Employers and plan sponsors are well aware that improving the financial well-being of their workforce should be part of their benefits program. However, in order to do that, employers need to understand what’s causing their employees’ financial stress levels. It affects the three main generations in the workforce in different ways and, likewise, dictates varying benefits that would be of interest to those individual generations.
It starts with being able to recognize signs of employee financial stress. Four common signs that occur in the workplace may be signals to employers of a financially-stressed employee:
- Withdrawing multiple loans against retirement savings.
- Asking for payday advances.
- Unexpected absences. For instance, an employee who doesn’t have the money for needed car repairs may suddenly have to stay home until they figure out other arrangements.
- Medical issues that could have been avoided through preventive care that was unattainable due to large deductibles or copays.
In addition, employers need an understanding of their employees’ financial stress levels, what’s causing it and how they handle it. From that, employers can earmark a broad benefits portfolio that appeals to each generation, positioning the business as a company that listens, cares and is worth working for.
Purchasing Power’s Vice President of Sales, Christy DeFrain, just had a bylined article published in Benefits Magazine. It discusses employees’ financial stress levels – what’s causing it and how they handle it – as well as benefits that appeal to each generation.