Improving Communications with Millennials Regarding Voluntary Benefits

56851222_l.jpgOur world is constantly changing and our future leaders will be from the millennial generation.  This demographic was generally born between 1982 and 2004 and, for the most part, does not know what life was like before the Internet.   It is expected by 2025, that over 75% of our workforce will be comprised of millennials.[1]

Attracting Millennials to the workplace is usually accomplished by offering up-to-date technology as well as a flexible work environment, as these tend to fulfill their personal and professional needs. Employers have been using a series of voluntary benefits to meet many of these needs, including financial education.  However, the challenge with voluntary benefits is that millennials aren’t really excited about them.[2]  The irony here is that they are more likely to admit they don’t know about their benefits than other workers, and are open to seeking benefits from entities other than their employers.[3]

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Did you Know your Company’s Success is Inherently Connected to your Employees Finances?

48803715_ml.jpgWe know that financial wellness programs can help employees, but we also know that they can help a business in their overall success by improving their bottom line.

According to the International Foundation of Employee Benefit Plans 2016 Survey*, over 83% of Public Employers said that financial stress significantly impacted their employees work performance.  The loss associated with this level of stress has been tabulated at $5,000 per employee per year**. 

Having a comprehensive financial wellness program can help improve a company’s bottom line.   In 2014 the CFPB (Consumer Financial Protection Bureau) discovered that for every dollar spent on implementing a financial wellness program, the ROI would be as much as three dollars.

Here are some simple steps to help you measure your employees’ financial wellness:

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When a Wellness Program is Available, Employees Are Less Likely to Leave

33214038_m.jpgIn a recent survey, provided by FSFE, employees would most likely stay in their current position if a Financial Wellness program was available at work. Having a wellness program increased employee retention by 13%.

When a Financial Wellness program is available, 75% of those who took the survey responded that they were 'not likely' to look for another place to work. When one is unavailable, only 62% made a similar response.

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FinFit Joins Forces with Group Benefit Options

index_01.gifVIRGINIA BEACH, VA December 7, 2015— FinFit(www.finfit.com) a nationwide leader in Employee Financial Wellness, today announced they have joined forces with Group Benefit Options (GBO) (www.groupbenefitoptions.com) headquartered in Shelton, Connecticut.

GBO has significant experience and deep domain expertise in insurance distribution, employee benefits consulting and benefits brokerage, and will work to promote financial wellness among Employee Benefit Brokers, Consultants, Insurance Carriers and Third Party Administrators on behalf of FinFit.

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More Companies Offer Financial Wellness Programs

33214038_m.jpgFinancially stressed-out workers aren't good for businesses. Yes, employees who bring their money worries tend to be less productive and less engaged, and even raise employer health care costs.

And so, it is with good reason that employers are now adding "financial wellness" program to their menu of employee benefits.

For one, companies that offer this sort of benefit could save $3 for each dollar they spend, according to a recent Consumer Financial Protection Bureau (CFPB) report.

What's more, financial wellness programs can reduce absenteeism, as well as disability and workers' compensation costs. That's because poor financial management causes stress, which sets the stage for medical problems, the CFPB said in its report.

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Corporate Wellness is Incomplete Without Financial Wellness

February 19, 2015

Financial Wellness, benefits

admin

employee-272x300.jpgPicture the quintessential healthy employee, sitting with perfect posture and smiling over her ergonomic keyboard, enjoying a mid-afternoon snack of green tea with carrot sticks and hummus. She surely doesn’t have dark circles under her eyes from staying up all night worrying about repaying student loans or not contributing enough to her 401(k), right? Well, that depends. What does her workplace wellness program look like?

Workplace wellness programs are built on the promise of lower benefit costs and happier, more productive employees. We’re learning that fostering health and wellness requires addressing the big picture — every aspect of a person’s life, not just their weight or blood pressure reading — and supporting employees’ financial wellness is now a bigger priority for organizations at small companies, enterprise organizations, and everyplace in-between.

If Dark Circles Aren’t Proof Enough…

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FinFit is Now Offering Supplemental Health and Term Life Insurance

January 30, 2015

benefits

admin

logo.pngHave you ever considered what would happen if you experienced an illness or injury that isn't covered by your medical insurance? What if you are in an accident and are unable to work? Or worst case scenario, you or your spouse passes away unexpectedly? How would you pay the medical bills and other household expenses? Supplemental Insurance is the answer!

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4 Predictions for Non-Traditional Voluntary Benefits in 2015.

January 28, 2015

benefits

Elizabeth Halkos

homework_help_mom_girl_asian_220x110.jpgWith traditional voluntary benefits becoming almost a standard inclusion in the employee benefits package, non-traditional voluntary benefits are the new trend as the variety of offerings continue to evolve and rise in popularity.

Especially due to the impact of increased health care costs and the Patient Protection and Affordable Care Act, employers are relying more on voluntary benefits to build the robust employee benefits programs that help them recruit and retain employees. Even though they have to pay for most or all of the premium, voluntary benefits are popular with employees because they can customize their benefits package. 

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Your Employer May Be Your Best Financial Advisor

fin-300x162.jpgEmployers are offering more than 401(k) advice. They are adding financial wellness programs that help workers budget, save for a home, and more.

Large employers are taking on the roles of retirement adviser and financial educator in increasing numbers, new research shows. This is welcome news, because the federal government and our schools have not done a great job on this front, and individuals generally have not been able to manage well on their own.

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Lifetime Income Estimate Wanted from Plan Participants

January 21, 2015

benefits

Noel Couch

40521340_s.jpgRetirement plan participants say they want their retirement benefit statements to include an estimate of lifetime income. 

A study finds nine out of 10 participants want to see the estimate, which helps workers understand how much lifetime income could be generated from their retirement plans. The study by the Insured Retirement Institute (IRI) also reveals more than 90% of consumers want their employers to provide online retirement income calculators, allowing workers to select their own assumptions to calculate estimates of lifetime retirement income.

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