are this stressed about finances, it results in highly distracted workers, low productivity, increased use of sick days, and more.
Conversely, investing in employees’ financial health benefits employees and employers alike.
“For one, improving employees’ financial stability can improve the ROI on labor costs by lessening employees’ financial stress so that they can focus on their work, increasing their productivity and reduce absenteeism,” states a report by Ceridian. “It can also be a powerful tool for recruiting and retaining top talent, as employees are likely to place a high value on opportunities to improve their financial stability, health, and overall wellness.”
An attractive benefits package – complete with financial education and support – is an excellent way to win over your industry’s top talent, especially while many businesses are struggling to hire workers in the wake of the pandemic.
“A great way to stand out and remain competitive is to offer a superior benefits package, especially if increasing pay isn’t an option right now,” Jason explained. “The advantage of financial education and support should not be underestimated.”
At Advanced 401k Solutions, our passion is providing financial education that benefits both the employer and the employee – to help create a stronger, more effective workplace for everyone.
“We believe that individuals and businesses achieve more when we work together,” Jason said. “That’s why our company retirement plans include financial education for plan sponsors and participants.”
We include quarterly advisor education, goal planning, targeted webinars, best-in-class financial technology, easy and effective planning tools, and more for the entire team. Plus, we now offer a new perk that we believe gives employers and employees a leg up.
Advanced 401k Solutions is now offering a complimentary, 30-minute consultation with one of our Wealth Advisors to all plan participants. In this private one-on-one meeting with each employee, we can help provide specific, actionable financial guidance that can help make an immediate difference in the financial lives of your team.
Give your team an advantage at work and home. Advanced 401k Solutions now includes a complimentary 30-minute Financial Wellness Consultation for all plan participants. To see what kind of custom retirement plan we can design for you and your team, please call Jason Lane at 661-775-0950 or schedule a complimentary consultation.
Disclosures: All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such.