Some issues, from an Employer's perspective: Employee benefits are expensive.
For instance if a 401(k) plan is offered the associated fees, admin, ERISA compliance, continuing education, and statutory testing are at best painful, at worst a nightmare...
devouring an inordinate amount of time and dollars.
Matching contributions compounds the expense.
Physical wellness programs aimed at increasing productivity and reducing sick days are focused on issues such as: only one-fifth of employees exercise regularly, one-fifth are obese, one-fifth smoke and one-third have elevated blood sugar.
These programs are expensive and limited in effectiveness.
Very few companies address or even recognize the issue that NINE out of ten employees are overwhelmed by their finances, resulting in half of those nine experiencing excessive stress levels and two-thirds experiencing depression.
Stressed and depressed employees are much less productive at work and have higher absenteeism.
Some issues, from your Employee's perspective: Overspending and the lack of a simple way to budget and keep track of expenses has led to staggering, record-breaking consumer debt...
which in turn has caused tremendous difficulty for the average worker in preparing for retirement.
The average American family owes $120,000 including $10,000+ in credit card debt.
With finances stretched to the limit, many pay only the minimum monthly on credit cards, which means that those accounts almost never get paid off.
Only $5000 in credit card debt takes about 40 years to pay off completely at the minimum monthly payment at 18% interest.
Half of your employees will experience at least one legal or tax issue this year, resulting in more than 55 hours absent from work, and costing them anywhere from a few hundred dollars for a traffic citation, $1,000 for ID theft, $3,000 for a collection defense or audit representation, to as much as $20,000 for a divorce.
This results in even more debt, or depleted savings.
Perhaps worst of all, for the past three decades the net return after fees on most retirement plans offered by employers has averaged less than 3% annually.
Is there a solution? You bet there is! What if you could offer your employees a comprehensive financial wellness plan that costs little or nothing, eliminated debt in half the time or sooner, provided identity theft protection, legal services, tax returns and advice, and included a voluntary companion retirement plan that offers stock-market-like gains without stock market risk, and NO matching, no minimums, no fees, no admin, no ERISA compliance, no continuing ed and no statutory testing? You'd have happier, healthier, wealthier, more productive and loyal employees.
And THAT is a win-win.