Employee Benefits Consultant at USI Insurance Services | Advising on Capital-Efficient Insurance and Benefit Planning
40% of employees grade their current benefit plans a 'C' or lower. 94% of working parents want family-friendly benefits. 62% do not classify their employer as family-friendly. 3/4 of survey respondents said they would leave their jobs for another with family benefits that better fit their needs. #CloseTheGAP #Benefits #HealthcareNeeds
How do your family benefits stack up? Family-centric benefits are hot right now, and for good reason. According to SHRM’s 2023 survey, parental leave and family care benefits rank among employees’ top five most important benefits. As the workforce gets younger and more vocal about their needs, employers are finally getting wise to the benefits that will actually retain these employees long-term. But the benefits your young employees need look very different from the benefits your older employees need. If you’re not sure which benefits would make a difference to your employees, it’s time to do a demographic study and an employee survey. When was the last time you benchmarked? #Healthcare #FamilyBenefits #EmployeeBenefits #EmployeeBenefitsConsultant
What's new in the World of Benefits? 🤔 As our workforce ages, change is mandatory. As per EAPA UK, the number of people over retirement age still working has more than doubled in the past decade. So here's a question: What steps will you take to cater to the unique health and wellbeing needs of older employees? Innovative benefit providers, are you ready to step up and create products that truly enrich the lives of older workers? Proactive health and EAP, flexibility, and financial guidance are set to reshape the benefits landscape. Let's chat about how we can personalise a benefits program for your company’s needs: https://lnkd.in/eT3iNXwq #HRLeaders #EmployeeBenefits #WorkforceDemographics #AgeDiversity #HRStrategy
Great points Matthew Bahl, thrilled employee financial health is getting the Harvard Business Review treatment in Manisha Thakor's insightful piece, good sign for 2024, surprised there's no mention of the importance of personal financial coaching specifically -- and the value for employees and employers in that ongoing relationship, helping employees to maximize their benefits and employers to maximize ROI on benefits spending -- as opposed to some financial education and DIY resources which studies have shown have little to do with changing financial behavior. Even in Annamaria Lusardi's list of seven topics that best-in-class financial wellness programs cover, there's no mention of coaching. Will 2024 be the year that personal financial coaching for employees becomes as common as health insurance? We're not big on predictions but 2024 will definitely, most certainly, be the year financial coaching takes its place as part of standard benefits packages and beyond. #personalfinance #coaching #financialwellness #benefits
Appreciated this article for what it said, and for what it didn't say. It's primary thrust is that financial health of workers needs to be a workplace priority. Hear, hear! That workers need to understand their benefits and employers need to be thinking about strategies and approaches that help improve financial behaviors. Hear, hear again! However, this article does not squarely address many of the billion pound elephants in the room. For instance, wages have been stagnant for the majority of workers over the last 50 years. At the same time cost for benefits such as healthcare have skyrocketed and more and more of the financial burden is put onto workers to pay for those benefits. And this is not a small scale challenge. Some estimates show that 51% of employees at Russell 1000 companies don't make a living wage (shout out JUST Capital). We also saw recent analysis from Pew and others highlighting that many Americans are not on track for a secure retirement, in part because of our transition away from DB plans (again, putting more onus on workers to save in the face of insufficient wages and rising costs of living essentials - more on this below). The last 40+ years has also ushered in an era of rising housing, transportation, child care and other essential living costs, that outpace wage growth (Oren Cass and American Compass have done compelling work in this area). And while this last traunch isn't something employers have historically thought about, it is front and center in their workers lives and is showing up in the workplace. We are seeing progress. Twenty two states increased their minimum wage in 2024. As inflation continues to cool, real wage growth is up (hurrah!). As unions have continued their comeback, many non-union employers are making significant investments in wages and benefits. All positive trends for workers - and I'd argue employers too - in the face of decades of sluggishness. Financial health benefits continue to be a big priority for workers and their employers. But a financial health program that doesn't account for the material needs of its workers, that doesn't understand how overall benefits impact workers finances (e.g., looking beyond market based benchmarks) are unlikely to see the needle move, at scale, within their workplace. Finally, we are seeing some truly innovative approaches to addressing the financial health challenges of workers. From broad based employee ownership models (shout out to Ownership Works), to growth in emergency savings accounts, to focusing on new total reward benchmarks that focus on impact and outcomes for workers rather than what is needed to get workers in the door. In short, 2024 has the potential to be a big year for workplace financial health! And I'm here for all of it! #finhealth #financialwellness #employeebenefits #hrleaders #data #impact #innovation
