As an employer, offering employee benefits is an important way to show your team that you value their contributions and care about their overall well-being. In addition to improving overall morale and satisfaction, employee benefits can also play a key role in promoting financial wellness among your staff.
One of the most important – and, of course, popular – financial benefits that employers can offer is health insurance. Health insurance helps to protect the well-being of employees and their families by covering the costs of medical care, including doctor visits, hospital stays, and prescription medications. This can be especially important in times of illness or injury when medical bills can quickly add up.
Retirement plans, such as 401(k)s or pensions, can also be an important financial benefit for employees. These types of plans help employees to save for the future and plan for their retirement, which can provide financial security and peace of mind. In many cases, however, retirement plans are not taken advantage of simply because so many American workers are living paycheck to paycheck, and not necessarily thinking about retirement.
Going beyond in 2023
But it is now 2023 and to help employees become more financially secure, employers must go beyond traditional programs and resources. One way to do this is by providing access to financial planning tools or partnering with companies, like Immediate, that offer earned wage access, which can prevent your team from relying on predatory lenders when unexpected events arise between paychecks. Through these solutions, employers are taking a big step towards promoting overall financial wellness for their team members.
Go beyond the norm of employee benefits. Book a call with Immediate to learn how you can do that – for free. today!