More than a paycheque
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A recent survey shows the support employees are looking for goes beyond dollars and cents in their pocket today: they’re looking to employers to boost their financial security for the long haul. RBC Group Advantage empowers employers with solutions that provide this critical guidance to their workforce, when and where they need it most
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EVERYONE IS struggling in the current economic landscape, and employers recognize this fact. While some offer salary increases and bonuses as shorter-term incentives, the RBC Workplace Realities Poll found that people are looking to their employers for more than just a paycheque.
Almost one-quarter would like employers to provide access to financial advisors and debt-management services and 20 percent are looking for access to financial well-being resources. There’s no doubt employers are doing what they can – but there are other, and better, ways to support employees.
“With rising inflation and higher interest rates, it’s no surprise that employees are seeking financial support,” says Doug Crowe, vice president, RBC Group Advantage.
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RBC Workplace Realities Poll
25–30%
“With rising inflation and higher interest rates, it’s no surprise that employees are seeking financial support. Employers should be identifying opportunities to deliver that support, given the strong link between employee financial wellness and a company’s bottom-line performance”
Doug Crowe,
RBC Group Advantage
The poll also showed that employers and employees agree companies have placed a higher priority on both mental and financial well-being over the past year, which is “really good to see,” Crowe notes – but 25 to 30 percent of respondents still reported that they are “very” or “extremely” stressed. Top drivers of that stress include the constant tension that is work-life balance, accessing a human support system, and meeting everyday financial needs – and there’s an opportunity for employers there.
“Today, we’re seeing the rising cost of living deeply affecting so many Canadians – and we know that mental health and financial stressors are often linked,” Crowe says. “We also know that companies that have a comprehensive wellness program create a stronger workplace culture that enhances employee retention, boosts productivity while reducing absenteeism, and attracts prospective employees.”
Employers need to secure every competitive edge available, and the survey shows a comprehensive group savings program can provide just that. Implementing a solution like a DC pension plan empowers employers to enhance their employees’ overall financial well-being and consequently reduces their stress over that component of their life – and employees who are not stressed about their finances are more focused, more engaged, and more productive.
“Taking care of employees’ financial needs in turn takes care of the employers’ businesses,” Crowe sums up, adding that expert consultants should work with employers end-to-end. Building an implementation plan that maximizes employee engagement and supports employers throughout is key, and employers should look to partner with a service provider willing to guide them through the process of designing group savings and financial wellness programs, including helping
with things like payroll remittance, timelines, employee communications, plan launch, and enrollment dates. They should also go beyond plan administration and provide strategic insights to help employers retain their best employees and attract new ones. “In order to best leverage the competitive edge,” Crowe adds, “it needs to be as easy as possible for employers to deliver financial solutions tailored to their business objectives and their employees.”
From savings to investments through a broad range of group plans with investment options, experts should work closely with each employee to plan for the future they want and support them as they work toward the financial goals that will get them there. Employees should feel confident about their financial future, and that means employers should look for a program that goes beyond retirement savings; people have multiple savings goals, whether it be a car, a house, or their child’s education, and a partner like RBC Group Advantage understands those objectives.
A workforce that’s stressed is a workplace in trouble, because stressed employees affect everything from morale and company culture to productivity. Employers can alleviate some of the financial stressors by exploring options such as a DC pension plan that gives peace of mind to employees – and to the businesses that rely on them to come to work as their best selves.
“The bottom line is that financial wellness is an integral component of the feeling of overall wellness, and we want to help ensure employers can provide the best financial wellness package available to support their employees,” Crowe says. “When you're investing in your financial future, you're investing in your overall well-being. We want to help employers make that investment possible.”
It doesn’t take a lot of time to explore options for meeting the financial well-being needs of your employees. Click here to learn more about what RBC has to offer.
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The link between mental health and financial stressors
The business case
Published 27 November 2023
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“Our plan is built for how we know Canadians save, invest, and retire. This means fewer hurdles to clear when it comes to boosting engagement and improving long-term security. Our comprehensive plans chart a path they can trust throughout their career and into retirement, hitting all their important goals along the way”
Doug Crowe,
RBC Group Advantage
of employees are considered to be “very” or “extremely” stressed
24%
would like employers to provide access to financial advisors and to debt-management services to help guide decisions about how to manage money
20%
are looking to employers to offer access to financial well-being resources
PwC 2023 EMPLOYEE FINANCIAL WELLNESS SURVEY (PwC US)
70%
report their productivity at work has been negatively impacted
of stressed employees have taken time off work due to financial stress
35%
“Employers should be identifying opportunities to deliver that support, given the strong link between employee financial wellness and a company’s bottom-line performance.”
Securing a competitive edge
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How money worries are affecting employees who are stressed about their finances
report their attendance at work has been negatively impacted
44%
PwC 2023 EMPLOYEE FINANCIAL WELLNESS SURVEY (PwC US)
report their productivity at work has been negatively impacted
70%