Free coffee, paid lunch, ping pong tables, and office snacks are no longer going to cut it.
Financial wellness is at the top of the list of benefits younger generations are searching for. According to SHRM, “Many workers over the last decade have been frustrated by stagnant wage growth. Younger workers may be particularly focused on compensation as they pay off college loans and try to establish their savings so they can purchase homes and start families.”
Below are a few different ways you can support your employees’ financial wellness while improving overall retention and morale.
Provide Retirement Planning & Contributions
Although a traditional benefit offering for most, retirement contributions will always be an important financial benefit for employees. Employers that offer a retirement contribution or matching plan tend to have improved employee morale and loyalty. It’s also a great way to attract top-notch talent and interest in your company. In addition, a company sponsored retirement plan can help employees with little knowledge on the topic save for their future. To take it even further, offer your employees automatic payroll deductions for even easier saving.
Offer A Financial Stipend
To further assist employees with their finances, employee sponsored stipends tend to go a long way with younger generations. Onset by the pandemic, employers have begun providing reimbursements for things related to work from home environments. Examples of essentials include office equipment, high speed internet, and other role specific tools to improve productivity. Other opportunities for financial stipends are commuting, parking assistance, and professional development, among many others. Financial stipends are a great way to show employees the value their role brings to the company and reduce employee turnover.
Grant Access to An Employee Discount Program
Daily life expenses can add up, especially with the current challenge of rising inflation. A simple way to offer your employees an impactful benefit is to offer a discount program. What is a discount program? An employee discount program is a marketplace of exclusive discounts, negotiated by a team of experts, from top brands and local businesses. PerkSpot is the industry leader in negotiating, managing, and supporting member discounts programs. We’ve built our platform to help your members save when and where it matters to them by showing the most relevant and meaningful offers. From local deals to nationwide brands, there’s something for everyone.
Younger generations may be eager for financial wellness benefits, but all generations would appreciate the added monetary assistance. There are plenty of opportunities available to lend a helping hand financially, and it will only have a positive impact with your employees.
Ready to start providing financial wellness help to your employees? Get started today with a demo.