Revitalizing employee benefits: A look at retirement and financial wellness

Employers play a big part in ensuring workers are happy and set for the future. A recent report from TransAmerica Center for Retirement Studies delves into recommendations for employers to enhance their business practices, focusing on retirement benefits. We’ve distilled the essential findings and actions for maximum impact for HR and people leaders.

Flexible work + financial wellness: The new norm

Today's employees seek flexible work arrangements that cater to their responsibilities and align with their professional growth. From health benefits to retirement plans, employees are looking for their employers to provide a comprehensive benefits package.

• Employees value work/life balance.
• Health and welfare benefits are paramount for physical, mental and financial health.
• Retirement plans help employees feel financially secure.
• Offering financial planning assistance can ease anxieties.
• Phasing into retirement can offer employees a smoother transition, balancing their personal and professional needs.

Actions HR + people leaders can take to create financial wellness:

• Offer flexible work schedules that account for varied personal and professional needs.
• Provide training sessions to educate employees on financial wellness and the intricacies of retirement plans.
• Survey employees to understand evolving needs and adjust benefits accordingly.

Boost employee growth and financial wellness through live learning

Understanding generational needs + preferences

Each generation has unique financial and professional goals. Understanding these generational nuances is critical for HR and people as they work to create engaging and supportive workplaces.

• Baby Boomers seek more information on retirement planning.
• Gen X is focused on long-term savings and health benefits.
• Millennials and Gen Z prioritize work-life balance and student loan benefits.

Actions HR + people leaders can take to support each generation:

• Conduct surveys to understand specific generational needs and concerns.
• Implement training sessions highlighting financial wellness tailored to each generation.
• Provide resources on retirement planning specifically targeting older employees.
• Consider programs for younger employees about managing student loans and starting early savings.

Cultivating an age-diverse + inclusive work environment

Diversity, equity and inclusion are integral to a thriving workplace. Embracing age diversity and providing opportunities for lifelong learning helps ensure all employees remain relevant and engaged.

• Age-friendly work environments support employees throughout career lifecycles.
• Mentorship programs can bridge knowledge gaps and support cross-training.
• Lifelong learning keeps skills relevant in an evolving job market.

Actions HR + people leaders can take to cultivate an inclusive work environment:

• Implement training programs that promote DEI, focusing on age diversity.
• Establish mentorship initiatives to facilitate knowledge transfer.
• Invest in platforms or partnerships that offer continuous learning and upskilling opportunities.

Learn how to foster a sense of belonging in the workplace through effective learning strategies

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