Sean Manning, CEO, and Founder of Payroll Vault Franchising LLC, as well as a CPA and Thought Leader in the Financial Field, emphasizes the importance of offering perks beyond just a competitive paycheck to employees. He believes that employees appreciate employers who care for their well-being and provide them with what they need. According to Manning, perks such as financial wellness programs can be the key to cultivating a loyal workforce and managing these benefits effectively.
Despite the importance of perks in employee satisfaction, only 28% of surveyed employers offer financial wellness programs, as per a 2023 Transamerica Institute report. However, 77% of surveyed employees consider it a priority. A financial wellness program is an educational program provided by employers to inform employees about the benefits offered, how to participate, and the value of participation. These programs cover a wide range of non-monetary compensation benefits, including health and life insurance, retirement plans, vacation days, and access to financial advisors.
Creating a financial wellness program for your company can take about three to six months but can yield immediate results such as increased employee benefit participation, satisfaction, and morale. It also serves as a source of valuable staff input. Manning recommends assembling a team of advisors, including insurance specialists, payroll specialists, tax advisors, and an attorney, to help create and implement the program effectively. The consultation with legal professionals can ensure that all legal requirements are met as an employer.
Employers should consider employees’ financial situations, benefits packages, and signs of financial insecurity when creating perks and financial wellness programs. Conduct surveys or interviews with staff to gather input on their financial situations, concerns, and interests. Design the program to meet the needs and preferences of employees and seek their input during the planning process. Monitoring the performance of the program and making adjustments based on feedback from employees is essential for its success.
Recent economic events, such as the “Great Resignation,” have highlighted the importance of valuing and listening to employees. Employers who invest in their staff and create programs to support them may see increased loyalty and resilience in their workforce. Manning believes that by taking the time to understand employees’ needs and create programs to help them, employers can build a strong and loyal workforce that will support their business through tough times. Overall, financial wellness programs can be a valuable tool for employers to attract and retain top talent and foster a positive work environment.
