With a potential recession on the horizon, employers must focus on the financial wellbeing of their employees. Thirty-one percent of Americans are unprepared for an economic downturn, according to a report by Bankrate.
If companies hope to address the ever-changing needs of their employees they must create a benefits package that’s fit for economic hard-times. Here are 3 strategies to recession-proof your benefits program.
1. Before you recession-proof your strategy, know what your employees want most
A comprehensive benefits package can be the difference between landing a good and a great candidate. There are many aspects to a perfect benefits package, but it comes down to what the employees value the most. Sending out an employee survey is beneficial in finding how to best allocate your benefits budget. Also, in a tumultuous economic period, employees are looking for substance over flash.
Employees ranked work scheduling flexibility, healthcare and financial wellness programs as the benefits most important to them according to PeopleKeep. Focusing on the benefits that people want the most will also help employers save money on benefits with low utilization rates.
2. Have a concrete benefits philosophy, but be flexible
Many HR professionals have only created benefits packages while the economy was in full swing. Rocky roads ahead will force companies to transform quicker and be more open to change. Flexibility is a strength, but creating too many changes and losing sight of the long-term goals of a benefits program will lead to more issues.
One area that employees are clamoring for more flexibility is in their work schedules. As travel costs skyrocket, providing employees remote work opportunities can help their wallets. According to LiveCareer, 3 out of 10 employees wouldn’t consider working at a company that didn’t offer remote work and 87% of working professionals felt connected with their organization despite working from home. Adapting to employee needs will keep employees afloat through difficult times without affecting productivity.
3. Make your plan recession-proof with a focus on financial wellness
One of the biggest changes caused by the recession is how employees treat their financial wellness. Workers will be more focused on their personal finances and it will take a toll on their mental health.
Providing a comprehensive financial wellness benefit package is a perfect way for employers to tackle this issue head-on. A comprehensive package is beneficial to employees and employers alike. According to PWC’s financial employee wellness survey, 76% of financially stressed employees said their worries affected their productivity. The best financial wellness programs will undertake a holistic approach, tackling all arenas of personal finance from budgeting to investing.
Take the first step toward a recession-proof benefits strategy with Best Money Moves.
Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As a comprehensive financial well-being solution, Best Money Moves offers 1:1 money coaching, budgeting tools and other resources to improve employee financial wellbeing. Our AI platform, with a human-centered design, is easy to use and fit for employees of any age, right from their mobile phones.
Whether it be college planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. Our dedicated resources, partner offerings and 700+ article library make Best Money Moves a leading benefit in bettering employee financial wellness.
To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.