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"6 Tactics To Improve Employee Financial Benefits Participation"

This playbook explores six tactics to increase employee engagement and enrollment in financial benefits offered by employers.

Most employers understand that offering financial benefits to employees leads to less stress and greater retention. So it feels disheartening that only 37% of employees use those benefits when they’re offered. 

However, employers should consider low participation as an opportunity to improve and engage. This playbook covers six ways to do that, including: 

• Diversifying benefits: 57% of employees would consider leaving their job for a matching 401(k) program, and 47% would leave for an employer-sponsored emergency fund. Provide more options to support a broader range of employees.
• Personalizing advice: Financial practices vary by gender (75% of men contribute to a 401(k) vs 67% of women) and age (70% of Baby Boomers have emergency funds vs 53% of Generation Zers), among others. Include financial planners or advisors as part of your package to help build custom-tailored plans.
• Making things automatic: Participation rates jump to 87% for 401(k) plans with automatic enrollment. 

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