This is where benefits brokers and consultants can help employers choose a benefits package that meets the needs of their employees.

“Employee benefit strategies play a pivotal role in supporting the well-being of employees, including physical, mental and financial health,” says Laura Marzi, benefits expert and head of marketing for Group Benefits, The Hartford. “Benefits brokers have an opportunity to work with their employer clients to understand what their employees’ needs are and recommend benefits and resources that can help workers improve their financial security.”

Benefits brokers provide expert guidance in two areas essential to boosting employee financial well-being: Strategic enhancements to the benefits employers offer and targeted communications to increase employee awareness and utilization of the benefits available to them.

Recommending the right mix of benefits
Offering a comprehensive range of benefits and services from more traditional benefits such as income protection (disability insurance) to services that provide financial education and planning can help address the financial needs across a diverse employee population. Brokers are well-positioned to help employers identify opportunities to enhance their benefit mix to support the different generational needs and life stages of their employees.

“The first step is analyzing the gap between an employee population’s needs and the employer’s benefit offering,” says Marzi. “Our research reveals common unmet needs associated with financial security, including the need for safety nets for medical bills and unexpected expenses.”

Many employers offer benefits that can meet those needs, however, there is an opportunity to enhance employee understanding. The Hartford’s research shows that 38% of U.S. workers do not understand the supplemental benefits offered and what they cover.

Short- and long-term income protection benefits paired with voluntary supplemental health benefits help alleviate the financial stress of medical bills, hospital stays and recovery costs. Supplemental health benefits, including accident, critical illness and hospital cash benefits, provide additional support with cash payments that people can use to make a car payment, pay the electricity bill or cover childcare expenses while they recover.

Non-traditional benefits add another layer of financial wellness support to an employer’s benefits program. Various apps and platforms are available to help employees build personal financial skills, with tools to assist with budgeting, savings and credit management.

Adding targeted education and communications
Offering benefits to support financial health is a good first step. Targeted communications and continuous education, however, are essential – especially for the supplemental health benefits some workers say they don’t understand.

“One of the best ways brokers can assist their employer clients in improving understanding is by simplifying the benefits language,” explains Marzi. “Thoughtful word choices, relatable stories and an emphasis on the benefits employees receive can significantly influence enrollment and utilization.”

Brokers and their insurance carrier partners have a wealth of experience and best practices that can assist employers in crafting effective benefits education strategies. Designing a year-round communications strategy that limits jargon, optimizes storytelling and shares information through various channels, like email, webinars and in-person meetings, helps employers build understanding and greater appreciation of their benefits programs.

Today’s brokers play a critical role in helping employers support the financial health of their employees – and boost feelings of optimism about future financial well-being. In addition to recommending the right mix of solutions for the specific employee population, brokers provide valuable insights to shape the benefits communication strategy, driving increased enrollment and utilization.

For more tools and information on how to create and sustain financial wellbeing in the workforce check out Finances Articles | Featured Insights | The Hartford

Ann Clifford is a freelance writer who translates her background in financial services marketing into specialized content focused on employee benefits and small business topics.

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