Beyond the 401(k): The Business Case for Holistic Savings Solutions

Financial stress is now one of the biggest factors impacting workplace performance, and benefits that once felt “optional” have quickly become essential. Today’s employees want—and need—support that helps them manage life’s financial challenges beyond retirement, from paying down student debt to building emergency savings.

The businesses that evolve their benefits strategy beyond retirement savings will lead the next era of employee engagement and retention. In this blog, we’ll explore practical ways to expand your benefits strategy beyond retirement savings, helping you build a more engaged, loyal, and productive workforce.

The Modern Workforce Has New Financial Realities

For many employees, financial priorities no longer fit neatly into a single bucket. One team member may be saving for a child’s education, while another is working to pay off student loans or cover medical expenses. But the bottom line is that just about every employee is seeking additional financial tools beyond retirement savings.

A few realities shaping today’s workforce:

• Over 75% of employees say financial stress affects their performance at work.
• Nearly 60% don’t have enough savings to cover a $1,000 emergency expense.
• 74% of student loan borrowers would stay longer with an employer that offers repayment assistance.

As employee needs diversify, so must your benefits strategy. A holistic approach means supporting financial wellness across every life stage, not just retirement.

The Case for a Holistic Benefits Strategy

Forward-thinking employers are viewing financial wellness as a business strategy, not just an employee perk. Here’s why expanding your benefits package matters:

1. Strengthen Retention

When employees feel supported at every stage of their financial journey, they’re more likely to stay. Holistic benefits show long-term investment in your workforce and reduce costly turnover.

2. Boost Productivity

Financial stress takes a measurable toll on focus and engagement. Giving employees tools to manage short-term and long-term goals helps them show up more fully at work.

3. Enhance Recruitment

Today’s job seekers look for employers who offer flexibility, empathy, and real financial value. Offering savings options beyond a 401(k) signals that you understand and support their broader needs.

4. Promote Access

Your benefits can directly create pathways for employees who have historically been excluded from traditional benefits systems. Tools like disability savings accounts, paired with multilingual and mobile-friendly platforms, make saving more accessible for everyone.

Where Employers Are Expanding Their Offerings

Employers across industries are exploring new benefit types to address financial well-being holistically:

• Emergency Savings Accounts (ESAs): Provide a financial cushion for unexpected expenses, helping employees avoid tapping into retirement funds.
• 529 Education Savings: Help employees plan for future education costs, whether for their children, grandchildren, or themselves.
• ABLE Accounts: Empower employees with disabilities—or those supporting family members with disabilities—to save without jeopardizing benefits eligibility.
• Student Loan Repayment: Offer meaningful relief to younger employees managing debt, improving retention among early-career workers.
• HSAs: Combine healthcare and financial wellness by encouraging savings for future medical needs.

Each of these benefits offers a different entry point for engagement, giving employees more ways to participate and see the value of their benefits package.

Making It Work for Your Business

A holistic benefits approach doesn’t have to mean launching everything at once. Start with a foundation and build over time:

1. Assess your workforce. Review employee demographics, roles, and feedback to identify financial priorities.
2. Layer new benefits intentionally. Add programs that complement your existing retirement plan and fill identified gaps.
3. Simplify access. Choose providers that integrate with your payroll or HR platform so employees can manage benefits easily.
4. Track engagement. Monitor participation and collect employee feedback to see what’s resonating most.

Access our complete employer playbook here to design a holistic financial wellness package that attracts, engages, and retains top talent.

Capture Your Competitive Advantage

As benefits evolve, one thing is clear: companies that go beyond the 401(k) will have a competitive edge. A financial wellness package that spans the full employee experience—short-term, long-term, and everything in between—signals a company culture that values stability, growth, and care.

Employees notice when their employers invest in their future. And for businesses, that investment pays dividends in loyalty, productivity, and performance.