Along with concerns for their employees' wellbeing, employers also understand that these stressors decrease productivity and increase the likelihood that an employee will look for a job elsewhere. One in three full-time employees say that money worries have negatively impacted their productivity at work. When employees are distracted and disengaged from work, they may be more open to opportunities elsewhere that offer benefits that better align with their needs. 73% of financially stressed employees say they would be attracted to another employer that cares more about their financial well-being compared to just 54% of non-financially stressed employees.

Employers should consider re-examining their financial wellness offerings, collecting feedback from their employees, and seeing how their benefits package stacks up to their peers. By spending the time up front building a thoughtful benefits package, employers have the opportunity to set more of their employees up for short- and long-term success.

Here are the top four employee benefits that employers should offer to help retain talent.

#1: 401(k) plan

According to our survey, access to a 401(k) and 401(k) matching program remain the most important benefits to employees. If a prospective employer offered one or both of these benefits, over 50% of employees could be enticed to leave their current jobs. However, there is a disconnect between employer benefits and employee needs. Only 52% of employers offer a 401(k) or other retirement plan and just 45% of those employers offer a 401(k) matching program, leaving nearly half of employees underserved.

Related: Retirement plans rule! Offering a 401(k) is key to employee retention

When comparing small, mid, and large employers' benefits packages, the gap in the 401(k) benefits offering increases. Only 39% of small business employees stated that their employer offered a 401(k), compared to 52% of mid-size, and 64% of large business employees respectively. For those small- to mid-sized businesses, this presents an opportunity to differentiate and provide a benefit that may increase employee satisfaction and retention. With an increasing number of states mandating retirement plans, we are seeing more small businesses choosing to offer private 401(k) plans instead of defaulting to the state-provided option, understanding the value of modern, user-friendly providers.

#2: Emergency savings fund

While long-term savings are important, roughly a third of people are unable to cover $400 of unexpected life expenses like medical bills or car repairs. And when employees are unable to locate funds, they're likely to go hunting in other places — such as their retirement account. Over a quarter (28%) of employees reported having tapped into their retirement savings to pay for short-term expenses. For employees who don't have emergency funds, 79% cited they don't believe they have the funds to build one. And unfortunately, we know this will result in a more stressed and distracted workforce.

Even though access to an employer-sponsored emergency fund is highly desired, it's one of the least common employee benefits – offered to just 8% of workers we surveyed. For employers, this may be an excellent benefit to add to their package that ensures employees have access to a tool to build up and maintain a rainy day fund. It's also important to make sure that this offering comes with a good dose of employee education: even if they feel stretched thin, encourage workers to consider setting aside just a small portion of their paycheck each month to help gradually build that reserve.

#3: FSA and HSA accounts

With the rising cost of everyday goods, a Flexible Spending Account (FSA) or Health Savings Account (HSA) is an option for employees who are looking to save on many health related items like sunscreen and hearing aids. These two accounts are also triple tax advantaged – offering pre-tax contributions, tax-free growth, and tax-free withdrawals as long as the funds are used for health related expenses.

Even with these stellar advantages, only 38% of employers offer one of these tax-advantaged accounts. Employers may want to consider offering a differentiating benefit like an FSA and HSA that will make a difference in their employees' day-to-day lives.

#4: Student loan repayment and matching program

The bipartisan debt ceiling deal signed by President Biden in early June marked the end of the three-year break in student loan repayments. On October 1, 2023, tens of millions of loan borrowers will resume payments and many are uncertain of how much they owe and who to pay.

Just over half (51%) of employees feel that employers should play a role in helping their employees pay off their student loan debt. As borrowers prepare to restart payments, they have reported plans to make financial sacrifices such as cutting down on entertainment expenses and vacations. But concerning, they are also lowering their 401(k) contributions, which shows how debt is often a significant barrier towards retirement goals.

Related: Payment due! As student loan payments resume, employers can take these key actions

Along with providing their employees with access to a student loan repayment tool, employers may want to consider helping employees stay on track with retirement savings simultaneously. With SECURE 2.0, as employees pay down their student debt, employers now have the option to match those repayments into an individual's 401(k). This would help ease borrowers' concerns about prioritizing paying down debt above contributing to their 401(k).

Not all employer benefits packages are created equal and employees know this. Employers have an opportunity to ensure that employees know they are valued and that their financial wellness and goals are important to them. By aligning benefits packages with employee expectations and needs, employers may be able to improve employee satisfaction and retention.

Harlyn Croland is Head of Business Operations & Strategy at Betterment at Work.