Did you know that 70% of employees will remain with their employer if they are satisfied with their benefits? 🌟 At Coastal Wealth Benefits, we prioritize offering top-notch benefits to ensure our team stays happy and fulfilled. Explore the amazing benefits we provide and see why our employees love working with us. #CoastalWealth #EmployeeBenefits #RetentionMatters #CareerGrowth #WorkLifeBalance #HappyEmployees #BenefitsPackage #EmployeeWellbeing #FinancialSecurity #HealthBenefits #RetirementPlans #EmployeeSatisfaction #TopEmployer #CompanyCulture #WorkPerks #JobSatisfaction #EmployerOfChoice #TeamHappiness #BenefitsThatMatter #EmployeeEngagement #CareerSatisfaction #WorkplaceWellbeing #EmployeeSuccess #TalentRetention #EmployeeLoyalty #WorkplaceCulture #EmployeeSupport #GreatBenefits #TeamMorale #EmployeeExperience
Appreciated this article for what it said, and for what it didn't say. It's primary thrust is that financial health of workers needs to be a workplace priority. Hear, hear! That workers need to understand their benefits and employers need to be thinking about strategies and approaches that help improve financial behaviors. Hear, hear again! However, this article does not squarely address many of the billion pound elephants in the room. For instance, wages have been stagnant for the majority of workers over the last 50 years. At the same time cost for benefits such as healthcare have skyrocketed and more and more of the financial burden is put onto workers to pay for those benefits. And this is not a small scale challenge. Some estimates show that 51% of employees at Russell 1000 companies don't make a living wage (shout out JUST Capital). We also saw recent analysis from Pew and others highlighting that many Americans are not on track for a secure retirement, in part because of our transition away from DB plans (again, putting more onus on workers to save in the face of insufficient wages and rising costs of living essentials - more on this below). The last 40+ years has also ushered in an era of rising housing, transportation, child care and other essential living costs, that outpace wage growth (Oren Cass and American Compass have done compelling work in this area). And while this last traunch isn't something employers have historically thought about, it is front and center in their workers lives and is showing up in the workplace. We are seeing progress. Twenty two states increased their minimum wage in 2024. As inflation continues to cool, real wage growth is up (hurrah!). As unions have continued their comeback, many non-union employers are making significant investments in wages and benefits. All positive trends for workers - and I'd argue employers too - in the face of decades of sluggishness. Financial health benefits continue to be a big priority for workers and their employers. But a financial health program that doesn't account for the material needs of its workers, that doesn't understand how overall benefits impact workers finances (e.g., looking beyond market based benchmarks) are unlikely to see the needle move, at scale, within their workplace. Finally, we are seeing some truly innovative approaches to addressing the financial health challenges of workers. From broad based employee ownership models (shout out to Ownership Works), to growth in emergency savings accounts, to focusing on new total reward benchmarks that focus on impact and outcomes for workers rather than what is needed to get workers in the door. In short, 2024 has the potential to be a big year for workplace financial health! And I'm here for all of it! #finhealth #financialwellness #employeebenefits #hrleaders #data #impact #innovation
Billy J. Hensley, Ph.D. nails the thinking we need to create financial health in this article. My mantra is that with any problem it's not one thing, it is never just one thing. Matthew Bahl's post expands the picture well. I think at somepoint will need to add in other factors such as income inequality and making sure the financial health of workers and businesses is not a zero-sum game. #financialhealth #financialliteracy
