Zen and the Art of Employee Financial Wellness
Employees facing fewer financial worries and distractions; employers benefitting from a more focused, engaged, and productive workforce — employee financial wellness programs can help employees find balance and control over their finances, now and throughout their lifetime. Raising the level of employees’ financial consciousness can reduce absenteeism and lower turnover rates while raising employee satisfaction and improving the employer brand.
Helping Employees Get ‘to’ and ‘Through’ Retirement
Mercer’s approach to employee financial wellness focuses on engaging employees throughout their lives, not just at retirement. The objective is to help employees reach their goals for every stage of their “financial lives,” whether it’s saving for a house, a car, college, or retirement.
The Link Between Financial Wellness and Business
Organizations have every reason to want their employees to be financially sound. An effectively designed employee financial wellness program can help employers:
- Bolster productivity, because employees aren’t distracted by financial worries.
- Drive more predictable workforce flow throughout the organization.
- Increase employee engagement and retention.
- Create more affordable retirement opportunities for all employees and enable career advancement opportunities for younger employees.
The Human Side of Data
Our methodology relies on data analytics to provide insights into employee behaviours. We use statistical analysis to isolate demographic and behavioural characteristics to find the most successful programs for employees. We then craft “personas” from the data to increase employee engagement. Our goal is to help employees develop a sustainable approach to financial wellness. To better ensure that both employees and employers derive maximum value, we perform a cost-benefits analysis.
Vendor Research and Monitoring
In the US there are well over 300 financial wellness vendors. They operate in a market that is not well-established, and is evolving at a rapid pace. The companies themselves are young, with limited track records. In such an environment in-depth vendor research and ongoing vendor monitoring is essential, Mercer has a team of specialists focused on financial wellness vendor research and monitoring.
Give Employees Help, Not Hype
There’s a lot of financial advice out there; most has a not-so-hidden agenda, linking advice to investment programs and products. At Mercer, we are transparent with our clients and help them be transparent with their employees.
Defined Benefit Pension Plans
Mercer can help Defined Benefit plans manage persistent risks like: market volatility, uncertain liabilities, and pressure to reduce expense and contributions.Read more
Pension Risk Management
Mercer provides clients with a holistic approach to Pension Risk Management. One that aligns strategy with the plan’s overall funding status.Read more
Defined Contribution Plans
Mercer can help design, plan, optimize and manage customized Defined Contribution programs globally and locally.Read more
Wealth and Investments
Employee Financial Wellness
Mercer Financial Wellness programs help employees reduce financial worries while employers increase workforce engagement and productivity.Read more
Mercer Alternative Investments provide a solid means to guard against the volatility of equities, hedge against inflation, and achieve better returns.Read more
Endowments and Foundations
Mercer is dedicated to helping Endowments and Foundations not only realize higher risk-adjusted returns, but also fulfill a higher mission.Read more
Financial Intermediary Partnerships
Mercer can help financial intermediaries bolster resources, generate investment ideas, perform due diligence, and assess operational and fiduciary risks.Read more
Retirement Plan Administration
Mercer retirement investment advisors provide trusted solutions in defined contribution and defined benefit retirement plan administration.Read more