Over the past couple of years, the so-called “Great Resignation” has led to an unprecedented number of career changes. At the same time, the boom in remote and gig work means that skilled employees have more choices than ever. For that reason, recruiting and retaining talent in today’s climate can be challenging.
Offering the right blend of benefits for your target talent pool can give your company a competitive edge. While there’s no single ideal benefits package, there are tactics you can use to find the one that’s best for your organization.
Tailor Your Approach
By looking at economic trends affecting your workforce demographic, you can design a package customized to the wants and needs of those individuals. If you’re in an industry with predominantly young workers, for example, include benefits that address their specific concerns, such as allowing participants to receive matching 401(k) contributions for student debt repayments. And if many of your employees are parents of younger children, consider offering life insurance and ensure health benefits are affordable for working families. Thinking proactively and prescriptively about what current and prospective employees may need will help you tack toward your ideal benefits package.
Cover Multiple Bases
Optimal packages are typically holistic, well-rounded and able to help the greatest percentage of employees through multiple avenues. A flexible work schedule can be of value to employees with and without children — as well as older members of your workforce — all for different reasons. If established employees reap greater benefits from their 401(k)s while younger workers sit on the sidelines due to crippling student loans, consider a loan assistance program. Ensure your benefits package is balanced, while giving employees a leg up with financial, physical, social and emotional wellness. One study suggests happy employees are 12% more productive at work. By leveraging employee benefits as a tool to promote overall wellness, you can help both your staff — and your company — prosper.
Know Your Team
Ultimately, one of the best ways to find out how your benefits stack up is to talk to your employees. Ask what their greatest concerns are; they may surprise you. For instance, you may find that workers are underutilizing health benefits because the deductibles are out of reach for them. You may also find some employees are opting out of their 401(k) because of debt obligations. These concerns might be mitigated with an FSA, HSA, profit sharing or loan payoff assistance program.
Once you know what’s keeping them up at night, you can better determine which benefits are working and which ones might need tweaking or a complete overhaul. And this can enable you to design a package that means the difference between a candidate accepting your job offer and a competitor’s — as well as how soon you might need to replace them. Moreover, you’ll show that you’re actively engaged with your workforce and understand employees’ needs, which helps foster an environment where workers can thrive both personally and professionally.
As the global economy continues to gyrate on an uncertain path, many are feeling increased stress regarding their finances. As of March, for example, total U.S. household debt was up more than 8% year over year, according to a study by NerdWallet. And while debt and financial strain are often treated as personal problems, anxiety about not being able to pay bills or save money can have a ripple effect in the workplace. Consequently, workers struggling financially — and even their team members — may be affected. Here are some ways employee financial stress can negatively impact organizations.
Diminished Productivity
When employees are stressed, it can be more difficult to concentrate on the job. And because finances are such a widespread and significant stressor, money worries are a common reason worker productivity suffers. Studies show that well-compensated employees tend to be happier at their jobs, and also derive greater meaning from what they do — possibly due to a buffering effect of higher wages on financial anxiety. But compromised productivity due to financial stress can be exacerbated by rising inflation that makes it harder for earnings to keep pace with higher costs across the board.
Increased Health Care Costs
Stress doesn’t just make people feel emotionally run down — it can also take a measurable toll on physical health. Chronic stress can lead to decreased immune function and longer recovery times. High, sustained levels of stress can raise the risk for a heart attack or other serious illness. Stressed employees may be more likely to need sick leave and are at greater risk of developing chronic conditions that may require long-term, costly medical interventions.
Contagion to Teams
People experiencing prolonged or excessive stress can withdraw, display anger or irritability, shut down, and become less effective at expressing their needs or ideas. This means that while one employee could be having a private struggle to stay afloat, the performance of entire teams can suffer — particularly if a team leader is experiencing financial anxiety. Projects can lag or stall out, critical deadlines could be missed and important objectives may be miscommunicated. Ultimately, the effects of financial stress can indirectly spread through entire departments, diminishing morale throughout an organization.
Manage Financial Stress Proactively
To help ensure financial stressors don’t get out of hand, it’s important for organizations to take prompt and concrete steps to address them. Encourage employees to seek out their advisor for one-on-one meetings or take part in group sessions. Holistic financial wellness programming can help workers more effectively manage stress and mitigate factors that cause or exacerbate it. Plan sponsors should facilitate communication between employees struggling with financial anxiety and people in a position to assist them such as a financial advisor, EAP counselor or their supervisor. With a multipronged approach and the proper support, organizations can enjoy a healthier workforce — and bottom line.
