Financial Wellbeing is Key to Attraction Retention

Employee financial well-being transcends all compensation and benefit categories. Employers should not presume to know "what is best" for your employees. What is best practice for employers is to make financial decision-support tools and counseling available to employees and provide as much flexibility as possible in tailoring benefits to meet individual employee needs. For example, don't presume that all your employees value the richest medical benefit you can afford to provide them. Some may prefer a lower-cost option in favor of directing benefit dollars to something they value more. This article raises awareness of Millennials’ focus on retiring student loan debt and planning early for retirement. Allowing employees to evaluate all their benefit options at the same time - health, life, disability, retirement and time off - is the best way to ensure you are allowing employees to make holistic decisions that ensure maximum support for their financial well-being.

Go to full article:

Tracy Watts
by Tracy Watts

Senior Partner, National Leader for U.S. Health Policy

Register for Mercer US Health News to receive weekly e-mail updates.