Employers are offering more financial wellbeing programs to help alleviate financial stress, particularly for younger employees, and their organizations are seeing positive returns as a result.
The findings indicate that "financial stress" is a top motivator for organizations investing in financial wellbeing programs and 40% of employers say "addressing financial stress" is a top reason for increasing voluntary benefit promotion. This compares with only 16% of companies who said the same thing in 2017, the last time Buck completed a similar survey.
This survey was conducted between December, 2019 and February 2020, notably before the onset of the COVID-19 pandemic. See below for survey methodology.
"Now, as we navigate the impact of COVID-19 on the U.S. economy, it's even more critical. Workers who've had wages reduced, been furloughed, or re-hired after a period of unemployment, may need extra support. And employers recognize that using voluntary benefits to help meet these employee needs can benefit their organization by lowering costs and increasing loyalty."
“Hourly and millennial workers are seen to be most in need, and we’re seeing a renewed focus on voluntary benefits as a way to move employees from financial instability to stability and ultimately to enhanced financial peace of mind.”
Click here for the Buck press release and access to the full survey results.
Responses were received from 164 organizations representing a broad range of industries with 500 or more full-time employees from December, 2019 through February, 2020. All questionnaire responses were carefully reviewed, statistical software was used to identify outliers and other unusual data points, and a final quality control review was conducted.
PTO Exchange has developed a flexible benefits platform that turns unused paid time off into liquid assets that can be converted into things employees value – retirement accounts, student loan payments, emergency cash-out, donations, leave-sharing, charitable causes and more.
This is a notable time with many companies making bold adjustments to their PTO strategy and trying to find new ways to help their employee community bridge the changes that are affecting their lives.
If enhancing financial wellness through PTO conversion is something that can help your organization navigate through this situation, we are here to help.
Learn more how PTO Exchange can help with financial wellness - download our free info sheet below.
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