To stay competitive in today's market, offering workplace savings programs should be a central element of a businesses' recruitment and retention strategy. As employers, it is our responsibility to offer a range of benefits to support our workforce. Below are the top five financial wellness benefits employees are looking for:

• Retirement savings plan. The most popular workplace retirement plan requested by employees and candidates is a 401(k) plan. This is a highly effective way- for employees to save for their future as it is payroll deducted. Traditional 401(k) plans allow for contributions to be taken out of an employee's paycheck before income taxes are calculated, which give them the benefit of immediate tax savings. Employees are now also asking about 401(k) matching, which is free money for the employee that the employer contributes to their retirement plan. The good news is that with the rise of fintechs it has become easier and more affordable than ever for small businesses to offer 401(k) plans – plus the tax benefits for you as the employer are second to none! 

• Equity. If available, equity is an important benefit, as it encourages employees to have a personal stake in the success of the company. If an employer is going to offer equity, it's also critical to offer formal training for every new hire on how to value equity, stock options 101, and transparency into the company's objectives and revenue goals to make equity as real as possible. Some companies, like my employer Vestwell, offer equity grant options for performance, promotion, and tenure.

• Paid family leave and income protection. The pandemic shone a spotlight on the difficulties caregivers face. Remote work and taking care of a child (or a dependent) can make it challenging to meet the demands of any job. Nearly 30% of women without access to family leave drop out of the workforce a year after giving birth, and one in five did not return for over a decade. But maternity leave isn't the only thing to keep in mind for expectant mothers – a broader support system needs to be put in place. This can include anything from a reduced work schedule upon return to help new parents ease back into work (without any reduction in pay), and flexible work schedules among other things. 

Employees also want to know that they have job protection and income protection. While US-based employees have job protection through the Family and Medical Leave Act of 1993 (FMLA), it does not guarantee income protection since we do not have a federal paid family leave policy. Aside from supporting parental leave, some critical  benefits are basic life insurance and short-term and long-term disability benefits.

1. HSA/HDHP benefits. Physical, mental well-being, and health costs directly impact financial wellness for employees. Offering a company-sponsored health savings account (HSA) that also serves as an investment vehicle can directly support the financial health of employees.
2. Wellbeing budgets. The cost of a burnt-out team is significant to employees and employers alike. Another financial benefit is to encourage and support employees to take care of their own well-being. Consider offering "wellbeing budgets" by providing all employees with a pre-loaded credit card to be used at their discretion. This ensures there are no out-of-pocket costs that have to be reimbursed, which creates equity across the organization to invest in their own well-being.

These benefits may not solve for all the financial struggles in your employee's lives, however they provide a solid foundation of support. As you create and evolve your company's culture, consider fostering an environment that promotes financial and overall wellbeing. I think you'll find that informed and inspired employees are the most committed to your business and your team.