By choosing to offer your employees a 401(k) plan, you’re sending a powerful message — that you’re invested in their future and committed to helping them work towards financial security in their retirement.
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Offering a retirement plan shows your employees that you are committed to helping them save for their future. A matching formula is a great way to give a little bit more to your employees and increase contributions!
The COVID-19 pandemic has undoubtedly shaken our economy to the core. Many businesses have struggled to keep their doors open which has caused unemployment claims to soar. Record unemployment, coupled with a U.S. society that has an average household savings account of about $8,800[1], has many people looking to their retirement savings as a “piggy bank” for necessary funds to keep their heads above water.
How can you help your employees that are drowning in debt, save more today?
In today’s economy, Americans are worried about their finances, and it spills over into every aspect of their lives, even their work.
Employers recognize that financial stress is taking a toll on their workforce — and their bottom line. Financial wellness can help improve employees’ fiscal well-being and reduce stress by providing the education and tools they need to help them
If you think financial wellness programs are a fad, think again. The industry consensus is that financial wellness not only produces results for employees, but it positively influences company bottom lines.
Employee financial stress is a hot topic. So much so, that nearly 60% of employees cite finances as their primary stressor. [1] Their financial worries surpass other top stressors, and it’s impacting their job performance.
The link between stress and employee productivity is real. Experts estimate that it costs companies $500 billion or more per year due to “health costs, absenteeism and poor performance”. [1]
