
1. Believing they need to help employees in more areas than just retirement and insurance.
An increasing number of employers now step in to help employees with everything from budgeting and emergency funds to identity theft protection and debt management.
One area still not getting much attention, however, is student loan debt; according to the survey, only 6 percent of employers offer assistance with student loan repayment, and that's up just one percentage point from last year.
In addition, although 28 percent of workers say they have student loans and 46 percent of them say that student loans significantly impact their ability to save for the future, 59 percent of employers say it's "not at all likely" that they'll be providing money to help workers pay off student loans.

Here are 6 ways employers are doing more than simply provide a retirement plan, according to recent findings from Alight Solutions.
Check out the gallery that follows, and the article below that tells what else the company found. (Photos: Shutterstock)

6. Expanding the breadth and depth of financial well-being plans.
A whopping 92 percent of employers say they will probably expand their financial well-being programs in ways that extend beyond the retirement plan.
In fact, two thirds say that the importance of financial well-being has increased over the past two years, and two thirds also say they'll likely take action on that in 2020.

5. Moving toward a total well-being initiative.
Nearly three quarters—72 percent—of employers say that they include financial well-being as a pillar of a broader well-being program.
That's an increase of 20 percent over the last two years. In addition, a third of employers are sharing information about the link between financial stress and overall health and well-being.

4. Helping workers bridge the gap between work and retirement.
Rather than trying to shed older workers, employers are now considering how to help workers transition to retirement and even to stay connected to the company after they leave.
A tight job market that's made it tough to stay fully staffed, coupled with older workers' need to stay on the job either to save more for retirement, keep health benefits or simply make ends meet, has meant that not only are more older workers continuing to report to the office every day but employers need them there.
And according to the report, 40 percent of employers want former employees to remain in their retirement plan, too. That's up from 33 percent last year, and now just 7 percent prefer that these individuals leave the plan.
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3. Making a greater effort to search for missing plan participants.
Employers realize they need to make a bigger effort to find missing participants.
In fact, 1 out of 6 employers, the report says, are making a concerted effort not just yearly or quarterly, but monthly, to locate these individuals.

2. Changing their focus from workers in the "foundation" stage of financial well-being to those in the "growth" stage.
According to the report, employees actually progress through four stages to get to financial well-being: security, foundation, growth and freedom.
While 60 percent of employers focus on the foundation stage, only 20 percent of workers are actually in that stage—where there are few tools and services to help them.
"Conversely," adds the report, "more than 1 out of 3 workers [37 percent] are in the growth stage, yet only 8 percent of employers say they are most focused on this stage."
Instead, Alight research shows that "sophisticated" defined contribution plans—which do have tools available—can help growth-stage employees maximize assets.

1. Believing they need to help employees in more areas than just retirement and insurance.
An increasing number of employers now step in to help employees with everything from budgeting and emergency funds to identity theft protection and debt management.
One area still not getting much attention, however, is student loan debt; according to the survey, only 6 percent of employers offer assistance with student loan repayment, and that's up just one percentage point from last year.
In addition, although 28 percent of workers say they have student loans and 46 percent of them say that student loans significantly impact their ability to save for the future, 59 percent of employers say it's "not at all likely" that they'll be providing money to help workers pay off student loans.

Here are 6 ways employers are doing more than simply provide a retirement plan, according to recent findings from Alight Solutions.
Check out the gallery that follows, and the article below that tells what else the company found. (Photos: Shutterstock)

6. Expanding the breadth and depth of financial well-being plans.
A whopping 92 percent of employers say they will probably expand their financial well-being programs in ways that extend beyond the retirement plan.
In fact, two thirds say that the importance of financial well-being has increased over the past two years, and two thirds also say they'll likely take action on that in 2020.

5. Moving toward a total well-being initiative.
Nearly three quarters—72 percent—of employers say that they include financial well-being as a pillar of a broader well-being program.
That's an increase of 20 percent over the last two years. In addition, a third of employers are sharing information about the link between financial stress and overall health and well-being.

4. Helping workers bridge the gap between work and retirement.
Rather than trying to shed older workers, employers are now considering how to help workers transition to retirement and even to stay connected to the company after they leave.
A tight job market that's made it tough to stay fully staffed, coupled with older workers' need to stay on the job either to save more for retirement, keep health benefits or simply make ends meet, has meant that not only are more older workers continuing to report to the office every day but employers need them there.
And according to the report, 40 percent of employers want former employees to remain in their retirement plan, too. That's up from 33 percent last year, and now just 7 percent prefer that these individuals leave the plan.
Advertisement

3. Making a greater effort to search for missing plan participants.
Employers realize they need to make a bigger effort to find missing participants.
In fact, 1 out of 6 employers, the report says, are making a concerted effort not just yearly or quarterly, but monthly, to locate these individuals.

2. Changing their focus from workers in the "foundation" stage of financial well-being to those in the "growth" stage.
According to the report, employees actually progress through four stages to get to financial well-being: security, foundation, growth and freedom.
While 60 percent of employers focus on the foundation stage, only 20 percent of workers are actually in that stage—where there are few tools and services to help them.
"Conversely," adds the report, "more than 1 out of 3 workers [37 percent] are in the growth stage, yet only 8 percent of employers say they are most focused on this stage."
Instead, Alight research shows that "sophisticated" defined contribution plans—which do have tools available—can help growth-stage employees maximize assets.

1. Believing they need to help employees in more areas than just retirement and insurance.
An increasing number of employers now step in to help employees with everything from budgeting and emergency funds to identity theft protection and debt management.
One area still not getting much attention, however, is student loan debt; according to the survey, only 6 percent of employers offer assistance with student loan repayment, and that's up just one percentage point from last year.
In addition, although 28 percent of workers say they have student loans and 46 percent of them say that student loans significantly impact their ability to save for the future, 59 percent of employers say it's "not at all likely" that they'll be providing money to help workers pay off student loans.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.