As part of the look ahead to 2021 challenges, Greg Wilson from Ayco says that the focus of employers should also include financial well-being.
Identifying the unprecedented issues in HR this year, the results revealed that, employee safety problems, participation in a new remote environment, legal implications, etc seemed to affect employee wellness in any organization. Therefore the managers are thinking about how to reshape HR and its functions, to ensure employee wellness in the organization.
Greg Wilson, head of workplace solutions at Ayco, a Goldman Sachs Company, quotes that, “2021 should be a time for HR leaders to re-evaluate their benefits offerings, particularly in light of the growing financial and mental health needs of employees.” The study revealed that. many workers did not have emergency funds or other savings to fall back on in these cases, as employers had to furlough or lay off employees. In response, employers had to maximize resources immediately by looking out for current wellness services, Enterprise Automated Payables (EAP), or administrator of the retirement plan.
In addition, many of the employers add or enhance financial advice benefits to help with budgeting, pension planning, voluntary offers for early retirement, and survivor assistance. Therefore, so as to attract more employees into a job or position, the employers collaborate on some innovative approaches with many corporate partners to rapidly introduce new services. It is expected to get positive feedback from employees and attract more employees.
As we move into 2021, employers intent to concentrate on schemes and programs, that promote overall employee well-being. This ought to be the 1st priority of HR leaders in 2021. Employers should consider working on more permanent ways to help staff cope with the stress and anxiety of the pandemic and heightened struggles for work/life balance. Moreover, the companies should lookout for ways to help workers get back on track with short- and long-term savings.
This can be formulated by providing financial wellness coaching that will help the employees develop a plan and budget for repaying loans, resetting savings, and restoring emergency savings.