Tackling Employee Finance Issues: A Strategic Benefit That Truly Matters
Retaining and identifying talented professionals is a universally accepted priority for small to midsize businesses. However, the pathways to achieving this goal often remain hidden. Traditional methods like cultivating a positive work environment, providing appealing benefits, offering competitive pay, and ensuring flexibility often require substantial resources. Furthermore, for companies with only a few key employees, it may not be feasible to implement all these strategies.
In such scenarios, focusing on targeted, selective employee benefits becomes crucial. But which specific benefits should a company offer? Interestingly, the answer often lies within the primary challenges faced by employees and their families.
These challenges typically focus on four areas: finance, marriage, addiction, and childcare. Among these, it is the financial aspect that small to midsize companies likely have the best potential to address realistically.
Employees often believe that the straightforward solution to their financial struggles is increased income. However, perpetually raising the salaries of several employees as a strategy to retain or attract talent isn't a sustainable solution for employers. As of 2023, while compensation packages aim to tackle these issues, they often fall short in adequately addressing employees' financial problems. This shortfall is due to the nature of the problem, which typically extends beyond mere insufficient income and into the realm of poor financial management.
The solution, then? Provide financial planning and advice to key employees. This service, jointly financed by employers and employees, manifests the company's sincere commitment to solving one of the most pressing problems in the workforce. By doing this, organizations can not only offer a tangible solution but also exhibit empathy and understanding toward their employees' primary concerns, thereby boosting their chances of attracting and retaining talent.
PlanAssist presents a compelling solution for companies in Central Florida by providing an effective financial process:
- It includes a financial education component, featuring a CFP® Hotline for inquiries.
- It assists in avoiding errors in calculating risk, return, debt, and investments.
- It facilitates unemotional, informed financial decisions.
With a cost of $100 a month, this flexible service also allows for cancellation at any time. Schedule a brief Zoom call with us today to discover if PlanAssist could be a solution for your organization's employees, and consequently, a strategic advantage for your company.
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DISCLOSURE - All written content on this article is for information purposes only. We utilized ChatGPT and other sources for this article. Opinions expressed herein are solely those of Core Wealth Consultants. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. Core Wealth Consultants, LLC a Registered Investment Advisor in the States of Florida, Indiana and Michigan. You should always consult an attorney or tax professional regarding your specific legal or tax situation. Diversification and asset allocation does not assure or guarantee better performance and cannot eliminate the risk of investment loss.