Executives are faced with a unique set of financial challenges and opportunities. And your company plan design can be a key part of supporting this employee population. Here are some strategies to keep in mind.
At different stages of their careers, employees may have different financial goals—and with five generations currently in the workforce, the wide range of employee needs and concerns is now even more pronounced. While younger employees may be concerned about how to build up emergency savings, your executives may be thinking further ahead, about such things as the tax benefits of deferring compensation weighed against the necessity of being able to pay for their child’s college education.
A benefits plan design that is one-size-fits-all lacks these distinctions. And employers may be missing the opportunity to design workplace financial wellness, retirement solutions and equity compensation plan benefits that meet employees where they are—whether those employees are junior staffers focused on paying down student debt, middle managers with a goal of buying a home or executives working through the complicated tax implications of various benefits decisions.