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Employee benefits

Employee benefits are changing. Here’s what advisers should know

By Nathan Place
Published Updated 2 Min Read
PexelsArizent research shows workers are demanding new benefits to cope with today's challenging economy.

In today’s challenging economy, the same old employee benefits just don’t cut it anymore. Faced with high inflation and an uneven stock market, workers are demanding a variety of new financial wellness perks that go beyond the 401(k). But in many cases, they may need financial advisers’ help to make use of them.

That’s the upshot of a new study by Arizent, Employee Benefit News’ parent company, which surveyed 200 executives and H.R. professionals at corporations across the country. The study is titled “Finding the Right Tools to Support Financial Wellness,” and it can be viewed here.

Among employers, there is little debate about the importance of retirement benefits. Of Arizent’s respondents, 84% said they offer their employees 401(k)s. Almost as many — 78% — described retirement plans as “very important” or “absolutely essential” to their companies’ recruitment and retention of employees. And the plans are popular with employees; 91% of employers said their 401(k)s are “well utilized” by their workers.

However, there is still room for progress. In addition to 401(k)s, companies could match employees’ contributions to lifestyle savings accounts — a relatively new benefit that allows workers to build up savings for financial purposes other than retirement. So far, only 6% of companies offer this.

Nathan Place
Nathan Place
National Reporter

Nathan Place is a national reporter at American Banker. A native of New York City, he has worked for more than a decade in both print and video journalism. He got his start in Beijing, where he … Read full bio

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