HR Pros: Eliminate Benefit Waste at Your Company

‍Sneak Preview:

• Great Places to Work still offer the best traditional benefits focused on health, energy, and long-term financial stability (snacks don’t cut it!).
• But many workers don’t have enough financial clarity or buying power to make the best use of your benefits package.
• Financial Wellness by YNAB is one benefit your workplace can offer to rule them all!

You want to be a Great Place to Work, which requires hiring—and retaining—the best possible team. It’s not easy competing for scarce talent or keeping current employees from jumping ship for higher pay. So how do you attract new employees and keep your team for the long haul?

Supercharge your core benefits

It’s no secret that great perks entice great talent. Employees are even more attracted to a company that offers a stand-out benefits package than in years prior. In fact, 60% of job seekers named benefits as a key factor in their job search.

Power has shifted. From organizations to people. From profit to mutual prosperity. From “me” to “we.”
-Korn Ferry, Future of Work Trends

Lately, there has been an HR race to pile on little perks in an effort to stand out from competitors… but interestingly, swanky offerings like pet-friendly workplaces, game rooms, and free snacks ranked well behind traditional benefits.

A free candy bar does not a sufficient retirement fund make.
–Vox

Current and potential employees want well-rounded benefits that support their whole life, both inside and outside of work. They expect employers to support their health, future, and work-life balance. As Forbes puts it, “Job-seekers are calling the shots,” and they’re shooting for the whole enchilada of financial security and well-being.

Are your workers wasting your benefits package?

Here’s the strange thing about traditional benefits: When job seekers discover the very benefits they were searching for in your workplace, they may not even be able to take full advantage of them. 

To truly maximize their benefits, employees need financial clarity and less money stress. (Hint: That’s where Financial Wellness by YNAB comes in.)

• 401(k) Retirement Matching Waste 

Workers are leaving money on the table by the millions. This study showed that 17.5 million U.S. workers who contribute to retirement funds don’t get their employer’s full 401(k) match… simply because they don’t feel they can afford to put more money into their plan.

Many American workers don’t take advantage of their health insurance benefits and preventative care options. They might not feel they can afford a co-pay or simply don’t have enough money set aside for health expenses and emergencies.

This study found that over 768 million paid time off days per year were left on the table by American workers. As critical as paid time off is for work-life balance and mental health, 74% of employees would rather earn more money than take their vacations. 

Sometimes benefit waste happens because employees’ dollars are stretched too thin, or they just don’t realize where their money is going! To eliminate benefit waste at your organization, it’s critical for your employees to have enough financial clarity to actually use your benefits. They need a ​central place and method for managing their money, and everything else falls into place.​ 

Instead of short-term perks like student loan payoffs and inflation-related bonuses, help your employees put the core benefits you already offer to good use with one central system for financial clarity.

How to eliminate benefit waste at your company 

One reason YNAB was voted the #1 Great Place to Work by Fortune is that our employees actually use the YNAB app and live by our four-rule method. Our team takes full advantage of our benefits because they have a handle on their finances. 

That’s why we made this solution available as a benefit for workplaces like yours: Financial Wellness by YNAB. 

We’ll guide your employees in making their paycheck work for them… even if they’re not making more money. All of a sudden, they have freedom to think about bumping up their retirement contributions or feel flush with enough cash to spend on improving their health and wellness.

What will your team do with that newfound sense of financial freedom? You can bet they’ll channel it into creativity, productivity, and collaboration. 

Get your team signed up for one central app, and we’ll teach them YNAB’s four simple, life-changing rules. You’ll be amazed at the transformation when your team discovers the joy of intentional spending.

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About Financial Wellness by YNAB

The #1 cause of employee stress is personal finances. YNABers don’t overdraft their bank accounts, and they never ask for paycheck advances.

Almost half of your team is spending more than 12 hours each month dealing with personal finance stresses. YNABers automate savings and spend about an hour each week effectively managing their finances (with joy!).

The Financial Wellness by YNAB benefit program offers the knowledge, tools, and encouragement your team needs to build healthy money habits.

We provide a Financial Health Assessment, custom quarterly workshops, 1:1 email support, and award-winning software to get your employees in tip-top financial health.