PLANSPONSOR - December 2021 - January 2022 - 32

2022 INNOVATION ISSUE | WELLNESS
TeamBuilding reviews its health
insurance package annually and other
benefits periodically, Alexis explains.
" Our framework for evaluating benefits is
a combination of whether employees are
using the benefit, and then whether it is
providing a net positive outcome, " Alexis
says. " For example, we recently retired our
monthly healthy lifestyle credit because
management of this program had become
more complicated as our team grew. We
replaced the credit with other benefits
that provide similar positive outcomes for
employees, without the strain on administrative
resources. "
Leveraging Technology
A key recommendation in the PwC
survey was: Implement a technology
solution paired with human interaction
and guidance.
Technology and privacy can seem
incompatible, but Cornell Staeger, a principal
with PwC workforce transformation
in New York City, maintains that they can
coexist. An important early step is to reassure
employees that individual responses
to financial assessments never get shared
with their employer.
Once that trust is established, digital
solutions are " a great way " for many
employees to start taking positive steps to
improve their personal finances, Staeger
says. " For instance, employees can set and
track goals, develop a spending strategy,
see how they compare across key money
management ratios and track their
financial health over time, " Staeger says.
Employees subsequently may leverage the
digital assessments into discussions with
a coach.
Woodruff Sawyer & Co., an insurance
brokerage and consulting firm headquartered
in San Francisco, uses the Financial
Finesse platform for its financial wellness
benefit. Kristina Keck, vice-president with
Woodruff Sawyer, notes that Financial
Finesse uses artificial intelligence (AI)
software called AIMEE, which stands
for Artificial Intelligence Motivating
Employees Everywhere. " AIMEE asks
employees questions and will assess
their financial situation; based on that, it
suggests resources and next steps tailored
especially for the individual, " Keck says.
" In addition, AIMEE adapts according
to employees' responses and follows up
with an action plan and reminders for the
employee to take action. "
... two-thirds
of employers
communicate
about mental and
physical health
benefits no more
than twice a year,
which, Crain says,
is inadequate.
Understanding Benefits
A potential downside of an extensive benefits
menu is that employees might find it
overwhelming and never investigate all
that it offers. Some research suggests
that employers could do more to increase
awareness and utilization. The Bank of
America Workplace Benefits Report says
two-thirds of employers communicate
about mental and physical health benefits
no more than twice a year, which, Crain
says, is inadequate.
There are multiple ways in which
employers can inform their staff about
benefits, but they must make sure to
do so frequently, he says. " First, there is
the annual enrollment period and the
communications leading up to it. Second,
there are ongoing employee engagement
activities such as educational seminars
and webinars; these often have a theme
that would be relevant to employees, given
their respective life stage experience. "
Lastly are ongoing communications via,
for example, newsletters and prompts to
help employees take actions that would
32 PLANSPONSOR.COM December 2021 - January 2022
improve their financial wellness. " The
study did indicate that program communications
is still an area needing improvement, "
he adds.
Brian McDonald, head of Morgan
Stanley at Work in Denver, for one, has
seen valuable resources going unused
because employees are unaware of them.
" This makes leveraging digital tools and
communication vehicles critical to get the
right message to the right employee at the
right time, " McDonald says. " We're seeing
some organizations even explore artificial
intelligence and machine learning to help
solve this riddle, but truly there's no silver
bullet. "
He suggests that companies use
traditional education methods such as
seminars and webinars to augment the
newer communication trends. " Further,
HR [human resource] professionals don't
have to go it alone. We also recommend
they lean on their benefits providers to
help deliver the message. "
TeamBuilding uses multiple methods
to keep employees informed about benefits,
Alexis says. The company shares
updates and important timelines during
its monthly all-hands meetings. " We also
post announcements and updates to our
main announcements channel in Slack,
which reaches all employees, " he notes.
" Finally, we've had various employee
resource groups do a deep dive into specific
benefits such as parental leave and financial
wellness. "
Woodruff Sawyer has an online
financial hub that is customized to its
benefits, providing direct links to them
so employees can take immediate action.
Keck gives the example of an employee
who needs to update his will or get a trust.
" If I select that action, the hub brings up
Rocket Lawyer, which we use for our legal
benefits, " Keck says. " I can access Rocket
Lawyer directly from the hub. "
In addition, she says, employees may
call a toll-free number and speak with a
Certified Financial Planner (CFP) about
the best ways to use the company's benefits.
-Ed McCarthy
http://www.PLANSPONSOR.COM

