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- #75: Strategic Employee Support
#75: Strategic Employee Support
The One Minute For: Bridging Wellness Gaps, Optimizing Retirement Plans, Strengthening Benefits
Art Voloshyn
August 20, 2024
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IN TODAY’S EPISODE 👀
Audio Version of This Episode
 4:38 |  Audio: #EPISODE 75 |
THE ONE MINUTE TO RESEARCH 🔎
 | Disconnect on Financial Wellness Between Employers and Employees |
1:14 | Audio: #EPISODE 75-1 |
Payroll Integrations' 2024 State of Employee Financial Wellness Report examined the relationship between employees and employers regarding financial wellness. Conducted in April 2024, the survey included 255 U.S. respondents (153 employees and 102 employers) aged 18-65, all employed full-time and responsible for benefits management or at a management level.
Key Findings
Responsibility Perception:
95% of employers believe they should support employees' financial well-being.
Only 36% of employees feel completely financially stable.
Support Discrepancy:
49% of employers think they fully support financial wellness.
Only 28% of employees agree.
Investment Priorities:
41% of employers plan to spend more on financial education (only 18% of employees prioritize it).
Rather 54% of employees want better health insurance and 43% need greater retirement investment.
Generational Preferences:
Retention and Recruitment:
67% of employees consider retirement plans essential for job offers.
65% require health insurance as part of the benefits package.
Do these findings resonate with your organization's approach to financial wellness? Join the discussion!
THE ONE MINUTE OF EXPERT VOICE 🎙
by Steve Taylor
 | Implementing Effective Retirement Plans |
1:16 | Audio: #EPISODE 75-2 |
Steve Taylor, Budget-Focused Benefits Expert for HR, shares insights on developing effective retirement plans for growing companies. These plans, such as 401(k)s, are essential for the long-term financial security of employees and offer significant advantages for employers. Understanding and optimizing these benefits is key to attracting and retaining top talent.
Formula for Implementing Effective Retirement Plans:
Desired Result: A robust retirement plan that benefits both employees and the company.
Current Assessment: Evaluate the status of your existing retirement benefits.
Action Plan: Develop and enhance your retirement plan offerings.
 | Step 1: Target a Mutually Beneficial Retirement Plan. “The ideal retirement plan should provide a solid foundation for employees' future financial security. Be competitive enough to attract and retain talent. Offer tax advantages for both employees and employers. Align with the company's financial capabilities and long-term goals.” |
| Step 2: Assess Your Current Retirement Benefits Scheme. “Before enhancing your plan, consider the current participation rate and employee satisfaction with the existing plan. How your plan compares to industry standards and competitors. The financial impact of your current plan on the company. Any gaps or limitations in your current retirement offerings.” |
Which retirement plan features do your employees value the most? Let's hear your experiences and ideas in the community!
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LET’S PRACTICE 🧪
by Quickbooks
 | Supporting Workforce Benefits During Economic Uncertainty |
1:12 | Audio: #EPISODE 75-3 |
In today's challenging economic climate, businesses face increasing financial strains, particularly in healthcare costs. Inflation and rising insurance rates significantly impact both employers and employees. To retain top talent and ensure business success, providing effective and affordable health benefits is crucial.
How to Do It
1. Conduct Regular Surveys.
Regularly ask employees about their benefit needs and preferences through surveys and focus groups. Repeat these assessments quarterly or annually to stay updated.
2. Personalize Benefit Packages.
Offer flexible spending accounts (FSAs), preferred provider organizations (PPOs), and supplemental benefits such as dental, vision, and mental health services. Allow employees to choose the benefits that best meet their needs.
3. Partner with Insurance Brokers.
Work with licensed insurance brokers to explore various health insurance plans and tailor benefit packages to your employees' needs. Consider services like Allstate Health Solutions for personalized plans.
4. Provide Financial Education.
Educate employees on managing healthcare costs and maximizing their benefits. Offer financial planning resources and implement regular workshops or online courses.
5. Enhance Flexibility in Benefits.
Introduce options for disability and life insurance. Facilitate programs where employees can purchase additional policies, with premiums deducted from paychecks for convenience.
What strategies have you implemented to support employee benefits during tough economic times? Share your experiences and ideas in our community!
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