Pay transparency: Empowering and supporting employees’ financial wellness

While people seek to improve their financial wellness, many are hindered by this lack of understanding of how to effectively manage and optimize their pay. (Photo: Shutterstock)

When people think about the concept of pay, often their feelings are rooted in logistical considerations: how much and how often will I get paid? As long as their pay is on time and for what they perceive to be the correct amount, people tend not to give much further thought to the process. They make the same cursory review when the next pay period rolls around, but they don’t dig in further to glean insights or make changes that could result in additional savings or value.

But as the world continues to experience the impact of a global pandemic and employees demand more support and flexibility from employers, the concept of pay needs to evolve in tandem. From job loss to elevated medical bills, recent events have highlighted the need to expect an unexpected expense. In fact, employees ranked the need for an emergency savings fund as a top priority during the spring of 2020, recognizing how ill-prepared they were.