The global macroeconomic temperature is volatile and inflation is only continuing to rise, with the Federal Reserve recently elevating its benchmark interest rate for the fourth time this year. As the market remains unsteady and whispers of a recession prevail, a growing number of startups are tightening their belts. An increasing number of companies are announcing employing freezes, while others have begun layoffs and additional cost-cutting measures.

As advisors caution companies to think about ways to reduce expenses, staff professionals seem like an easy target. But decisions made today regarding benefits have long downstream impacts on employees. In a climate like today, it’s even more important for workers to have access to broader financial planning tools to prepare for the future.

Financial fitness positives like a 401(k) bundle and education loan management are crucial to not only employee satisfaction, but also employees’ mental health. The current market has workers stressed about the state of their finances, with inflation driving up the price of everything from gas to groceries.

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While the cost of everyday goods is going up, retirement funds are going down, and only 25 % of Americans over 45 expect to have enough saved in order to feel comfortable in retirement. Access to these benefits can greatly change this outcome and, in turn, have an impact on productivity in the workplace and overall retention of talent.

Advisers is to the advice businesses to take on providing a student-based loan administration solution within its wider economic fitness bundle

If advisers help startups invest in benefits such as student loan assistance, employersponsored emergency funds or childcare support, they can directly increase the amount of money in employees’ pocketbooks and ease financial anxiety. 继续阅读 →