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Inspired by the current sociopolitical environment, the pandemic and a highly competitive job market, employee benefits and Diversity, Equity and Inclusion (DEI) initiatives have become top-of-mind for employers.
In order to meet the specific needs of each employee, employers need to assess the value and relevance of the benefits they provide. They also need to ensure all employees have access to the education they’ll need to maximize their benefit elections—like the personalized guidance provided by Ayco’s coaches and advisors who receive training in the company benefit plans available to the employees they work with.
Over the course of the pandemic, employers evolved their benefit communication strategy by simplifying the enrollment process, embracing digital delivery and providing access to resources that help employees fully understand and maximize the benefits available to them.
The COVID-19 pandemic’s significant impact on American workers’ personal finances has driven increased focus on financial wellness benefits.
Nearly nine in ten Americans say the COVID-19 crisis is causing stress on their personal finances.1 Seven in ten employees say they need their employers’ help to be financially secure, and six in ten say they expect it, according to the Employee Benefits Research Institute (EBRI).2 Not having enough emergency savings is now Americans’ top financial stressor,1 and nearly one in four are skipping medical care because of the cost.3
of Americans say the pandemic is causing stress on their personal finances.1
Source: NEFE. Nearly 9 in 10 Say COVID-19 Crisis is Causing Financial Stress, April 2020.
80% of employers have taken action to address the financial well-being of their employees, according to EBRI.4 Even more telling, the number of employers actively implementing a financial wellness program has risen 70% since 2019.
The EBRI survey also showed 86% of employers pay some or all of the costs of their financial wellness program, highlighting the financial commitment employers are making to their employees’ financial health. Further, 63% of employers expect to increase their financial wellness budget in the next one to two years. Overall, worker satisfaction, employee productivity and stress reduction were reported as the top reasons for offering a financial wellness program.
of employers have taken action to address the financial well-being of their employees.4
Source: The Employee Benefits Research Institute, 2021 EBRI Financial Wellbeing Employer Survey: Focus on COVID-19 and Diversity Goals, October 2021.
Ayco helps employees maximize the value of the benefits and compensation you offer while also supporting their financial wellness. We do this by developing a solution customized to meet the needs of your complex and diverse workforce.
See how specific benefits have been evolving in these individual deep dives.
1 NEFE. Nearly 9 in 10 Say COVID-19 Crisis is Causing Financial Stress, April 2020.
2 Employee Benefit Research Institute and Greenwald Research. 2020 Workplace Wellness Survey, 2020.
3 CNBC. Nearly 1 in 4 Americans are Skipping Medical Care because of the cost, March 2020.
4 The Employee Benefits Research Institute, 2021 EBRI Financial Wellbeing Employer Survey: Focus on COVID-19 and Diversity Goals, October 2021.
Offering a comprehensive financial wellness benefit reflects your company’s culture and shows your employees you value them. Interested in empowering your employees to take control of their financial lives? Learn more about how Ayco can help.
Updated for tax year 2020