{"id":8564,"date":"2021-08-19T03:00:00","date_gmt":"2021-08-19T10:00:00","guid":{"rendered":"https:\/\/www.pinnaclehrs.com\/?p=8564"},"modified":"2021-08-19T03:36:28","modified_gmt":"2021-08-19T10:36:28","slug":"three-financially-focused-benefits-your-employees-will-love","status":"publish","type":"post","link":"https:\/\/www.pinnaclehrs.com\/three-financially-focused-benefits-your-employees-will-love\/","title":{"rendered":"Three Financially Focused Benefits Your Employees Will Love"},"content":{"rendered":"

In the last two years, employees across the country have had to adapt and adjust to a lot<\/em> of challenges, many of which organizations had little to no control over. Employee burnout, stress, and wellbeing took major hits, putting more pressure on organizations to come up with solutions to help them face these challenges. According to the 2021 Employee Benefit Trends Study by Met Life<\/a>, 86% of employees said finances are a top contributing factor to their stress now and into the future. While this may feel like an insurmountable problem for employers to take on, there are many solutions that can make a big impact for both the wellness of your employees and the health of your business.<\/p>\n

1. Student Loan Repayment Programs<\/h3>\n

Today, 47 million Americans<\/a> are carrying the burden of student loan debt. This year, student loan debt in America reached a staggering 1.7 trillion dollars<\/a>. Despite the temporary loan forbearance the Biden Administration placed on federal student loan payments, student loan debt remains a top concern for many Americans in the workforce.<\/p>\n

Employers looking for ways to help support employees who are paying off student loans should consider offering employee benefits aimed at just that\u2014helping them pay off this debt. In December, Congress passed the Consolidated Appropriations Act of 2021, enabling employers to contribute up to $5,250 in student loan payments tax-free, making it easier than ever for organizations to help.<\/p>\n

Supporting employees burdened with student loan debt can be a strong tool for attracting and retaining top talent.<\/p>\n

2. Retirement Planning<\/h3>\n

A 2019 study by GOBankingRates found<\/a> that 64% of respondents expected to retire with less than $10,000 in their retirement savings. Employers can help employees prepare for retirement and reduce stress by offering benefits designed to enable employees to begin saving for retirement. Some plan options that provide tax benefits to both employers and employees include:<\/p>\n