- Financial benefits are more important to new hires today than five years ago.
- Employer concern for employees’ long-term financial security drives benefit decisions.
- Workers are largely on their own when it comes to transitioning into retirement.
- Demand for personalized financial advice in the workplace is on the rise.
- Greater understanding of their benefits increases employee engagement with and appreciation for these plans and improves outcomes.
Bank of America Merrill Lynch today announced findings from its 2012 Workplace Benefits Report, an annual study of the increasingly significant role financial benefit plans play in employers’ talent management strategies and in the overall financial wellness of their employees. The scope of the research was expanded this year to examine both employer and employee perspectives on the evolution, availability and usefulness of workplace benefits – from 401(k) plans and health savings accounts (HSA) to financial advice and education. Key findings include: