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It seems like we’ve published several articles pointing out the gap between the benefits employees really want versus those employers think they’ll value (and consequently the ones they’re offering them).  However, some recently documented trends suggest this chasm is narrowing as the needs of business owners and their employees begin to overlap.

There have been a number of studies citing the fact that many Americans are facing money troubles and that many of their personal financial woes are affecting their performance at work.  As workers focus on their finances and ways to become secure for retirement, more and more employers are looking for ways to help them reach their goals and consequently improve their engagement and productivity.

A recent Aon Hewitt survey revealed that 90% of large employers plan to begin offering or expat their existing financial wellness initiatives this year.  Many also say they’re looking for better ways to manage their own costs and, as a result, reduce the cost of employee benefits to better meet their workers’ needs.

One problem that still exists is the fact that, with so many of today’s benefits being offered on a contributory or voluntary basis, employees are left with the task of evaluating their needs and then making their benefit elections as best they can with the information they have.  In many cases, they get overwhelmed with all the decisions and end up choosing little or no benefits at all beyond the basics.

As a result, more benefits providers are offering or redesigning tools to help employees make better decisions about their benefits and take bigger strides towards the financial security they seek.  These range from online assessments to the one-on-one assistance of a benefits advisor who can look at an individual’s family situation, income, financial obligations, risks, and existing insurance and savings and give them a customized analysis they can use to prioritize their benefit needs.

When employees can make such important financial decisions with confidence, their stress level is greatly reduced.  And when that happens they’re better able to focus on work and boost their productivity.   It’s a win-win for everyone involved.

To learn more about the importance of empowering your employees to make sound decisions about their benefits, you can read more here or contact Sequoyah Group today.