Employee Financial Wellness | Mercer Canada

Employers across Canada are recognizing the importance of improving their employees’ financial wellness

WEALTH AND INVESTMENTS

Employee Financial Wellness

Employers across Canada are recognizing the importance of improving their employees’ financial wellness. To help employers gain deeper insights into how they can do just that, Mercer’s Financial Wellness Index, which benchmarks a broad range of factors including financial stress, indebtedness, savings and retirement readiness. Equipped with this robust information, we can help employers develop a comprehensive financial security strategy that supports their employees — and their organization.

The Link Between Financial Wellness And Business

Improving Employees’ Financial Wellness Today — And Tomorrow

The gradual shift from defined benefit to defined contribution retirement programs has prompted employers to take a closer look at how well they prepare employees for retirement. However, many employers are lacking the specific metrics and benchmarks they need to measure the success of their HR strategy, employee outreach, and non-investment-related plan governance.

Improving Your Employees Financial Wellness

First of its kind, the Mercer Financial Wellness Index is a baseline analysis for employee financial wellness. Employers can now assess their employees against the broader Canadian workforce and evaluate gaps, challenges and opportunities.

By utilizing this robust benchmarking data, we can help you:

  • Understand the financial wellness trends, gaps and opportunities of your employee population compared to the Canadian market
  • Develop a targeted strategic roadmap that identifies financial wellness goals and appropriate interventions to improve employee financial & physical health
  • Improve how financial wellness program are governed including implementing metrics to track and measure workplace savings and employee financial security
  • Increase employee engagement in financial wellness program through innovative approaches to different demographics and aligning these programs with broader HR or employee engagement strategies.

How Mercer Can Help

Financial Wellness Impacts Overall Employee Wellness

According to the Mercer Canada Financial Wellness survey, when employees are not worried about their finances, they are more productive and engaged at work. We can help you improve your employees engagement and wellness in numerous ways including the following:

Benefits of working with Mercer:

  • Improve your Employees’ Financial Wellness
    After reviewing the benchmarking data, we work with employers to improve the financial wellness of their employees by establishing key metrics, developing communication and education initiatives, and identifying tools.
  • Evaluate your Retirement Plans
    By combining our Financial Wellness Index with our retirement readiness analytics tool, employers gain unprecedented access to quantitative and qualitative data that can help enhance their employee retirement strategy.
  • Enhance your overall Employee Wellness Offering
    Mercer can help you improve your employees’ overall wellbeing by combining your financial wellness strategy with your broader wellness initiatives. With this holistic approach, you can refine your entire employee benefits experience from onboarding to retirement.

By partnering with Mercer, employers can better understand their workforce metrics and identify areas for improvement. Together, we can implement a customized financial wellness plan that can support employees today, tomorrow and for years to come.

Wealth and Investment Services and Products

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A Defined Contribution Plan that provide advantages for both sponsors and members.
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Financial Wellness

Find out why you should care about financial wellness
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