Even though workplace financial wellness benefits have been around for a decade, they’re now more popular than ever. Today, more than eight in ten public companies offer financial solutions to help employees reduce stress and improve their overall well-being. And of those that don’t, half are either considering a program or are in the early stages of implementation.1 It’s no longer a question of whether employers should promote financial wellness at work, but how to determine the right services and ensure the best possible engagement.
Morgan Stanley at Work and the National Association of Stock Plan Professionals (NASPP) conducted a survey1 to find out what financial wellness programs are doing right—and what they can do better. Here are five vital signs of success for employers to aim for as they build out, enhance, and evaluate their offerings.
Think About Challenges Beyond Retirement
When we asked employers what benefits they considered part of their financial wellness suite, most named 401(k) or other defined contribution retirement plans. While retirement needs may remain top of mind for benefits providers and participants, financial wellness should include a broad, curated array of services. For example, 70% cited equity compensation as an element of their program. An Employee Assistance Program (EAP) was also mentioned by a sizeable number of employers, a sign of just how intertwined employees’ emotional well-being is with their financial well-being.