PLANSPONSOR - April/May 2021 - 36

TOTAL BENEFITS | WELLNESS
What's
The ROI?
Analyze your
wellness program's
effectiveness, to better
serve employees
L
ast year, virtually half (49%) of
plan sponsors incorporated financial
well-being tools or services into
their benefit offerings, and this year 17%
are adding them, according to a survey
from Alight Solutions.
" Employers are saying, 'We understand
that finances can contribute to
stress,' " says Rob Austin, head of research
at Alight in Cornelius, North Carolina.
" Many of them want to help [their
employees] get a handle on their finances.
Sometimes it's assisting someone with
budgeting, emergency savings, etc. "
The desire for financial wellness
support is pervasive. Even before the
pandemic hit, a Willis Towers Watson
study found that, across the board, fulltime
employees in every age group-from
Baby Boomers to Generation Z-identified
financial wellness programs as their
top benefit of choice. Respondents placed
financial well-being as their ranking
priority ahead of wellness, commuter,
family and food benefits.
Workers across the country-those
employed and unemployed-are seeking
positions that offer the benefits they want,
including emergency savings tools and
advice on personal finances, according to
a Broadridge study.
Surveys and Data
Before adding more benefit options,
however, employers should determine the
success of their current programs and how
participants respond to what is offered.
This will help determine whether the
financial wellness program components
are working as they are, as well as whether
the employers are getting a good return
on their investment.
According to the Alight research,
85% of employers are studying how their
workers utilize company benefits, to try to
determine their effectiveness. Employers
also use retirement plan statistics, such
as higher participation rates (55%) and
employee engagement (52%) as measures
of success. A few are zeroing in on medical
36 PLANSPONSOR.COM April - May 2021 Art by Jo Zixuan Zhou
costs and absenteeism.
Austin says he has noticed that some
employers provide tools to help employees
appraise their own financial well-being.
Employees take such self-assessments
several times a year, to track their progress.
Such tools measure both participants' and
the program's success.
Along with employee surveys, says
Mark Smrecek, senior director, financial
well-being market leader at Willis Towers
Watson in Chicago, more employers
are looking to plan data to gauge their
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PLANSPONSOR - April/May 2021

Table of Contents for the Digital Edition of PLANSPONSOR - April/May 2021

Ready Solution?
Tiptop Health Savings Accounts
2021 Defined Benefit Administration Survey: Shedding Light on DB Plans
How TRO Might Benefit Plans
By Popular Demand
What's the ROI?
PLANSPONSOR - April/May 2021 - Cover1
PLANSPONSOR - April/May 2021 - Cover2
PLANSPONSOR - April/May 2021 - 1
PLANSPONSOR - April/May 2021 - 2
PLANSPONSOR - April/May 2021 - 3
PLANSPONSOR - April/May 2021 - 4
PLANSPONSOR - April/May 2021 - 5
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PLANSPONSOR - April/May 2021 - 14
PLANSPONSOR - April/May 2021 - 15
PLANSPONSOR - April/May 2021 - Ready Solution?
PLANSPONSOR - April/May 2021 - 17
PLANSPONSOR - April/May 2021 - 18
PLANSPONSOR - April/May 2021 - 19
PLANSPONSOR - April/May 2021 - 20
PLANSPONSOR - April/May 2021 - 21
PLANSPONSOR - April/May 2021 - Tiptop Health Savings Accounts
PLANSPONSOR - April/May 2021 - 23
PLANSPONSOR - April/May 2021 - 24
PLANSPONSOR - April/May 2021 - 25
PLANSPONSOR - April/May 2021 - 26
PLANSPONSOR - April/May 2021 - 27
PLANSPONSOR - April/May 2021 - 2021 Defined Benefit Administration Survey: Shedding Light on DB Plans
PLANSPONSOR - April/May 2021 - 29
PLANSPONSOR - April/May 2021 - 30
PLANSPONSOR - April/May 2021 - 31
PLANSPONSOR - April/May 2021 - How TRO Might Benefit Plans
PLANSPONSOR - April/May 2021 - 33
PLANSPONSOR - April/May 2021 - By Popular Demand
PLANSPONSOR - April/May 2021 - 35
PLANSPONSOR - April/May 2021 - What's the ROI?
PLANSPONSOR - April/May 2021 - 37
PLANSPONSOR - April/May 2021 - 38
PLANSPONSOR - April/May 2021 - 39
PLANSPONSOR - April/May 2021 - 40
PLANSPONSOR - April/May 2021 - Cover3
PLANSPONSOR - April/May 2021 - Cover4
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