As an employer, you know that your ability to attract and retain talent hinges on your willingness to provide popular employee benefits. What you might not realize, however, is that employees don't just want health insurance, sick days and flex time. Many of them also want help managing their money, author Larry Alton suggests in an article for Small Business Trends
"Most people haven't received much financial guidance from parents and peers, and therefore don't know what it looks like to be smart with their money," notes Alton, who says employers can help employees live happier, more successful lives by offering benefits them get a grip on their finances, such as financial counseling or education. "While it's technically only your job to pay employees, many would appreciate you taking the time to help them get on the right path. Optional financial guidance is a really good perk to offer. You may even want to hire a financial guidance counselor for your team. Some of the different topics to help your employees with include: personal budgeting, savings techniques, investing strategies, retirement planning, debt repayment and home buying."
You might even consider offering free credit-monitoring services. "Americans aren't very good at handling credit. This has become quite evident over the past couple of decades. If your employees are indicative of the average, then you probably have a number of individuals on your payroll who have poor credit," Alton says. "One perk that may be enticing is free credit assistance and monitoring. From your perspective, credit-monitoring services are defined by the IRS as a form of identify theft protection, which makes them non-taxable. This makes it a savvy choice on both ends."
At the end of the day, Alton says, benefits don't have to be about wowing employees; at their best, they're about helping them. "Employees want perks that are practical and rewarding," he concludes.
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