Search
 
Commentary

2020's impact on companies' responses to employee financial wellness

Here are some of the most prevalent financial issues that have affected both employees and employers in 2020.

By Alok Deshpande | December 17, 2020 at 09:00 AM
collage of stock chart, downward arrows coffee cup (Photo: Shutterstock)

The last time we saw a massive surge in financial stress was during the 2008-2009 financial crisis. At that time, many companies started to offer more customized and voluntary benefits. The recession led to a disloyal and dissatisfied workforce, impacting employees in a variety of ways. As a result, employers were faced with balancing increased benefit costs and decreased employee retention.

After the 2008 recession, employers reprioritized employee financial benefits to increase loyalty and satisfaction in order to retain their workforce. Unlike before the recession, employers and employees recognized that there was a link between employee’s financial well-being and physical and mental health.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

New COVID variant is on the rise, has tripled in the past 2 weeks

New COVID variant is on the rise, has tripled in the past 2 weeks

Alan Goforth |

Although the pandemic is over, COVID-19 remains a persistent threat, as incidents of a highly mutated variant, BA.2.86, have tripled in the past 2 weeks but the CDC is confident the vaccines will be effective against the new strain.

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.