Research has shown that “people with thriving wellbeing simply do better in life, and companies with thriving employees do better business” (Gallup). When employees are thriving, the benefits to the business are plentiful: decreased turnover, improved attendance, enhanced productivity and increased usage of other benefits. In short, employees want access to financial planning services, and providing them as a workplace benefit can help both the organization and its employees.

Further, employees are increasingly expecting their employers to offer financial planning and financial wellbeing services. According to SoFi at Work, employees are turning to HR leaders and employer-provided financial resources in addition to financial advisors for support, which indicates that many employees have a high level of trust in their employer.

Personalized Financial Planning is Trending

Workplace-based financial planning services enable employees to access financial planning strategies tailored to the unique person they are — often at a more accessible price. Employers that want to offer or expand employee financial planning services should understand that the need for and provision of custom and personalized financial advice is on the rise.

One way to incorporate more personalization into your financial wellbeing strategy is to offer advisor-managed accounts. With advisor-managed accounts, retirement plan participants’ portfolios are managed for them, and investment strategies are based on many factors, rather than a single data point such as age.

Much like a suit, one investment strategy does not fit all, and by giving participants the option to personalize their investment strategy based on their unique needs, employers can give employees the tools they need to live their best financial lives as they prepare for retirement.

Benefits Communication is Crucial

However, sometimes providing the tools is not enough to truly impact employees’ financial wellbeing. Employers should also focus on their communications about their financial wellbeing offerings as many employees lack a clear understanding of what those benefits entail and how to access them.

A study from SoFi at Work revealed that 70% of HR leaders say their company offers financial wellbeing benefits, while only 48% of employees say they do and 14% were unsure. This indicates the need for employers to increase communication frequency, improve and clarify messaging, vary distribution channels and explore new outreach strategies to thoroughly and clearly explain their benefits.

By providing a combination of retirement education, financial wellbeing resources and personalized account management, you can help support your employees on the path to financial freedom, which can in turn help your business thrive.

Ready to reap the benefits of a financially stable workforce? Connect with our team.

Investment advisory services provided through CBIZ Investment Advisory Services, LLC, a registered investment adviser and a wholly owned subsidiary of CBIZ, Inc.