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  • In today’s world, financial wellness has become a growing concern for employees. A survey showed that 59% of employees said financial matters are the most significant source of stress in their lives. As a result, employers are now trying to help their employees achieve financial wellness.

    Business owners can help their employees achieve financial wellness by leveraging the Secure 2.0 Act. This Act was signed into law in late 2022 and developed dozens of new retirement-related provisions. It addresses additional issues related to retirement and savings that were not part of the original Secure Act of 2019. The Secure 2.0 Act creates new flexibility and accessibility to help individuals plan for a more secure future.

    The Benefits Of Leveraging Secure 2.0 

    By using the Secure 2.0 Act, employers can offer their employees access to financial advisors who can help them with everything from creating a budget to investing in their retirement accounts. Consider the following benefits of the Act:

    1. Offering financial planning and advice services

    One of the critical ways Secure 2.0 can help improve employee financial wellness is by offering financial planning and advice services. These services can help employees make better financial decisions by giving them the information they need to make informed decisions.

         2. Encouraging savings

    Secure 2.0 helps improve employee financial wellness by encouraging savings. The platform can help employees set up automatic contributions to their retirement accounts and provide tools and resources to help them save for other financial goals.

         3. Provides debt management resource

    Debt is one of the biggest barriers to achieving financial wellness. With Secure 2.0, employers can offer their employees resources to help them manage their debt. This can include debt counseling services, debt consolidation options, and debt management tools.

         4. Educating employees on financial wellness

    Finally, Secure 2.0 also educates employees on the importance of financial wellness. Employers can offer financial wellness workshops and webinars covering various topics, from budgeting to investing.

    Why It Matters

    The Secure 2.0 Act can be a valuable tool for employers looking to improve their employees’ financial wellness. If you’re a small business owner looking to help your employees save more, you’ve come to the right place. While Secure 2.0 is an excellent resource, partnering with a professional employer organization (PEO) such as GMS is another excellent option.

    Offering a retirement plan to your employees helps you with the following:

    • Recruit more qualified employees 
    • Offers you additional opportunities for tax savings
    • Retain valuable employees

    However, retirement plans come with a lot of complexity and risk. Fortunately, GMS helps cut costs, reduce stress, save time, and offer the benefits your employees need. GMS is here to provide guidance on the best plan for your employees. At GMS, we offer our clients a profit-sharing 401(k) plan. This gives small business owners flexibility in how much they contribute to their employees’ 401(k) accounts. By implementing a profit-sharing plan, you show your employees that they’re critical to your company’s success by rewarding them for their hard work. Contact us today to learn more.

  • Employees’ needs have changed since the pandemic in 2020. Alongside the pandemic, there’s currently a tight labor market, hybrid work options are becoming increasingly popular, and benefits packages are being reviewed. Continue reading to learn what additional actions employers may take before open enrollment.

    Mental Health Benefits

    As an employer, it’s vital to understand that mental health support at work is no longer a perk; it’s a must-have resource for employees. A survey showed that 42% of employees with access to mental health benefits in the workplace say they’re more likely to stay at their job. In addition, 44% of employees who don’t have access to mental health benefits felt unsupported by their employers. Employers can enhance mental health benefits by expanding services offered through employee assistance programs and providing many other resources.

    Employee Financial Wellness

    Due to a tight labor market and fear of a recession, financial well-being programs have become increasingly popular. Researchers show that 69% of workers are stressed about their finances, with 72% of individuals worrying about their personal finances at work. Companies have begun launching financial wellness programs for their employees to support getting their finances back on track.

    In addition, financial stress results in a 34% increase in absenteeism and tardiness. Employees who worry about money miss almost twice as many days per year compared to colleagues who don’t have the financial stress. As an employer, if you can take away some of your employees’ financial worries out of the equation, you’re one step closer to a healthier and happier workforce.

    Medical Travel Benefits 

    When the Supreme Court announced its abortion decision, Dobbs vs. Jackson Women’s Health Organization, businesses started offering their employees travel benefits should an employee need an abortion. Another 16% of employers plan to provide abortion travel benefits in 2023, while 21% consider offering this benefit to employees. Learn more about what actions employers are taking to ensure their employees feel heard by clicking here.

    What Actions Will You Take? 

    As a business owner, it’s crucial to keep and attract quality employees to continue growing your business. Offering a quality benefits package is one of the best ways to retain and hire top talent. However, the only problem is that providing a quality benefits program often becomes increasingly more expensive and time-consuming. Be proactive and prepare yourself for open enrollment by partnering with GMS. Contact us today.