While there are employers out there that are trying to reduce their services to their employees, others want to be more involved in their workers' lives. The growing popularity of wellness programs is evidence of this trend. Now, another tool designed for such employers will be much more widely available as a result of a collaboration between consulting giant Aon Hewitt and a cloud-based financial management service, HelloWallet.
Aon Hewitt said that it is "teaming up" with HelloWallet to make its personal finance tools available to Aon's vast client base.
"HelloWallet provides access to comprehensive, unbiased guidance to help workers manage their debt, spend wisely and make the most of their company benefits," Aon said in a news release. "The collaboration with HelloWallet complements Aon Hewitt's robust suite of solutions that are designed to help employers support the financial security and health of their workers."
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Citing its own research, Aon reported that 76 percent of U.S. employers "are somewhat or very likely to expand their financial wellness benefits beyond retirement in 2014."
As with wellness programming, these employers are betting that, by helping their workforce improve their personal lives, the company in turn will benefit from a healthier, happier, more financially secure workforce.
"The relationship pairs HelloWallet's web and mobile financial guidance software with Aon Hewitt's benefits administration solutions to provide workers with access to their health and wealth data in an integrated way," Aon said. "For example, workers will be able to access data on their retirement plans, health plans, and overall financial wellness within a single portal, using a single password, allowing them to better manage their financial lives and make more effective decisions across, and beyond, their employer benefits programs."
Increasingly, research by Aon and others is demonstrating that many employees respond positively to employers that offer them guidance that extends to their personal lives and also supports their growing desire for more options at work and at home in matters of health and finance.
Data to support this convergence of interests by employer and employee can be found in other Aon research results. Consider:
- 77 percent of U.S. employers offer defined contribution savings plans such a 401(k) as their primary retirement savings vehicle.
- 56 percent of employers now offer consumer-driven health plans, up from 38 percent in 2011.
- More than half of workers are confused about how much money to set aside in their health savings account.
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Dan Cook
Dan Cook is a journalist and communications consultant based in Portland, OR. During his journalism career he has been a reporter and editor for a variety of media companies, including American Lawyer Media, BusinessWeek, Newhouse Newspapers, Knight-Ridder, Time Inc., and Reuters. He specializes in health care and insurance related coverage for BenefitsPRO.
