Supporting your employees with their financial wellbeing

Transcription

1 Supporting your employees with their financial wellbeing

2 2 Introductions John Jurik Area Executive Vice President, Arthur J. Gallagher Emily Brainerd Wellbeing and Engagement Regional Leader, Arthur J. Gallagher

3 3 How would you describe a Destination Employer Rich Benefits Management Buy-In Physical Wellness Community Connection Engaged Employees Socially Aware Career Development Minimal Politics Transparency Flexible Integration Employee Centric Child Care

4 4 Characteristics of a Destination Employer Always evolving each element of their offering Inspires a sense of connection to the organization Engages new hires who continue to envision building a successful career Maintains a workforce who want to keep working at the organization and would recommend it to their family and friends

5 5 The Multiple Dimensions of Wellbeing The WHOLE person comes to work every day each employee s wellbeing influences individual and organizational performance

6 Financial Wellbeing What does it mean to you? 6

7 Financial Wellbeing What does it mean to your organization? 7

8 What percent of your stress is caused by financial matters? 8

9 9 Financial Stressors Travel/Vacation Wedding Insurance Savings 30-year mortgage Uninsured Out-of-pocket Stress Management Volunteer activities Emergency Expenses Parent Plus Loans New Baby Retirement Home Improvement Vacation College Mission Trip Boat Healthcare Divorce Short-term debt Pet expense Retirement Home Second Home Identity Theft Legal expenses

10 10

11 11 Student Loans 40% of Millennial employees have a student loan and 84% of them say that their student loans have a significant impact on their ability to meet other financial goals 38% of Baby Boomers have additional loans for their children

12 Financial Wellness Vendors 12

13 13 78% of Americans live paycheck to paycheck

14 14 Behavioral Finance Elements Programs that encourage measureable changes in saving AND spending habits Pete the Planner s Power Percentage Smart Dollar s Baby Steps Behaviors that support financial wellbeing: Effective routine money management Financial knowledge seeking to support informed financial decisions Financial goal-setting Following through on Financial decisions and goals to achieve the desired outcome

15 Where do you start? 15

16 Workforce Evaluation 16

17 Human Capital Distribution 17

18 Investment not Expense 18

19 Financial Wellbeing: There s an app for that! 19

20 Host a podcast lunch and learn or share videos via and newsletters. 20

21 Host a financial wellbeing challenge 21

22 Destination Employer 22

23 23 Questions and Answers We thank you for your time! John Jurik Emily Brainerd

24 24 Disclosures Gallagher Benefit Services, Inc., a subsidiary of Arthur J. Gallagher & Co., (Gallagher) is a non-investment firm that provides employee benefit and retirement plan consulting services to employers. Securities may be offered through Kestra Investment Services, LLC, (Kestra IS), member FINRA/SIPC. Investment advisory services may be offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Certain appropriately licensed individuals of Gallagher are registered to offer securities through Kestra IS or investment advisory services through Kestra AS. Neither Kestra IS nor Kestra AS are affiliated with Gallagher. Neither Kestra IS, Kestra AS, Gallagher, their affiliates nor representatives provide accounting, legal or tax advice. This material was created to provide accurate and reliable information on the subjects covered, but should not be regarded as a complete analysis of these subjects. It is not intended to provide specific legal, tax or other professional advice. The services of an appropriate professional should be sought regarding your individual situation.