Give Your Benefits Program Some "Oomph!"

While meeting with a prospective client recently, the HR Director was reading off a list of shortcomings about her current advisor. One of the things I jotted in my notes is that she wanted to give her benefits program more “oomph.” We’ve been getting this type of question/challenge a lot lately. I suspect that many plan sponsors are tired of hearing about wellness plans, high deductible health plans, maybe even concepts that were seemingly “hot” not too long ago, such as reference-based pricing.

Instead, these clients want to know about emerging benefits that may be a little off the beaten path… and may not be talked about much by brokers because they are not insurance (and therefore the broker doesn’t get paid). Luckily for our clients, they’ve “got a guy.” We’re committed to bringing the freshest ideas, year-in, year-out. Here are a few emerging employee benefits we’ve been talking about.

Student Loan Assistance

Everyone these days seems to be worried about how they are going to recruit, retain and engage millennials. We are also always hearing about the crushing student loan debt many young adults carry when they graduate from college. One idea to consider is a student loan assistance program. For a small per employee per month charge, employers can implement a program to simply ease the process of refinance and administration for employees, or even help contribute to the repayment of the loan.

Financial Literacy

A concept whose time has perhaps come, more employers are asking about how to educate their employees to be better managers of their own money. Since there are obvious intersections with retirement planning, sometimes this type of education can be provided as part of the retirement plan. Alternatively, numerous companies offer standalone education programs to help employees make a budget, create a rainy-day fund, and get on the right path toward retirement.

Employee Loans

For those who are perhaps not financially literate, there are other ways to assist. Research shows that 63% of Americans do not have $500 in cash in case of emergency, and 80% are suffering from moderate to severe financial stress. New programs are emerging to make it easier for your employees to get approved for small loans and pay them back through payroll deduction – all with minimal effort/involvement from HR.

Want to learn more about these programs and more? Contact us at bayoubenefits@gmail.com