We Are Financial Services Disruptors
I read an article recently that really resonated with me, “Are Employers the Latest Financial Services Disruptors?” about how business owners and managers are focusing on financial wellness benefits for their employees. These kinds of benefits are more and more critical particularly in light of results of PricewaterhouseCooper's 2016 Employee Financial Wellness Survey, which showed that:
-52 percent of workers overall are stressed about their finances. And the younger the worker, the more likely he or she is to be worried: 64 percent of Millennials said they are stressed about their finances.
-46 percent of workers spend three or more hours during the workweek dealing with or thinking about financial issues.
-45 percent said their finance-related stress had increased over the last 12 months.
When I started my business in 2001 I hadn’t heard the term “disruptors” or “financial wellness benefits.” But I understood the value of a 401k, and offered them right out of the gate. I also know that if my team is worried and anxious about money matters, they are less likely to be doing their best work—how could they?
I’ve been running King Fish now for more than 16 years. That’s a long time for marketing companies, and to have survived 2008-2010 was challenging as Hell. And practically, 2008 forced most of us to pay a whole lot more attention to our personal financial stability.
Until 2008, King Fish had paid 100% of health and dental insurance, short- and long-term insurance and life insurance. After the Crash, we shifted to pay 80% of health and dental insurance but still pay 100% of all other company insurance. I recommend to all employees a meeting with my personal financial advisor, who also administers our company plan, hoping to expose the team to the value of having a financial planner.
What they could really use, and what I need to consider adding to my financial wellness benefits are:
-Money management training and tools
-Advice on managing student loan debt
-Debt reduction, asset management and saving for current and future needs—such as purchasing a home, financing their children's education or preparing for retirement.
King Fish will continue to be successful because we have attracted talented and capable people—and kept them. What are other businesses offering as financial wellness benefits? And which do employees seem to value the most? Let me know in the comments.
Back to baiting the hook