Technology and Employee Benefits
Employee benefits and the Human Resource departments that manage them have experienced profound changes over the past two decades, and this transformation continues at a rapid pace.The paternalistic approach of providing solely an inflexible benefits package (Health, Defined Benefit Pension, Group Life) is no longer appealing or desired by employees.
With the popularity of 401(k) plans also comes the responsibility of employees to be informed investors as they direct their retirement savings. ERISA section 404(c) mandates that employers face severe consequences if they fail to educate employees regarding retirement planning and investments.
Employers are engaged in a battle to recruit and retain an employee who is savvy with technology and who is interested in convenience and value. Career growth and financial stability are high priorities for virtually all workers.
These multiple needs may be effectively addressed by a coordinated, one – stop access program. The FBN program provides fluid integration of an employee’s group and individual programs. Comprehensive online information is offered, coupled with the wisdom gleaned from the personal touch of group sessions and individual meetings.
Life Event Concerns
The road of life is filled with many side trips…getting married, having a child, buying a home, and preparing for retirement, to name a few. Stressful decisions must be made. Accurate information must be accessed and reviewed with time preservation a priority.
With the Financial Benefits Network program, employees no longer need to spend long hours searching for information about their financial needs. With one-stop access to personal financial advice* and an online Financial Learning Center, it is quick and easy for employees to get the information needed to help make smart financial decisions while coordinating their personal financial program with the benefits provided by their employer.
Aging of the Baby Boomers
“Boomers,” born between 1946 and 1964, constitute the single largest demographic group in the United States. They are faced with the simultaneous “trifecta” of paying for college, saving for retirement, and attending to the elder care needs of their parents.
Facing longer and healthier lives, the Boomers will stretch and reshape elder care institutions and resources, while the Millenials (1980 – early 2000s) begin to nip at their heels. The FBN program is designed to ease the multi-faceted transition to the senior years by offering help with financial and income concerns, health issues, and government benefits.
Human Resource administrators appreciate an orderly transitioning of the workforce as employees move on, having paved the way for their successors while comfortably prepared for the next stage of their life’s journey.
Trend to Change Jobs/Careers
The costs related to employee turnover is an expensive item to Human Resource departments. The attraction and retention of quality workers is crucial to the success of any enterprise.With the reduction of employee stress regarding personal finances often comes an increase in employee productivity and job satisfaction. Consequently, an increase in the retention of effective employees can follow.
With the FBN program, a proactive offering of benefits and services is offered that reflects an employer’s concern for valued employees.
For Human Resource departments, the FBN program can help reduce many of the redundant policy questions posed daily by uninformed workers, allowing the HR staff to move from a transactional to a strategic method of operation.
For departing or retiring employees, seminars and individual meetings with an FBN representative are available to help clarify their options regarding retirement plan distributions, insurance benefits, and government programs. In the event of employee terminations, access to this assistance and expertise can help to mitigate the potential of worksite violence, vandalism or disruption.
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