“Zillennials” are people who were born between 1993 and 1998. According to a recent Met Life survey (“The Rise of the Whole Employee: 20 Years of Change in Employer-Employee Dynamics.”) they are expecting a more holistic benefits package from their employers.
The main take-away from this survey is that Zillennials are seeking significantly more holistic employee benefits packages from their employers, Example: nearly 30% of Zillennials have considered leaving their employer for a more robust benefits package over the past year (compared to 19% of all employees).
According to Todd Katz, executive vice president, Group Benefits at MetLife, “When it comes to improving job satisfaction, loyalty, and retention, employers need to think of benefits as the foundation of the whole employee experience. Employers should be offering comprehensive packages that both complement and reinforce the other critical elements of the employee experience. If they don’t, they risk losing this vital sector of the workforce to an employer who will.”
While health insurance and retirement savings remain important, the study states that. “…that perspective has evolved significantly during the last 20 years. Financial wellness now entails having access to financial planning and emergency savings, in addition to a retirement plan.”
Many Zillennials, and other younger workers, are increasingly interested in student loan debt assistance, with 50% saying the benefit is a “must have,” according to the report.
Interestingly, the study also showed that 41% of Zillennials feel their employer is doing the ‘minimum possible’ to help them adjust to their new working environment, and that Zillennials want a work culture that incorporates employees’ social and mental health with an emphasis on recognizing the importance of workers’ lives beyond work and policies that limit working hours.
The report cited workers who are satisfied with a more holistic benefits package are more likely to plan to stay with their employer for 12 months (84%), versus employees who are unsatisfied with employer-provided flexibility (47%).
Some examples offered of benefits that would most improve Zillennials well-being said include paid and unpaid leave benefits (74%); work-life management programs (67%); mental wellness benefits, including employee assistance programs and reimbursement for therapy sessions (62%); and programs to support their financial needs (55%) were top priorities, the study found.
The survey concludes that “It’s clear we’ve reached a critical inflection point in the workplace, and employers across industries should not only be taking note but should also see this as an important opportunity for reflection and growth,”
It is clear that Zillennials are evaluating their work experience in a new and expanding way. It is important to understand this dynamic as employers consider hiring practices and potential redesign of their employee benefit package.
If you have questions, please contact your plan’s financial professional, Epiqwest Culver Wealth Advisors, LLC at (303) 442-3670.
Epiqwest Culver Wealth Advisors, LLC • 370 Interlocken Blvd., #290 • Broomfield, CO 80021 • (303) 442-3670
www.epiqwest.com
Investment advisory services offered through Epiqwest Culver Wealth Advisors, LLC, an SEC Registered Investment Advisor
ACR# 4884058 08/22
Investment advisory services offered through Epiqwest Culver Wealth Advisors, LLC, an SEC Registered Investment Advisor. Insurance services offered through licensed professionals of Epiqwest Culver Wealth Advisors, LLC.
Jack F. Elder, J.D., LL.M. (Taxation) is the Senior Director of Advanced Planning for CBS Brokerage. He has nearly 20 years of experience advising high-net-worth and privately held business clients. Jack is a frequent presenter to attorneys, CPAs, trust advisors, and insurance professionals.
Jack utilizes his legal expertise and deep industry experience to assist CBS’s top producers and accounts with wealth transfer planning, business succession, executive compensation, and charitable giving. He excels at breaking down complex advanced planning strategies into easily understandable, practical, actionable components.
Before joining CBS, Jack thrived in a variety of advanced planning roles in the life insurance industry. Prior to his career in life insurance, he was an estate planning attorney in suburban Maryland. Jack graduated from George Mason University School of Law in Virginia, and he earned his Master of Laws in Taxation from Georgetown University Law Center in the District of Columbia.
In his free time, you can find Jack playing with his two daughters, Maggie and Dottie, and spending time with his wife, Jenny, in the suburbs of Philadelphia, Pennsylvania.
Operations
Noah graduated from Colorado State University in May 2023, holding a dual bachelor’s degree in Economics and Finance. After completing his studies, he joined the Epiqwest Culver team as a Client Relationship Representative, the first step towards becoming an Advisor for the firm. Over the next few years Noah is looking forward to starting the Paraplanning role, where he aims to gain practical experience in financial planning and successfully pass the necessary licensing exams, with the long-term goal of progressing to the position of licensed advisor at Epiqwest Culver. He feels grateful for the opportunity and is thankful to learn by working side by side with the team of knowledgeable and experienced advisors at Epiqwest Culver.
