Employers are bolstering financial “wellbeing” programs to
help ease pandemic-related financial strain, with an emphasis on diversity,
equity, and inclusion (DE&I), according to a new report by Alight
Solutions.
According to Alight’s 2022 Hot Topics in Retirement &
Financial Wellbeing report, seven in 10 employers are creating or implementing
a financial wellbeing strategy and another 17% say their strategy is fully
executed.
Overall, 83% intend to include diversity, equity, and
inclusion in retirement and financial wellbeing programs by taking steps like
reviewing communication materials with an eye toward DE&I, measuring
financial wellness by different employee segments, and leveraging employee
resource groups to discuss retirement and financial wellbeing topics.
“For the first time, we asked employers about their plans to
expand DE&I in their retirement and financial wellbeing programs and the
answer was a resounding yes,” Rob Austin, head of research at Alight, said in a
statement. “Many companies are realizing that focusing on DE&I can help
with attraction and retention of workers while helping promote a more equitable
environment. It comes as no surprise that we’re seeing the DE&I focus
extend to employee benefits now.”
The employer approach
In addition to a focus on DE&I programs, the report also
identified other key strides employers are making when it comes to their
approach to retirement and financial wellbeing:
57% of employers are satisfied with the participation rates
of their defined contribution plans– up from 46% in 2018.
There’s been rapid growth in the percentage of employers
offering specific tools to help with topics including
budgeting (35% in 2018 to 59% now),
debt management (27% in 2018 to 51% now)
and financial planning (28% in 2018 to 52% now).
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