The biggest gap revealed by our data was how employers and employees rated the perceived financial wellness of employees. The majority of employers (87%) rated their employees’ financial wellness as good to excellent, while the majority of workers rated their financial wellness as average to good.
A study published by the Society for Human Resource Management last year shows that this finding is in line with general trends; the number of employees who rate their financial wellness as good to excellent has been declining since 2018. Surprisingly, that same study revealed that nearly two-thirds of employers feel extremely responsible for their employees’ financial wellness, up from just 13% in 2013.
That self-reported concern from employers also underscores another dramatic difference in employees and employers: three-quarters of employees say that financial wellness offerings like earned wage access would help them alleviate their financial burdens. Yet, 40% of employers offer no solutions to help.
It’s clear that there is extreme pressure on many employees and it’s critical to note that this is not just an issue for hourly employees or entry-level workers.People coming from households with annual incomes of $100,000 or more were more likely to ask for advances from their employers compared to employees making less than $50,000 a year.
Fortunately, there are several areas where employees and employers agree — and it could point to a dramatic shift in the kinds of benefit packages and support employers offer.
Read the full article in Employee Benefit News here.
Matt Pierce, CEO and Founder, Immediate