Building on Open Enrollment
How businesses can build on employee engagement during open enrollment to help drive participation in their retirement benefits.
With a record 4.5 million workers quitting or changing jobs last November,1 Morgan Stanley Wealth Management’s Chief Investment Officer, Lisa Shalett, has written that “America’s labor-market dynamics increasingly confound employers, policymakers and investors alike.”2 And with labor costs accounting for more than 54% of S&P 500 companies’ balance sheets,3 getting the employee relationship right is crucial to a company’s long-term success.
While half of all employees are worried about their financial wellness, Black and Hispanic workers appear more vulnerable,7 with fewer prepared for unexpected expenses or illnesses. Accordingly, job and benefits satisfaction rates are lower among these demographics, as is their understanding of health and retirement benefits. For example, 71% of Hispanic workers feel stressed when thinking about their financial future.8
Reflecting these concerns, Hispanic and Black workers are more likely than white workers to be interested in financial wellness programs such as personalized financial coaching and debt management services or counseling.9
49% – Emotional Well-being10
49% – Physical Well-being10
49% – Financial Well-being10
The more confident your employees are in their finances, the more confident—and less distracted—they can be at work and in life. The first step is understanding their needs with rigorous wellness surveys, as with the ERBI survey used here.
Morgan Stanley at Work can help with the next step: building a comprehensive program that not only gives your employees the knowledge, tools and guidance to take charge of their finances, but actively helps bring it home.
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1 A record 4.5 million workers quit or changed jobs in November, 01/04/2022; https://www.washingtonpost.com/business/2022/01/04/job-quits-november-2021/
4 2021 Workplace Wellness Survey, Employee Benefit Research Institute, https://www.ebri.org/health/Workplace-Wellness-Survey
6 2021 Workplace Wellness Survey, Employee Benefit Research Institute, https://www.ebri.org/health/Workplace-Wellness-Survey
18 Unlocking the Full Potential of Financial Wellness Benefits, SHRM and Morgan Stanley at Work, https://shrm.org/hr-today/trends-and-forecasting/research-and-surveys/Pages/Unlocking-the-Full-Potential-of-Financial-Wellness-Benefits.aspx?_ga=2.242836674.176947299.1643319831-1570182879.1643319831
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