Reducing employees’ stress through voluntary benefits

Financial stress lowers employee productivity and morale and is far more common than you may think. According to an economic report from the Federal Reserve, nearly four in 10 American adults wouldn’t be able to come up with $400 in an emergency.

This article explores how employers can reduce employees' financial stress with voluntary benefits.

The real-world costs of financial stress

Financial stress takes a toll on employers and employees alike. According to a recent Salary Finance survey, lost productivity due to financial stress costs the country around $500 billion each year. What’s more, employees under such stress are more than twice as likely to seek other employers, according to the same survey. And financially stressed employees are several times more likely to suffer anxiety attacks, experience depression, miss deadlines and produce lower-quality work than their non-financially stressed counterparts.

How employers can help with voluntary benefits

Financial stress can come from a variety of factors, many of which are outside the workplace. However, regardless of its cause, employers can help reduce their employees’ financial stress — both for the health of the employees and that of the business itself.

A common theme in financially stressful situations is needing something now and having to borrow money to pay for it, creating a cycle of debt. This immediate need forces employees to make financial decisions that may be outside their best interests but necessary for a given situation, such as borrowing from a 401(k) or taking out a payday loan to afford car repairs.

Maybe we combine the sentences so that "Employers can help in these situations by providing employee purchasing programs, low-interest loans and payroll advances.

Summary: Additional ways to help employees

At the end of the day, any effort to help employees avoid financially stressful situations can improve their health and the health of your business. Speak with TruePlan Benefit and Retirement Advisors to discuss strengthening your voluntary and employee benefits offerings. Our team of experts can help you review your current selection and make suggestions based on your organization’s goals.

Innovative employee retention strategies: 9 fresh ideas

Employee engagement and retention are pivotal in every sector, but they carry even more weight in the not-for-profit space, where resources are often limited. High turnover can be both costly and disruptive, impacting productivity and damaging morale. In an era of workforce evolution, to effectively retain their top talent, organizations must explore innovative employee retention strategies that go beyond conventional methods. Engaged employees are distinguished by their higher productivity, motivation and loyalty, and they are more likely to stay with a company for the long term. Gallup recently updated its research article, The Benefits of Employee Engagement , finding that "low engagement teams typically endure turnover rates that are 18% to 43% higher than highly engaged teams." In addition to turnover, disengaged employees negatively impact a company's financial health, with turnover costs averaging six to nine months of the departed employee's salary, accordin

Employee benefits strategies: 5 budget-friendly ideas

Retirement and employee benefits help create a solid foundation for recruitment and retention. They’re also pivotal in enhancing job satisfaction, boosting productivity, encouraging employee well-being and increasing workplace morale. With the work landscape evolving rapidly, organizations are revisiting their offerings to develop stronger employee benefits strategies. The first area most small- and mid-size employers investigate is quick, short-term ways to foster company culture. In this blog, we’ll cover budget-friendly ideas to improve your employee benefits initiatives. Think of them as smaller action items that can help you gain a competitive edge. Then, we’ll take a closer look at how customizing your benefits plan can support your new efforts. 1. Promote a healthy work culture Investing in employee benefit plans is not just about fulfilling a checklist. It's about creating an environment where employees feel supported in both their professional and personal lives. Benefi

What are Alternative Investments? 4-Part Introduction

The market has seen a lot of uncertainty in recent years. Because of this, many organizations are looking for new ways to diversify their investment portfolios. Our best-kept “not-so-secret” secret: alternative investments. In this blog, we'll explore alternative investments with a focus on how they can potentially shield your portfolios from downside market volatility. In addition, we'll break down its benefits and risks and whether it could be a good fit for you. Part 1: What are alternative investments? Alternative investments may help diversify your investment portfolios through non-traditional investment strategies. Non-traditional investment options have varying liquidity ranges depending on the strategy and fund structure. Alternative investments are sometimes referred to as alternative assets. According to the Harvard Business School , the seven types of alternative investments are: private equity; private debt; hedge funds; real estate; commodities; collectibles; and s

Blog | Expert Employee Benefits and Retirement Plan Insights | TruePlan

Search This Blog