Find out why financial benefits should be your first priority while creating employee benefits package for 2020

1. EMPLOYEE BENEFITS 2020
FINANCIAL WELLNESS
Author: Rani Joseph

2. The importance of
EMPLOYEE BENEFITS
A solid employee benefits package can help with
Your Employees are the
Backbone of your
Organization
Employee happiness and culture of success are interrelated.
Employee
loyalty
Employee
focus and
productivity
Employee
attendance
Employer
brand
building

3. Why should Financial
Benefits be at the top
of the list?

4. an all-time high of the country's employees
reported that they were financially stressed.
Even while unemployment in the
US is at a record low in 2019,
67%

5. Top Financial Pain-point of Employees
Source: The PWC Employee Financial Wellness Survey conducted in 2019, studied 1686 full time employed
adults with representation from across the Gen Z, Millennial, Gen X and Baby Boomer generations.
Cash flow and
debt challenges
Inefficient
retirement plan
Lack of financial
planning
The burgeoning
sandwiched generation
Student loans

6. 62%
of the Millenials find meeting even small,
unexpected expenses, challenging!
Cash Flow and Debt Challenges
• Inability to save sufficiently
• Surging cost of living
• Accumulated debts
CAUSES

7. Inefficient Retirement Plans
80%
of US workers expect to work even after
retirement
CAUSES
• Less savings and more likely to raid
retirement plans before retirement.
• Inefficient traditional retirement planning
programs

8. Lack of Financial
Planning
43%
of the Baby Boomers due to retire in the
next five years have estimated how much
they would spend during retirement!
CAUSES
• Lack of sufficient financial awareness
• Inability to look into future expenses

9. The Burgeoning Sandwiched Generation
Overall family spends have
increased because many
employees have both dependent
children and parents.
CAUSES
• Nearly half of the employees with
adult children provide them with
financial support.
• Benefits that don't cover employee
family spends as a whole.

10. 80%
of the millennials claim that student
loans take the rest of their financial
plan off-track
CAUSES
• Almost 50% of millennials have
at least one student loan.
• Even 10% of Baby Boomers still
have a student loan.
Student Loans

11. Many employers fear the high
cost-barriers to offer financial
wellness programs

12. Did you know you can kickstart your financial
wellness program close to ZERO additional costs ?

13. Best Bet Financial Benefits for 2020
• Better bonus payouts
• Help with student loans
• Personalized financial advice
• Paid time offs and remote working
options
• MicroLoans
• Retirement plans and investments
Source: Based on trend studies of Glassdoor and SHRM, the following is the list of top financial benefits for 2020

14. Better Bonus Payouts
Bonus Payout options followed by
employers
63% have service anniversary awards
51% have employee referral bonuses
48% have spot bonuses
Bonuses are transforming from being ‘just cash payout’ to ‘strategic’

15. increased by 4% in 2019 -
according to SHRM’s annual survey
of employers
• Usage of third-party student loan
repayment plans
• Agreements with employees to stay
back for a fixed number of years
after the loan repayment.
Student loan repayment offers

16. Personalized Financial Advice
Look beyond 401(k) opt-ins: provide personalized
advice and financial benefits offerings.
Offer retirement planning and investment advice online or
one-on-one
7 Prosper

17. Micro Loans
Offers zero cost EMIs for employees
to avail.
Micro ticket sized loans that can be
avail right from the employee's
smartphones.
Assistance with short-term financial issues

18. Retirement plans and investments
● Offer investment advice at zero commission
● Offer online stockbroking.
Government-managed pension funds are better than
custom managed ones.

19. Focusing on financial wellness and having
it as an integral part of the employee
benefits program of 2020 is a critical step in
addressing key employee challenges

20. Study each of the employee issues considering
the organizational climate and workforce
demographics.

21. ABOUT US
Xoxoday offers Empuls, an employee
engagement platform that helps HR
leaders and CXOs to engage meaningfully
with their employees. This platform helps
them proactively build a culture of
collaboration, and keep employees
motivated and aligned.
To know more, please visit:
https://www.xoxoday.com.

22. Thank You