PLANSPONSOR - December 2021 - January 2022

Table of Contents for the Digital Edition of PLANSPONSOR - December 2021 - January 2022

INSIGHTS
RULES & REGULATIONS
UPFRONT
ESG Interest Piqued
2021 Best in Class DC Providers
Ramping Up Offerings
Annuities Still Misunderstood
Student Loan Repayment
FIDUCIARY FORUM
INSIDE ANGLE
PLAN PROFILE
PLANSPONSOR - December 2021 - January 2022 - Cover1
PLANSPONSOR - December 2021 - January 2022 - Cover2
PLANSPONSOR - December 2021 - January 2022 - 1
PLANSPONSOR - December 2021 - January 2022 - 2
PLANSPONSOR - December 2021 - January 2022 - 3
PLANSPONSOR - December 2021 - January 2022 - INSIGHTS
PLANSPONSOR - December 2021 - January 2022 - 5
PLANSPONSOR - December 2021 - January 2022 - RULES & REGULATIONS
PLANSPONSOR - December 2021 - January 2022 - 7
PLANSPONSOR - December 2021 - January 2022 - 8
PLANSPONSOR - December 2021 - January 2022 - 9
PLANSPONSOR - December 2021 - January 2022 - UPFRONT
PLANSPONSOR - December 2021 - January 2022 - 11
PLANSPONSOR - December 2021 - January 2022 - 12
PLANSPONSOR - December 2021 - January 2022 - 13
PLANSPONSOR - December 2021 - January 2022 - 14
PLANSPONSOR - December 2021 - January 2022 - 15
PLANSPONSOR - December 2021 - January 2022 - ESG Interest Piqued
PLANSPONSOR - December 2021 - January 2022 - 17
PLANSPONSOR - December 2021 - January 2022 - 18
PLANSPONSOR - December 2021 - January 2022 - 19
PLANSPONSOR - December 2021 - January 2022 - 2021 Best in Class DC Providers
PLANSPONSOR - December 2021 - January 2022 - 21
PLANSPONSOR - December 2021 - January 2022 - 22
PLANSPONSOR - December 2021 - January 2022 - 23
PLANSPONSOR - December 2021 - January 2022 - 24
PLANSPONSOR - December 2021 - January 2022 - 25
PLANSPONSOR - December 2021 - January 2022 - 26
PLANSPONSOR - December 2021 - January 2022 - 27
PLANSPONSOR - December 2021 - January 2022 - 28
PLANSPONSOR - December 2021 - January 2022 - 29
PLANSPONSOR - December 2021 - January 2022 - Ramping Up Offerings
PLANSPONSOR - December 2021 - January 2022 - 31
PLANSPONSOR - December 2021 - January 2022 - 32
PLANSPONSOR - December 2021 - January 2022 - 33
PLANSPONSOR - December 2021 - January 2022 - Annuities Still Misunderstood
PLANSPONSOR - December 2021 - January 2022 - 35
PLANSPONSOR - December 2021 - January 2022 - Student Loan Repayment
PLANSPONSOR - December 2021 - January 2022 - 37
PLANSPONSOR - December 2021 - January 2022 - FIDUCIARY FORUM
PLANSPONSOR - December 2021 - January 2022 - INSIDE ANGLE
PLANSPONSOR - December 2021 - January 2022 - PLAN PROFILE
PLANSPONSOR - December 2021 - January 2022 - Cover3
PLANSPONSOR - December 2021 - January 2022 - Cover4
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