Within the healthcare industry, nearly half (44 percent) of employees surveyed in an Aflac WorkForces Report say improving their benefits package is one thing their employer could do to keep them in their jobs. Financial education benefits can help employees with budgeting and debt reduction needs, but employers also should adopt voluntary benefits that provide employees the opportunity to have some financial flexibility. Among these are:
- Low interest installment loans and credit
- Student loan repayment benefit programs
- Automated savings programs that encourage employees to save money each month from their paycheck
- Bill payment programs that empower employees with debt paydown strategies and the ability to make recurring bill payments on-time each month through payroll deduction
- Perks for employees, such as an employee purchase program that allow workers to purchase consumer products and services through payroll deduction when they are unable or prefer not to use cash or credit
A benefits package that includes a portfolio of voluntary benefits helps healthcare employers acquire and retain a talented, productive workforce and at the same time help them fulfill the diverse benefits needs of multi-generational employees. By recognizing the value in voluntary benefits and adding to their voluntary offerings, healthcare employers not only can provide for their employees’ financial wellness, but can retain a loyal, motivated workforce as well.
Elizabeth Halkos is chief operating officer at Purchasing Power, a voluntary benefit provider of an employee purchase program that enables workers to buy brand name products and services via a transparent, affordable and financially-responsible purchasing program.