PLANADVISER - July/August 2017 - 18

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FOCUS ON
FINANCIAL
WELLNESS
AIDS WITH
RETENTION
Employers are seeing
how the benefit helps
their bottom line
MOST financial executives believe that
employee benefits packages stressing
financial wellness are key drivers of
success for their companies, according
to a recent survey by CFO Research
and Prudential.
The study found
that 82% of
executives believe their company
will benefit from having a financially
secure work force. Only 5% said they
do not believe so, and 13% said they
were unsure. Most executives view
having a financial wellness program
as a key component of corporate
performance, as well as an effective
human resource (HR) and management
strategy.
" It is encouraging to [observe] that
employers are seeing the value in
helping employees focus on financial
wellness, " says Jim Gemus, senior vice
president, distribution and product
management, Prudential Group InsurEmployers'
Views on Benefits
82%
Think their company
will benefit from
having a financially
secure work force
65%
Believe that company
benefits are
critical to retaining
employees
Source: CFO Research and Prudential
63%
Believe that employees'
satisfaction with their
benefits contributes
to the company's
success
78%
Think that they should
help their employees
achieve financial
wellness
77%
Think it is important
to measure
employees'
financial wellness
ance. " In particular, employers seem
ready to look at ways to not only
measure the financial wellness of
their employees, but also to benchmark
it against other companies in
their industry. This survey demonstrates
that the vast majority of
employers recognize that improving
the financial wellness of their work
force yields significant benefits, for
their companies and employees alike. "
More than six in 10 respondents
(63%) said that employee satisfaction
with benefits is important
for
their company's success, and 65%
that benefits are critical to attracting
and retaining employees. Even if the
deductibility of employer-sponsored
benefits were to be removed, several
respondents (29%) said their companies
would either continue to offer the
same package with the same subsidies
or increase employee compensation
to counterbalance reduced corporate
subsidies (28%).
Most (78%) also said that employers
should assist employees in achieving
financial wellness during their working
years. Only 8% disagreed, and 14%
were unsure. Even more (84%) said it is
important to ensure that their companies'
employees are educated on key
tenets of financial wellness.
Executives in the financial field
consider higher employee satisfaction
(59%) and increased retention (53%) as
the most important benefits accruing
from a focus on financial wellness.
Seventy-seven percent agreed that
it
is important for their companies to
measure employees' financial wellness.
-Javier Simon
18 | planadviser.com july-august 2017 Art by Claire Merchlinsky
http://www.planadviser.com
PLANADVISER - July/August 2017

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