As a new year begins and hope springs eternal that business owners will turn a profit in 2014, a substantial number of them intend to help their workers be financially successful as well, according to newly released polling data.
More than three in four of the companies surveyed – 76 percent – said that would be "somewhat" or "very likely" to go to greater lengths in making sure their workers improve their financial well-being, particularly as it relates to employee wellness, the Aon Hewitt survey revealed.
"In the past, companies were primarily concerned about whether workers were participating in their 401(k) plans," said Rob Austin, director of retirement research for the Lincolnshire, Ill.-based human resources and consulting services management organization. "But we're now seeing employers expand their focus beyond just retirement savings to help workers improve their overall financial health."
He added that more organizations are also making different tools and services available to their staff so that they can make smarter financial decisions when they're away from the office and maintaining their own balance sheets.
For example, 44 percent of employers said that they offered online third-party investment advisory services to their workers. Additionally, 14 percent who haven't said that they would be doing so at some point in 2014.
Another 35 percent and 23 percent, respectively, said that they made financial advisors available via phone and face-to-face meetings.
Improved financial management may be required due to health care expenditures for commercial plans increasing. According to S&P Dow Jones Indices, medical costs rose by approximately 3 percent for the 12 months ending in August 2013 when compared to the same period in 2012. However, they're up at a slower pace, as during the same 12-month period in 2012, spending rose 4.8 percent.
