Between threats of a recession, high mortgage rates and ballooning inflation, there seems to be no end to the financial stress employees are shouldering these days.
While employers can do the bare minimum by providing a liveable wage, they're being called to do much more to alleviate these pain points and help employees accomplish their financial goals. In this week's top stories, empowering women to ask for raises is one way to boost financial stability. Women continue to be woefully underpaid, yet just 57% feel comfortable asking for a raise. Providing salary negotiation training could help them ask for what they're worth.
Read more: Financial wellness has gone digital — Are your benefits keeping up?
And once they have those dollars, all employees want help maximizing their value — homeowner assistance benefits are an emerging trend as employees navigate a competitive housing market. Yet while offering money toward the cost of a home could be helpful for some, providing more robust financial wellness benefits like student loan repayment and automatic savings programs can help all employees put more discretionary income aside.
Whether those financial needs are immediate or in the distant future, workplace savings plans are an essential tool for many. Tax-advantaged savings plans like a 529, which help workers save money for their child's college, or ABLE plans, which support individuals with disabilities, have a variety of benefits and long-term savings incentives that can put employees' minds at ease about their future financial responsibilities.