Though business executives have always spent much of their time on improving employee benefits for their workers, in the past two years, their occupation with these components of their company has risen considerably.
According to recent polling data from financial institution Bank of America Merrill Lynch, nearly two-thirds of human resources professionals said that they have spent "significantly more time" on activities related to managing employees' health plans and retirement plans, specifically their 401(k)s. Additionally, one-third said that they have invested more time in recruitment and layoff tasks.
"We see more benefit leaders than ever before acknowledging the need to play a central role in their employees' near- and long-term financial well-being, and evolving their expertise, benefits and other resources accordingly," said Kevin Crain senior relationship executive for the internationally recognized wealth management firm. "This study identified areas where companies are providing their workforces much needed guidance, as well as areas where they understand more can be done to help employees take greater control of their financial success and prepare for the future with confidence."
With more than 80 percent of respondents saying they felt at least "somewhat responsible" for their employees' financial readiness, according to the poll, seven in 10 HR professionals said that they made educational material available to their staff, such as how to save for retirement and manage debt.
Steve Ulian, head of institutional business development for Bank of America Merrill Lynch, stated that entrepreneurs' focus on employee benefits don't go unnoticed by their workers. Those that demonstrate their commitment to their staff tend to be rewarded through strong retention rates.
According to a separate poll performed by nonprofit research organization Employee Benefit Research Institute, more than 75 percent of employees said that the benefit packages an employer offered had an "extremely" or "very" important impact on whether they wanted to work with that company.
