As the economy recovered from post-pandemic downfalls, economic stresses still remained high and with that came skyrocketing employee turnover rates. Released on September 11, 2021, the Society for Human Resource Management (SHRM) released a survey, with the help of Morgan Stanley, that analyzed how employers responded to the reality of financial wellness around the United States.
The results found that there are two main financial benefits that companies offer their employees: Retirement plans (95% of organizations) and safety insurance (89% of organizations).
Furthermore, there are three remaining benefits that only a small percentage of employers offer their organization:
Financial Planning: only 35% of organizations implement long-term security sessions about things like investing and wealth management.
Financial Coaching: 24% of organizations implement financial coaching that talks about financial basics, like saving and credit management.
Emergency Saving Funds: 15% of organizations offer a saving fund separate from retirement savings for employees.
As mentioned in above, it’s no secret that COVID-19 introduced many financial struggles for individuals, and financial benefits that may have not been desired before may be critically important. The survey also asked 1,205 HR professionals, and 74% said their workplace had not introduced or expanded any existing financial benefits for employees. Without the proper financial support they need, employees could be feeling less valuable in the workplace which could lead to less engagement and the encouragement to seek employment somewhere else that offers the financial aid they need.
To read more about SHRM’s survey and the demographics that are more at risk of poor financial health, please visit: www.shrm.org.
Written By: Your Financially Fit Employees Team
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