Originally from California, Noah spent some of his early years in Santa Cruz before moving to Durango, Colorado, in 2007, where he resided until he started college in Fort Collins. Currently settled in Boulder, Colorado, he enjoys the wide range of hobbies the Front Range offers. During the winter, Noah can often be found skiing the different mountains nearby, while in the summer, he enjoys getting on the river and fly fishing. Additionally, he likes traveling to explore new destinations and experience his favorite pastimes across the country.
Interesting Fact #1 – I have been a flutist (or flautist if you prefer) since childhood and accompany the main choir at church Sunday mornings. While not an expert, I have been told that I play very nicely.
Interesting Fact #2 – I may have actually seen the Loch Ness Monster (and I was sober at the time). In 1980 I was on a tour of England, Scotland, and Wales when we stopped by Loch Ness & while walking along the water’s edge, I saw something poke its “head” out of the water. Unfortunately, I don’t have a picture as proof.
Originally from Arlington, VA, Clare’s family moved to Colorado in the mid 1960’s and settled in southwest Denver. Clare and her husband Tom live in Broomfield, CO with their adorable little Yorkie, Ellie. They love spending Sunday evenings with their daughter Kelly and son-in-law Jesse having dinner and having a family movie night.
Clare has worked in the insurance industry since 1980 starting at ING/Security Life of Denver (now part of Voya Financial) earning her CLU, ChFC, FLMI and ACS designations before joining Culver Retirement Services, Inc. in 2002 (now Epiqwest Culver Wealth Advisors, LLC). Clare mainly works with Don Culver with the insurance business and also helps Ivan Sichkar with the investment business. Clare also helps Mark Culver and Bryan Sullivan with Compliance.
Sarah brings over 15 years of versatile administrative knowledge with comprehensive experience in the development and implementation of organizational practices. Throughout her career, she has used these skills in various fields to include tax advisory, business management, legal services, and healthcare. This vast experience has led her to constantly seek creative and innovative ways to achieve personal, team, and organizational results. Sarah thrives in situations where an answer is not readily available and excels when assigned unconventional projects.
Sarah was born and raised in the North Denver Metro area where she now resides with her husband and children. She enjoys art, design, music, travel and taking on home improvement projects. Sarah shares good humor and a big smile with everyone she meets.
Sarah has a passion for helping others and loves incorporating her talents into charitable deeds.
She has worked with abused and neglected children through her calling as a court appointed advocate. Since then, Sarah has enjoyed hosting painting classes for nursing home residents in her community and currently, she volunteers her time by designing promotional material for a local church.
Operations Manager
Niki earned her Bachelor of Science as well as her Master’s in Accounting. She has worked in the financial services industry since early 2010 and is well-versed in the pressures and rewards of our clients’ financial journeys.
Niki is delighted to manage all aspects of the client relationship and prides herself on efficient communication, attention to details, and delivering results. While striving to exceed expectations in service and client care, she continually prioritizes clients’ needs with professionalism and compassion.
Niki is extremely passionate about her family; she enjoys sharing beautiful and invigorating experiences with her husband and their two charismatic children, Maci and Jet. In her free time, Niki enjoys kickboxing, exercising, traveling, camping, and spending quality time with her family and friends.
Portfolio Manager
Ivan worked as an Adjunct Professor at the University of Denver, where he taught a graduate level course, Ethics in Finance. As the Advocacy Chair for CFA Society Colorado (CFACO), Ivan engaged U.S. Congressman Ed Perlmutter to be the first speaker in the District Dialog series and introduced Governor Hickenlooper to Investors First Month of May.
Ivan is the past president of CFACO, the largest financial society in Colorado with over 1,400 members, where he arranged the annual forecast dinner with 400 industry professionals. Also, he organized the CFA Institute Research Challenge for Colorado and Wyoming universities for four years. He has partnered with top executives to engage them as the subject companies of the research challenge: Ball Corp, Molson Coors, Charles Schwab, DaVita, and Arrow Electronics.
In recognition for his contribution to enhancing the standing of the CFACO and raising the stature of the CFA Charter, Ivan was awarded the annual Jonathan Holtzinger Award of Excellence by CFACO.
Ivan is the past Director of Global Association of Risk Professionals in Denver. Ivan organized chapter meetings, including lectures at the Fed.
