Does any of this sound familiar to you?
A company is releasing a new product but to support it they’ll need to add an additional 10-15% headcount across multiple areas of the business. They’ve put together a generous compensation package that includes a competitive salary, continuous training, health insurance, disability insurance and retirement saving plan contributions. Qualified applicants are coming in, but they are losing out to competing offers.
This is a typical challenge for many organizations. To make matters worse, it will only be compounded by the impending arrival of the Great Resignation. To overcome it, companies must find a way to show that they are different and that they value their employees.
What if there was an additional service a company could offer to help ease some of these growth and retention problems?
Estate management is an often overlooked benefit that should be considered an essential part of an employee’s compensation package. After all, they’re building a financial legacy with the support of their company. Shouldn’t that be protected and passed on to loved ones if that person becomes temporarily or permanently unable to manage it?
We all know that benefits packages are a key factor in attracting and retaining top talent. Now, imagine how much more appealing a company would be if they not only helped build a legacy, but they helped protect it and pass it on. That company would show everyone that they are forward-thinking, empathetic and supportive of family life. More than that, they’ll show that they care for their employees. If an organization is losing prospective talent to competing offers, this could influence someone’s decision.
Even more compelling is that employees are also interested in estate management services.
- 13% of workers have estate management services as a current benefit. But, 72% of those remaining would be interested in it if it was part of their benefits package.
It is clear that offering this is a valuable way to be more appealing to both prospects and existing employees in a competitive job market.
Adding an estate management solution is not just about attracting new talent. It can also be used to retain existing talent by helping them improve and maintain their financial wellness. Consider that:
The importance of this becomes clear when you realize MetLife’s 19th annual Employee Benefits Trends reported that 64% of employees rank financial wellness tools as a top-five benefit.
If financial legacies are included as part of financial wellness, the need to include an estate management solution becomes even more apparent. Financial and legal professionals are seeing the importance of this more and more. They are now recognizing that this is not a future task and that it is independent of income. Every individual, regardless of wealth, position or status should be concerned with safeguarding their and their family’s future.
HR departments are constantly evaluating benefits packages and determining where improvements need to be made. Given its importance as an attraction and retention tool as well as the clear indication that employees would like it, it is only a matter of time before digital estate management solutions are adopted.