In This Episode: Amy Friedrich, President, Benefits and Protection at Principal Financial Group, talks about financial conversations that employers and employees in small to midsize companies should be having today.
Top 10 Podcast Highlights:
- Financial Satisfaction Disparity: Over 70% of employers are satisfied with their business’s finances, while only 34% of employees feel the same about their personal finances.
- Business Confidence: Employers feel increasingly confident about their business’s cash flow and the local economic environment.
- Employee Stress: Despite employer confidence, many employees feel stressed and seek guidance from their employers.
- Benefits Confusion: A number of employees are unclear about their benefits, resulting in underutilization.
- Solutions for Employers: There’s a need for employers to provide better explanations of employee benefits, use existing coverages more effectively, and focus on key areas where employees need assistance.
- Budgeting Tools: Effective tools include basic calculators and those directing employees to free or available services through public-private partnerships.
- Engaging Experts: Employers should engage with financial planners or intermediaries to provide additional resources and track the utilization of services without compromising privacy.
- Gender Dynamics: Female business owners report higher stress and feel less informed compared to their male counterparts.
- Communication & Misconceptions: Regular communication about benefits can help employees understand and utilize them better, preventing misconceptions.
- WellBeing Index & Stress: Businesses report better conditions than the previous year. However, female business owners experience more stress, possibly due to empathizing more with employee stresses. Addressing employee wellbeing can boost the overall business.