Employees fear the tax man

FINANCIAL WELLNESS: We’re all eager to get Tax Day behind us — but once employees cross “filing” off their to-do list, there’s still plenty of work to be done. 

April marks Financial Literacy Month, a good time for employers to review their financial wellness benefits (and communications) to make sure they’re setting workers up for success. 

Do you have a 401(k) that will auto-enroll employees? Are your benefits addressing needs beyond long-term savings, like student loan repayments, caregiving and child care costs? Are you actually listening when employees tell you they need help? 

READ: On Tax Tuesday, 4 ways to help employees improve their financial habits

DOUBLE DUTY: Nearly half of Americans are either already working multiple jobs or planning to in the years ahead, according to payroll services company Paychex. A recent survey of over 1,000 Americans explored the locales where residents are most considering increasing their workload. 

"Inflation and the cost of living have played a major role in the rise of polywork," says Marsha Akpodiete, an HR Coach at Paychex. "The pandemic caused widespread unemployment and economic uncertainty, prompting many to explore alternate ways of earning a living. More than one in five people say they'd be unable to pay bills if they didn't work multiple jobs, and more than four in 10 people say they'd have to move to another city and struggle to keep up with inflation." 

READ: 10 cities where people work more than one job to keep up with costs

HEALTHCARE: Americans owe at least $195 billion in medical debt, despite over 90% of the U.S. population having health insurance. That means the average health plan may place workers in a precarious position, forced to choose between health and financial security. 

Dr. Eric Bricker, medical director of insurance company SimplePay Health, has a radical idea for employers to consider: Eliminate deductibles and coinsurance. But is that financially possible? He shares his insight. 

Read: Are deductibles and coinsurance keeping employees from accessing healthcare?

INDUSTRY LEADERS: Everyone like a filing extension! If you missed your chance to submit HR and benefit leaders for our Excellence in Benefits Awards series, you’ve got a few more days to sneak them in. Thanks to all the incredible nominations we’ve already received. Looking forward to additional nods — get them in by EOD Friday, April 21. 

Deadline extended: Celebrate industry leaders with EBN's 2023 Excellence in Benefits Awards