The good news: Priorities are shifting.
Even though the last two years caused financial pain for so many, it served as a wake up call. Impressively, 80% of employees took some sort of financial action in 2020, and 73% of Americans agree they value material goods less than before. More people are taking control of their financial wellness. And they’re looking to their employers for the tools and resources to make the best financial decisions.
Debt management is a priority — 94% of employees agree being debt-free is important and have reduced spending and increased savings. And there’s a renewed emphasis on the future — the average defined contribution plan participation rate increased in 2021 and the average plan balance is at an all-time high.2
So, what does this mean for your organization? Well, when you understand how your employees’ habits and expectations are evolving, you can provide the support and programs they need to thrive.
Meeting your people where they are.
The new employee economy has been taking shape for some time now, but the last two years accelerated the shift. More than ever employees want benefits that matter and a financial future they can feel good about. And they’ll keep looking until they find them.
It’s up to you as an HR leader to better understand how your people work and live so you can provide the benefits and programs they’re looking for. By leveraging the data you already have and using actionable AI, you can connect employees’ lifestyle, healthcare choices and financial decisions to future wellbeing, and enable an employee-first experience — from enrollment to retirement and everything in between.
With AI and analytics, your organization can create a hyper-personalized experience that responds to employee needs as they evolve. For example, if an employee receives a pay increase, AI can prompt a personalized message recommending a better approach to saving for retirement. With five generations currently in the workplace, financial goals vary at different stages of a career. AI can help you deliver the right solutions no matter where your people are in their journey.
It’s been proven, personalized communications and employer-sponsored wellbeing programs can build trust, drive higher benefits utilization and provide measurable outcomes. Your people find value in ongoing communications, including virtual events, wellbeing champions, newsletters, and websites. Connect with them where they are to engage them in the information they need to see.
Your real bottom line.
The world around us continues to change at ever-increasing speeds, and the way we work today will look much different a year from now. Adaptability and agility have never been more important and technology’s role in the employee experience will continue to increase.
With the right solutions and support you can build a people-first workplace that leads to less stress, improved productivity and higher job satisfaction — and that all means your people stay motivated to stay in place.
Your employees are your real bottom line. Invest in their wellbeing and watch them take your company to the next level.
Ready to see what next-level transformation looks like? Let’s talk.
1 2021 Alight Solutions Employee Wellbeing Mindset Study
2 2021 Alight Solutions Universe Benchmarks Study