In today’s challenging economic environment, a business owner might be tempted to leave employee retention off the priority list. Yet with 76 million baby boomers eligible to retire in the next decade and a projected 56 million jobs that will need to be filled through 2012, it’s a long-term issue that businesses can’t afford to ignore.
Offering fulfilling careers, a positive work environment and top-notch pay are only parts of the solution. Best-in-class employers can show how much they care by helping their employees achieve financial success. Teaming with financial services providers to get the expertise and support they need will make it happen.
There are several ways you can use financial services to set your company apart.
For instance, you can:
Encourage direct deposit
More than 40 percent of Americans still don’t receive their paychecks through direct deposit. By inviting a banker to introduce direct deposit to your employees, you can address the benefits beyond convenience and reliability, such as easier money management and making it go further. It’s the first step for introducing employees to financial services, money management and planning.
Offer membership banking
Membership banking typically is a free benefit offered by financial service providers to businesses for their employees. The business customer’s employees can receive reduced or waived fees on checking accounts, savings accounts, check cards and credit cards. When employees open membership banking accounts, they often take the next steps toward building a healthy credit history and achieving their financial goals.
Introduce online banking
For your tech-savvy Generation X and Y employees, the right technology can make the difference in encouraging the development of good financial habits.
Make sure the membership banking program that’s offered to your employees provides online banking, a spending report and online bill pay. And look for a financial service provider that continually adds convenient options, such as the ability to check balances and transfer funds by cell phone.
Provide HSAs
More and more employers are offering their employees Health Savings Accounts in conjunction with a high-deductible health plan. They can be a great solution for organizations trying to keep health care costs reasonable for their employees and business. Health Savings Accounts may be appealing for employees because they offer tax-deferred earnings on unused money and the ability to roll the money over from year to year to use later or during retirement.
Build retirement savings awareness
Employers are increasingly aware of the need to help their employees start saving for retirement. Beyond offering a 401(k) plan, they are automatically enrolling employees in easy-to-understand plans and opening their doors to financial consultants and investment resources so employees can become more knowledgeable about retirement planning.
Bring financial services to employees
Top employers bring the experts to their employees. For instance, professionals in banking, education financing, mortgage, wealth management and retirement give “lunch-and-learn” presentations and provide one-on-one consultations with employees. With a full-service financial provider, one contact can arrange all the expertise and resources you need.
Paying attention to the financial needs of your employees can pay dividends in years ahead. When you show your employees how much you care about their financial success, the return can be a loyal and motivated workforce.
Tawnie Nelson is the Wells Fargo business banking manager for Clark County. She can be reached at 360-759-4820 or Tawnie.Nelson@wellsfargo.com.
