Remind staff about financial benefits

We recently celebrated HSA Day, and it suggested reminding staff about financial benefits. We tend to discuss benefits like retirement savings, Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA) annually, but is that enough?

Companies provide benefits as a way of attracting and retaining staff, but they're often discussed during the time of lots of choices where attention may be divided.  Additionally, it’s not unusual to see an employee’s eye cross when discussing something they may not fully understand or don’t appreciate the benefit of, so their attention may not be focused.

What is the difference between HSA and FSA? Are your employees eligible for either? Both?  Do you and/or they know the difference between traditional 401k contributions vs Roth? And, separately but also vital, have they updated beneficiaries to all plans?

Managers themselves may not be the best to teach the differences between the plans and when and how best to determine what each individual employee needs (that’s a personal choice each must make).  But we can bring in others (or resources) to provide guidance and education to help make better choices.

We offer benefits to retract and retain employees, but if they’re not utilizing the benefits or don’t appreciate what they mean, we’re wasting money.  Remind staff of any ongoing resources you have to explain the differences and how best to utilize their options.  Don’t wait until open enrollment to bombard them with information.

Relook at your financial benefits and talk with your staff about what they want and need.  Enlist their feedback to have a targeted program and ensure they understand what you may already have in place.

#positivity #management #hrconsultant #financialbenefits #hsa

Providing information about financial benefits within an organization helps staff make better choices.