Sean Manning, CEO and Founder of Payroll Vault Franchising LLC, is a thought leader in the financial field who emphasizes the importance of employee well-being and satisfaction in the workplace. Manning believes that beyond just a competitive paycheck, employees appreciate employers who provide additional perks and benefits that cater to their needs. This can lead to a more loyal and dedicated workforce, especially during challenging times. To effectively manage these benefits, Manning advocates for the implementation of financial wellness programs within companies.
Financial wellness programs are educational resources provided by employers to inform employees about the benefits offered, how to participate, and the value of participation. Despite the benefits of such programs, a 2023 Transamerica Institute report shows that only 28% of surveyed employers offer them, while 77% of employees consider it a priority. These programs cover a range of non-monetary compensation, including health and life insurance, retirement plans, paid time off, stock options, employee education opportunities, and access to financial advisors.
To get started on creating a financial wellness program, companies can assemble a team of advisors, including insurance specialists, payroll specialists, tax advisors, and attorneys. These professionals can help ensure that the program is comprehensive and legally compliant. By understanding employees’ financial situations and soliciting their input, companies can tailor the program to meet their needs and interests. Once launched, the performance of the program should be monitored to gauge employee satisfaction and potential improvements.
In light of the “Great Resignation” trend, where millions of Americans left their jobs in 2022, Manning stresses the importance of valuing and investing in employees. He believes that creating programs and initiatives that demonstrate care and respect for staff can lead to increased loyalty and resilience within the workforce. By listening to employees, providing support, and making them feel valued, employers can cultivate a positive work environment that fosters employee retention and overall business success. Ultimately, the key to a happy and productive workforce lies in understanding and meeting the needs of employees beyond just financial compensation.
