As employees seek jobs that offer extensive retirement benefits, businesses can profit from delivering health plans that focus on people’s ability to prepare for the future and improve their financial knowledge and well-being.
Diving into potential impacts that HR and benefits managers may need to consider when building their employee health plans this year, four trends stuck out. Here’s an overview of each:
Convergence of wealth and retirement
Wealth management and retirement planning are two essential aspects of organizing finances, and they’re often discussed separately from one another. Employees are now focusing more on taking a holistic approach to their money to create a more complete and inclusive financial plan. To accomplish this, employers should simultaneously advise employees on wealth and retirement planning by looking at investment opportunities and other forms of finance building.
Retirement planning in a volatile market
The finance world is constantly shifting, and with it comes changing market conditions. With interest rates rising and retirement risk factors breathing down employees’ necks, HR and benefits managers need to understand what’s truly important to people and determine how best to advise in moments of financial uncertainty.
Inflation and imminent recession
Inflation is constantly fluctuating, which has a direct impact on how people save their money and how much employees are able to put away or invest. On top of that, the potential for a recession looms in the distance; this makes it essential for people to plan ahead financially.
As both a response to inflation and a means to invest in wealth management practices, alternative assets like cryptocurrency, blockchain, NFTs, and the Metaverse have grown in popularity. What opportunities can HR and benefits managers offer to employees through nontraditional methods?