New report calls on HR to offer comprehensive workplace financial benefits
Most employees believe that their employers should be more supportive when it comes to financial troubles, according to a new report, as the workforce faces a variety of financial challenges that hamper their productivity.
Findings from Morgan Stanley at Work revealed that 74% of employees want their employers to be more involved with helping them through specific financial troubles.
It comes as 84% of employees said they encountered financial issues in the past year, most often with budgeting, financial goal setting, and retirement planning.
These financial stressors negatively affect their work, according to 53% of the respondents, with most of them considering switching jobs for benefits that can help them reach their goals.
"Employees continue to turn to their employers for support with personal financial needs, and employers must help meet those needs through a full spectrum of workplace financial benefits," said Scott Whatley, head of Morgan Stanley at Work, in a statement.
Awareness of financial issues
HR executives are well-aware of employees' financial problems, but there is room for improvement when it comes to support, according to the findings.
Nearly three in four (71%) HR executives said they received requests for a specific type of financial benefits support that their company currently does not offer.
Another 54% said that while their company is on a good path to adding differentiated benefits, gaps still remain.
According to the report, 91% of employees believe workplace financial benefits are essential to reach their personal financial goals.
Some of the benefits that employees are interested in are equity compensation and comprehensive retirement guidance.
"Companies that invest in comprehensive offerings that include financial planning and education are better positioned to support productivity, strengthen engagement, and retain talent in an environment where needs and expectations continue to grow," Whatley said.
