Nearly a third of prominent economists are predicting a recession will hit in 2025, according to an American Bankers Association report, which does not bode well for employees’ financial wellness. Recession or not, employees are likely to remain laser-focused on improving their financial wellness—and they want the support of their employer.
According to a 2024 Wellbeing and Voluntary Benefits Survey by Buck, a Gallagher company, 92% of employees want more financial wellbeing resources from their employer. According to the report, nearly three-quarters of employers are saying they plan to tackle financial wellbeing this year.
This work could be especially meaningful for employees’ financial wellness should a recession hit, says Tom Kelly, voluntary benefit consultant for Gallagher. He advises employers to focus on benefits including:
- Financial coaching
- Emergency savings
- Credit improvement programs
- Supplemental medical benefits
- Discounts
In a video interview with HR Executive, Kelly offered insights into how HR leaders can leverage these and other programs to minimize employees’ financial struggles.
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