Ivan earned M.A. in Economics degree from University of Denver, B.A. in Economics from Idaho State University, and B.S. in International Economics and Business from Kiev National Economics University in Ukraine. He holds three professional designations: Chartered Financial Analyst® (CFA), Financial Risk Manager® (FRM), and Certified Financial Planner (CFP).
Ivan loves exploring the world and has visited 25 countries, and his favorite vacation was his honeymoon trip to Hawaii. He married the love of his life, Tanya, and has a son, Dennis. In his spare time, Ivan writes about economics, finance, risk management, behavioral finance, and retirement. This research is published on his personal website: ecnfin.com.
INVESTMENT ADVISOR
Ron has been a financial advisor and investment analyst since 1998 and has been with Epiqwest since 2007. Ron’s unique skills for analyzing prospective investments reflect not only his experience as an investment advisor, but also his experience working for operating companies and input from his personal advisory board.
Prior to joining Epiqwest, Ron was the CFO of an environmental construction company that averaged 300% annual revenue growth during his tenure. He was also the assistant to the executives of several non-profits, and he worked for FedEx Corporation where he worked in the areas of strategy, forecasting, marketing, and product management.
Ron has a BS with a double major in Economics and Finance from St. Cloud State University (summa cum laude) and an MBA in finance from Vanderbilt University.
Ron was born and raised in rural Minnesota. After venturing out from MN and living all over the U.S., Ron eventually returned to MN and now lives in Minneapolis with his wife, Laurie, and son, John. Ron and Laurie love to travel internationally, visiting dozens of first-through-third world countries over the years. His most impactful destination was China, where he crisscrossed the country in the process of adopting his Chinese son. He had the opportunity to meet the wonderful Chinese people and immerse in the rich culture and history of the country.
PUBLIC RELATIONS
John started his retirement plan career in 1999. He is a 1996 graduate of the University of South Carolina at Columbia with a bachelor’s degree in accounting, and a 2005 graduate of Webster University with an MBA. Over the years, he has earned several designations from the American Society of Pension Professionals and Actuaries and the Internal Revenue Service.
John is originally from Mount Pleasant, SC, where much of his extended family still lives. He moved to Colorado in June of 2010. He enjoys traveling and spending quality time with his family and friends. John especially enjoys cruises and vacationing them.
INVESTMENT ADVISOR
Gabriel joined the Epiqwest Culver Wealth Advisor’s team in April 2022. He received his bachelor’s degree in Finance from the University of Central Florida School of Business in 2018. Gabriel began his career in financial services in June 2018 at Charles Schwab, where he worked as a Relationship Specialist. During his tenure at Charles Schwab, Gabriel obtained various industry licenses, including the Series 7, 9/10, 63, 66, and his Certified Financial Planners designation. He served as an Operations Specialist for a Schwab Branch in Plantation, Florida, and interacted with clients daily in a support-role, continuing to learn and absorb knowledge through shadowing and partnering with the Financial Consultants he worked with.
Gabriel was promoted to the role of Associate Financial Consultant after obtaining his CFP® designation in March 2021. In this role, he partnered with clients to help them achieve their desired goals and objectives while operating in their best interest. Currently, Gabriel works directly with Managing Partner Trent Culver in a mentor-mentee type role, where he is continuing to learn, grow, develop, and implement his craft. Gabriel is passionate about providing exceptional service and is dedicated to helping his clients achieve their financial goals. Gabriel grew up in South Florida and currently lives in Broomfield with his fiancée, Tara, and two dogs, Bronco and Cali. He is a life-long fan of the Denver Broncos and Nuggets, enjoys playing basketball, spending time with his family, reading, and music. He and his fiancée are currently saving for their first home and hope to be married by the end of 2024.
INVESTMENT ADVISOR
Josh was born and raised in Colorado Springs, graduating from St. Mary’s High School in 1997. From there, collegiate baseball led his journey to Kansas and Missouri, where he graduated cum laude with a bachelor’s degree in English Literature from Park University (Kansas City, MO) and was an Academic All-American. With a two-year stop in Orem, UT, where he coached high school baseball, Josh returned to Colorado in 2004 to begin his career in financial services; he has been serving clients’ financial interests since 2005.
He and his wife, Katie, also a Colorado native, now live in Westminster with their two sons and young daughter. When not helping his clients reach their financial milestones, Josh enjoys coaching his boys’ athletic teams, strength training, and closely following the Colorado Rockies.
