Financial wellness benefits aren’t just a “nice to have” anymore. The skyrocketing popularity of this holistic approach to employee benefits presents a challenge — and an opportunity — for benefits administrators who always need to make sure their plans target the intersection of participant expectations and company needs.
More nuanced than traditional benefits, financial wellness encompasses employee mental stress related to all aspects of personal finances, and mandates employers to provide support. But rather than simply adding a new product or vendor to your offerings, consider a gut check on vision: Are you positioned to help address the complete range of participant financial, mental and physical health needs? If not, your bottom line may be poised for pain.
