2022 and Employees — They Want Financial Benefit Help

Morgan Stanley — like all companies — is concerned about the new business reality, the Great Resignation. People in all walks of life are walking off the job and into what they hope will be a better deal somewhere else.

Brian McDonald heads up Morgan Stanley at Work. He and the financial giant dug into what employees want and what companies have to do to keep them. Financial wellness tops the list of the help they seek.

In the research, McDonald said Morgan Stanley found that 46% of employers are offering some sort of financial wellness program. Employees want the company they work for to care about their financial stability and they want the company to help them with financial challenges.

The survey found that 80% of employees want that and 90% of employers want to help employees understand how to maximize the financial benefits offered. That — he says — shows that both employees and employers are on the same page when it comes to that kind of benefit.

“Leaders are talking about how the needs of their employees are surfacing and how they have relied upon the company more in this time period for guidance on financial situations,” McDonald said. “As employees are creating more wealth and savings through their workplace benefits, it’s only natural that they would expect their employers to help them with the rest of the equation as it relates to their own personal financial needs.”

Here’s the help employees are seeking:

• 61% want help with retirement preparation
• 52% want financial planning benefits
• 31% want to be able to maximize equity compensation
• 21% want help managing student loan repayments
• 20% are looking for help with college savings plans

Here’s more good news. The survey found that while 90% of employees want their company to prioritize financial benefits in 2022, a whopping 95% of human resources executives feel the same.

“Employees want someone that they can talk to to be a sounding board or a coach for their specific scenario,” McDonald says. “It’s one thing when you’re putting money into a 401(k) and there’s a set of defined choices you can make. But when you have situations that are affecting you as an individual or your family, more specific advice is needed.”

This — and other like benefits — will make 91% of employees feel more invested in the company and will help with a decision to stay put.

“Employees are now looking for employers to offer a full spectrum of financial benefits, tools and guidance to help them along the right path financially,” McDonald pointed out. “As a result, those companies that offer a robust benefits package will differentiate themselves in the face of unprecedented competition for great talent.”

Source link: Employee Benefit News — https://bit.ly/3pRqrLo