Are Wellness Programs The Key To Post-Pandemic Leads?

Employee wellness benefits on everything from health to finances remain immensely popular with Americans.

A 401(k) plan and life insurance rank third and sixth in an employee ranking of benefits in the 18th annual MetLife Employee Benefit Trends Study 2020. MetLife found that 69% of employees would be more loyal to their company if it offered a wide range of employee benefits.

Data like that point to employee wellness benefits being a big source of business for financial services companies and advisors. LIMRA will discuss ways both can deliver financial wellness to employees during a session today at the 2021 Retirement Industry Conference.

"The most common source of financial wellness education is through the workplace, and oftentimes through a retirement plan provider," said Alison Salka, senior vice president and director of research at LIMRA. "So I think there's a great opportunity for employers."

'Stepping Up'

The role of employers, financial advisors and wellness programs in the workplace will be the focus of today's panel discussion. Wellness took on an added emphasis in the past year as the pandemic left many employees disconnected from co-workers and management.

The MetLife survey found that two of three employees said they are feeling more stressed than before the COVID-19 pandemic.

"Lots of companies have been stepping up to provide tools and resources to their employees and wellness programs that become more more common and actually more holistic," Salka said.

Studies have shown that wellness benefits can be a key differentiator in a tight labor market. Regardless of what the industry is, being able to provide desirable benefits can help companies attract and retain top talent. That is where financial services and advisors come in.

The pandemic only accelerated the expansion of wellness programs, Salka said.

"Wellness programs used to be just literacy and education programs, or things like cash and debt management," she noted. "But now, it's really evolving into a series of comprehensive offerings that include things like college and career planning, elder and dependent care, and things like survivor and bereavement support."

Opportunity Knocking

LIMRA surveyed advisors and practices to learn more about attitudes toward financial wellness, Salka said. What they found is a mixed bag.

"Those who offer holistic planning have less interest, because many of them feel like they're already doing it," she said. "But those who have more specialized practices see it either as an opportunity or something that they don't do. And I will say, for this group, digitally driven financial wellness programs will be important moving forward."

The reality of the post-pandemic world is one that blends work and home environments more closely than ever before. MetLife found that 40% of respondents admitted that they struggle to navigate the demands that accompany today's "always on" work-life existence.

Wellness programs can provide solutions to those issues, Salka said.

"Having a good understanding, having a discussion of financial wellness, can uncover new issues and new opportunities," she added. "And it really sets the table for something like offering a plan, a more holistic financial plan."

InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected]. Follow him on Twitter @INNJohnH.

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