Financial wellness benefits equip employees with tools to gain better control of their savings and signal the employer values employee financial stability. From generous 401(k) offerings and student loan repayment assistance, to health savings account (HSA)-compatible health plans, employers can implement attractive benefits that prioritize economic health. Many retirement plans offer financial planning and retirement preparation resources at no additional cost to enrollees. The Secure 2.0 Act has also brought relief to individuals needing to cover emergency expenses, allowing qualified enrollees to withdraw up to $1,000 penalty-free from retirement savings.
Beyond offering financial wellness benefits, employers can ensure compensation practices stack up with industry standards. Uncompetitive compensation packages can lead to increased turnover and lower employee satisfaction. Clearly defined pay structures give logic to pay practices and reduce the risk of compensation discrimination. If it's been a while since your organization has utilized a compensation study or salary survey, consider referring to our trusted team of HR consultants. Current industry-data may reveal pay policies are pay grades need revision.
When it comes to maximizing health dollars and reducing health care spending, employee education is key. Enrolling in the right health plan, coupled with effective utilization of health benefits, results in direct savings for employees. Seeking care at the most appropriate outlet protects employees from overpaying for medical services. In many cases, receiving routine no-cost preventive care results in early detection and intervention for health conditions. Substituting high-cost name brand drugs with equally effective lower-cost generics boosts prescriptions savings without negatively impacting employee health outcomes. For resources that educate employees on insurance usage and benefit features, check out Bukaty Companies’ Fast Facts library.
Financial security is a concerted effort between employers and employees. Employers looking for more ways to support their workforce with employee benefits can consult with Bukaty Companies' benefits specialists.