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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FinFit is Now Offering Supplemental Health and Term Life Insurance

January 30, 2015

benefits

FinFit Staff

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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FinFit Offers a Solution to High Deductible Health Care Plans

November 20, 2014

health, benefits

FinFit Staff

FinFitLogoAre you interested in or currently offering a high deductible health care plan? If so, FinFit can solve challenges related to high deductibles affecting your employees.

FinFit now provides employers a resource that can offer assistance when it’s needed most, eliminating some of the distress that comes with unexpected challenges and creating a more stable workforce. FinFit’s Health Finance Program delivers a safety net for your employees at an extremely affordable rate.

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