Financial Wellness at Work: A Guide to Setting up a Holistic Benefits Package
Financial Wellness at Work: A Guide to Setting up a Holistic Benefits Package
Today’s employees are looking for more from their workplace benefits. They want solutions that meet them where they are—whether that’s saving for retirement, managing student debt, building an emergency fund, or all of the above.
Creating a holistic benefits package helps employees feel fully supported at every stage of their financial journey. It can help your business improve recruitment and retention and foster a more engaged workforce—especially at a time when 76% of employees report feeling stressed about their finances.
In this guide, we’ll walk through the essential steps to design and implement a modern, comprehensive benefits package for your business. Whether you’re just getting started or looking to enhance your existing offerings, these steps will help you build a package that supports your employees and your business goals.
1. Assessing Employees' Needs and Priorities
Every individual has unique financial needs—but common trends can often emerge within teams or industries. To better understand what benefits will resonate with your employees, start by gathering data. We'll talk about how to apply this information in step 2.
Consider the Industry Your Business Operates In
Start by considering the specific characteristics of your industry. Ask yourself:
- Does your field require advanced degrees or certifications?
- Is ongoing education or professional development a norm?
- Are wages in your industry traditionally lower or variable?
Review Your Company Census Data
Next, take a close look at your workforce demographics. High-level data points can reveal important insights.
- Age range
- Income levels
- Job roles or departments
- Tenure and career stage
- Family status, if available
Survey Your Employees Directly
Employee surveys are a very effective way to get actionable insights into what matters most to your team. Consider asking questions like:
- What are your top financial priorities today?
- Are there any savings options you wish were available to you as an employee?
- Where do you currently experience the most financial stress?
- What kind of benefits would help you feel more financially secure?
2. Choosing Your Benefits
Now that you have an idea of your employees’ top financial concerns, you are ready to choose your benefits. Here is a quick overview of the benefits available today and who they may be best suited for.
Tip: For a deeper dive into these solutions and how they align with employee needs, check out our in-depth guide.
| Benefit | What Is It? | Which Employees Is it a Good Fit For? |
|---|---|---|
| Retirement Savings | 401(k)s and similar workplace retirement plans are foundational workplace benefits that help employees save for their long-term future. | Employees of all ages, but it is typically a higher priority for mid- to late-career employees focused on building their retirement nest egg. |
| Emergency Savings | Emergency Savings Accounts (ESAs) give employees a way to build a safety net for unexpected expenses through automatic payroll deductions. | Employees living paycheck to paycheck, hourly or lower-income workers, and employees in industries with variable income or off-seasons. |
| Education Savings | 529 Education Savings Accounts help employees save for educational expenses for themselves or a dependent. Employers can contribute further to boost savings. | Employees with children, grandchildren, or other dependents who are expected to pursue an education in the future. It can also be valuable for employees in fields that value continuing education and certifications. |
| Student Loan Repayment Assistance | Employers can help employees tackle their student debt through a student loan matching program. | Early- to mid-career employees managing student debt, particularly in fields with high education costs, such as law, healthcare, or education. |
| Disability Savings | ABLE (Achieving a Beter Life Experience) Accounts are tax-advantaged savings tools that help individuals save for qualified expenses. | Employees living with a disability, or employees who have a family member with a disability. |
3. Selecting Your Benefits Provider
Once you’ve identified the financial needs of your employees and selected which solutions you think would be most valuable, you’re ready to bring your benefits package to life. The next step is selecting a provider that can support these types of benefits. Here is what to keep in mind as you explore providers:
- Does the provider have a comprehensive, multi-benefit platform? Look for a provider that can support multiple types of savings accounts—such as 401(k), emergency savings, education savings, student loan repayment assistance, and disability savings—all in one place. A single, integrated platform simplifies the experience for both you and your employees.
- Does the provider offer an integration with your payroll provider? Payroll integrations streamline plan administration and save you time. Check to make sure the provider offers a smooth integration with your existing payroll system.
- Does the provider have an intuitive, user-friendly experience? Choose a platform that makes it simple for employees to view their full financial picture. When employees can easily access and manage their accounts, they’re more likely to engage with their benefits and take positive financial steps.
- Does the provider offer responsive support for you and your employees? It’s natural for questions to come up along the way, so make sure your provider offers reliable, responsive support for you, your employees, and your plan’s financial advisor, if applicable.
- Does the provider have extensive employee education tools? Providing great benefits is just the first step. Employee education is key to driving participation and engagement. Look for a provider that offers educational resources, tools, and support to help your employees understand and make the most of their benefits.
Design an Impactful Benefits Package
Offering a thoughtful mix of benefits helps employees balance both short-term stability and long-term goals. By taking the time to understand your employees’ needs, selecting the right solutions, and choosing a provider that can bring it all together, you’ll be well on your way to building a benefits package that truly makes a difference for your business and your team.
Ready to build a benefits package that works for you? Vestwell is a modern savings platform with a comprehensive suite of solutions. We are here to help businesses design, implement, and manage holistic savings programs that meet the unique needs of their workforce.
