In today’s workforce, nothing is off limits when it comes to the support employees seek to improve their financial situation.
Forty-one percent of employees are currently living paycheck to paycheck, according to Willis Towers Watson, up from the pre-pandemic level of 38%. With no extra funds at the end of the month, 75% of employees report financial stress, with their top concerns being the inability to save for retirement, as well as the challenges of paying down debt and building a fund emergency, SoFi research found.
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In order to dig in, employees are increasingly asking their employer to provide financial wellness benefits beyond what’s included in their traditional benefits package, says Jennifer Nuckles, executive vice president and business unit leader of the group at SoFi.
“Past expectations of competitive pay and friendly work environments are now up for grabs,” says Nuckles. “The mindset of employees has changed dramatically in terms of what is important to them.”
Based on one-on-one sessions with advisors, to help buy a home, SoFi conducted a survey to determine which financial wellness benefits top the priority list for employees today. Nuckles shares his thoughts on these on-demand benefits and why they’ll help employers win the Great Resignation.