One company’s quick-thinking HR team organized financial planning assistance for employees during the 2008 downturn – could you lure better candidates by doing the same?
The company is not alone in stepping up to assist employees in what might have previously been thought to have been a fiercely personal matter. Studies from Aon Hewitt and Bank of America Merrill Lynch both indicate an upward trend in employers offering financial strategy support in some way or another.
- 58% of employees say they need financial planning guidance
- 81% of employers feel responsible for their employees’ overall financial wellness
- 48% of large companies and 43% of medium companies either have a financial wellness strategy for employees or plan to add one by 2015
- 70% of employers offer staff access to financial advisors, up from 56% in 2012
Many 401(k) providers now offer financial advisory services to employees of companies that use them, at no extra cost, said Ruderman. “I see companies being hesitant to offer advice and I find that pretty amazing considering that it’s available and that the individual has the option to choose to pursue or not,” she said. “It doesn’t make any sense to me.”