Appreciated this article for what it said, and for what it didn't say. It's primary thrust is that financial health of workers needs to be a workplace priority. Hear, hear! That workers need to understand their benefits and employers need to be thinking about strategies and approaches that help improve financial behaviors. Hear, hear again! However, this article does not squarely address many of the billion pound elephants in the room. For instance, wages have been stagnant for the majority of workers over the last 50 years. At the same time cost for benefits such as healthcare have skyrocketed and more and more of the financial burden is put onto workers to pay for those benefits. And this is not a small scale challenge. Some estimates show that 51% of employees at Russell 1000 companies don't make a living wage (shout out JUST Capital). We also saw recent analysis from Pew and others highlighting that many Americans are not on track for a secure retirement, in part because of our transition away from DB plans (again, putting more onus on workers to save in the face of insufficient wages and rising costs of living essentials - more on this below). The last 40+ years has also ushered in an era of rising housing, transportation, child care and other essential living costs, that outpace wage growth (Oren Cass and American Compass have done compelling work in this area). And while this last traunch isn't something employers have historically thought about, it is front and center in their workers lives and is showing up in the workplace. We are seeing progress. Twenty two states increased their minimum wage in 2024. As inflation continues to cool, real wage growth is up (hurrah!). As unions have continued their comeback, many non-union employers are making significant investments in wages and benefits. All positive trends for workers - and I'd argue employers too - in the face of decades of sluggishness. Financial health benefits continue to be a big priority for workers and their employers. But a financial health program that doesn't account for the material needs of its workers, that doesn't understand how overall benefits impact workers finances (e.g., looking beyond market based benchmarks) are unlikely to see the needle move, at scale, within their workplace. Finally, we are seeing some truly innovative approaches to addressing the financial health challenges of workers. From broad based employee ownership models (shout out to Ownership Works), to growth in emergency savings accounts, to focusing on new total reward benchmarks that focus on impact and outcomes for workers rather than what is needed to get workers in the door. In short, 2024 has the potential to be a big year for workplace financial health! And I'm here for all of it! #finhealth #financialwellness #employeebenefits #hrleaders #data #impact #innovation
Our #benefits are designed to help you take care of what’s most important. Learn how #Peraton supports employee health, finances, development, and family life: https://bit.ly/3W4k0oi #DoTheCantBeDone #PeratonCareers
According to a recent survey, 61% of staff are more worried about the cost of living than a year ago. Financial well-being is critical to overall well-being, and employers must support their employees in this area. This could include providing access to financial education and resources and offering employee assistance programmes that include financial counselling. Call Corinthian if you'd like to build a robust financial education scheme. #Employer #Benefit #WorkplaceWellbeing
Making pensions and employee benefits simple to help SMEs save time, money, reduce stress and engage their employees.
Confidence can sometimes be the difference between financial well-being and financial stress. Financial education is a valuable benefit that the cost of living crisis has really pushed front and centre for many of our clients. Find out how we can help you - drop me a DM! #FinancialGoals #FinancialFuture #Benefits
According to a recent survey, 61% of staff are more worried about the cost of living than a year ago. Financial well-being is critical to overall well-being, and employers must support their employees in this area. This could include providing access to financial education and resources and offering employee assistance programmes that include financial counselling. Call Corinthian if you'd like to build a robust financial education scheme. #Employer #Benefit #WorkplaceWellbeing
Happy New Year to you all! 🥂 As it’s a new year, we wanted to share some more juicy stats from Reed and this time it’s all about employee benefits!... 🎉 More than half (55 per cent) of 18 to 34 year olds believe a good benefits package is the most important thing they look for when searching for a job. 🎉 In comparison, two in five (42 per cent) of the general workforce said employee benefits were a priority. 🎉 A quarter (25 percent) of employees wanted their employer to contribute to their energy costs at home, a benefit that does not appear in the top five most offered by employer. 🎉 Also appearing in the top five were increased pension contributions (30 percent), workplace saving schemes (21 percent) and discounts on high street shops and brands (21 percent). 🎉 The report found that two thirds (67 per cent) of younger employees would move to another company if offered a better benefits package, compared to 37 per cent of those over 55. 🎉 A further 65 per cent said they would use their benefits package more if it was tailored to their needs. We hope you find these stats useful in conversations with your Clients, if you would like to dive in deeper or have any questions just let us know! 💜 #hirefulpartnerprogramme #supportingourpartners #homeforhr
