Employers can support financial wellness
Clearly defined employers’ benefits can help their employees find financial wellness and will help with the post pandemic recovery, according to global experts participating in MetLife’s Employee Benefit Trends study discussion panel.
The study found that although 70% of employers said that mental health was the most important aspect of employee health to focus on in the wake of COVID-19, half of employees were not being offered financial health support.
Following this, 27% of employees were ‘most concerned’ about their financial health and four in ten employees were not offered any benefits nor programs aimed at supporting or improving their wellbeing.
Also, 80% of employers said they were not tracking nor measuring employees’ mental health while, at the same time, 78% of employees admitted that they felt stressed.
The study, according to which promoting employee wellbeing should be followed by benefits and communications, listed ‘must have’ employee benefits such as:
- Flexible work arrangements;
- Professional training, development and certifications;
- Extra personal/ carer’s leave;
- Employee assistance programs (EAPs); and
- Extra paid maternity leave/paternal leave.
“When we look back at 2020, it will be seen as a transformational year in many ways. One area clearly impacted by the pandemic is the relationship between employers and their employees. The needs of both groups have shifted significantly and now is the time for employers to make sure they are aligned to the needs of their employees,” Meredith Ryan-Reid, MetLife’s global head of financial wellness and engagement, said.
“While there has been an increased focus by employers on mental health support during the pandemic, we know from our research that finances can be a highly emotional piece of the puzzle.
“When employers take a holistic approach to wellbeing – one that considers mental, financial, physical and social aspects – they can create a happier, more resilient workforce.”
AUTHOR
Oksana Patron
Recommended for you
While model figures provide valuable insights on how advisers can draw benefits from managed accounts, Zenith’s head of portfolio solutions has argued that professional judgement and quality research are key to successful implementation.
While the number of financial services staff using AI has almost doubled in the last year, two surveys have revealed that fast-paced AI adoption has led to governance gaps and growing concerns about job security.
Entireti has partnered with Striver to connect graduates and job seekers with its advice network to support the placement of new talent.
ASIC has cancelled the Australian financial services licence of Ivy League Capital Pty Ltd, a firm authorised to provide advice in relation to managed investment schemes.
