PLANSPONSOR - December 2021 - January 2022 - 31

2022 INNOVATION ISSUE | WELLNESS
of America found significant differences
between men's and women's perception
of the financial stress in their lives,
with women citing more instances of
it. Ethnicity also influenced how financial
goals ranked. For instance, 47% of
Asians wanted a " step-by-step road map
for accomplishing my goals " vs. 33% of
white/Caucasian respondents.
Katie Hockenmaier, U.S. defined
contribution (DC) research director
with Mercer in San Francisco, stresses
that employees' needs can vary widely.
" Broad surveys are great tools at times,
but employers should really be focused
on the needs and asks of their specific
employee base, " Hockenmaier says. " We
suggest employers look at their employee
data to improve their understanding
of employees' financial needs and take
inventory of what related benefits they
currently offer. Then they can determine
where gaps in their own offerings [could
be filled]. "
Evolving Benefits
A SHRM and Morgan Stanley at Work
study identified the most common financial
wellness benefits: retirement; safetynet
insurance-e.g., life and disability
income insurance; education benefits;
financial planning; emergency funds;
financial coaching and education; and
loan support.
The list is dynamic, though. Vishal
Jain, head of financial wellness strategy
and development at Prudential Financial
in Summitt, New Jersey, reports
that, in 2021, his company along with
its partner, Wellthy, rolled out a solution
to help employees navigate family
caregiving needs. " This solution has
seen strong interest and adoption across
our institutional clients, demonstrating
employers' interest in expanding how
they support their employees' wellness
needs, " Jain says.
Regular reviews of what the employer
offers can help it identify which benefits to
keep and which to drop. TeamBuilding, a
firm in Covington, Washington, that runs
hosted team-building events as a service,
has an extensive benefits package, says
its CEO, Michael Alexis. Each component
contributes to financial wellness, he says.
" For example, by [our] covering 100%
of health insurance payments, employees
can allocate more of their paychecks to
spending, saving or investment, " Alexis
says. " The most direct example is our
personal finance workshops. " The program
uses a hybrid approach, combining selfeducation,
group study and professional
development, he says. " Our staff had the
option to join a book club where we read
a specific personal finance book. Then we
organized a workshop with two trainers to
explain the fundamentals and opportunities
in finance more thoroughly. Finally,
for employees who participate in the
program, we're offering a 401(k) match as
a bonus for team members who set up the
account and then deposit funds. "
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