The COVID-19 pandemic had an unexpected fallout – an upheaval in the American workforce. Dubbed as the Great Resignation, thousands of workers across the country from all socio-economic backgrounds quit their jobs. As the workforce re-evaluates work and retirement, so must employers to meet the expectations of a new work world.
How Employees are Re-Evaluating Compensation
It’s about more than just offering a competitive salary. Employees now are looking for financial independence and stability during their working years that will carry into their retirement years.
As a result, company-offered financial wellness benefits are now a much-sought commodity by potential and current employees. The Harvard Business Review reported that a study by Glassdoor showed that 80% of employees would choose additional benefits over a pay raise.
A survey by the Franklin Templeton Retirement Innovation Initiative had a similar finding. Employees said that benefits are nearly equally important as salary when considering a new job.
The survey also found:
- 67% of workers said the pandemic prompted them to re-assess their relationship with their employers
- 44% of workers reported they considered or have left their jobs in the past year
- 84% want benefits that help their financial well-being
- 64% say their employers could be doing more to provide valuable benefits
- 87% of employees would be willing to give their employer some form of personal information in exchange for more personalized benefits
As the survey indicates, benefits offered by employers are becoming more of a priority for workers. With this in mind, business owners need to rethink employee benefit packages to not only attract workers, but to retain them.
Related Article: How COVID-19 Has Changed Estate Planning and the Need for It
Estate Planning as an Employee Benefit
Although benefit offerings such as 401(k)s and life and health insurance are important to employees, so are benefits that would protect their families and assets for the long term. Not only are workers re-evaluating work and retirement, so are many businesses. Companies are now responding to this new outlook and are starting to realize the value of offering benefits like estate planning to their workers.
With online offerings like Gentreo, employers can offer estate planning as a benefit for all of their employees, and it can cost as little as $25 per employee, per year. The advantage to employees is that the estate plan stays with them through their life even if they leave their job. Additionally, employees have access to critical information about the importance of estate planning and resources to help them create their plan and documents.
Forward-thinking business owners have the opportunity to support the well-being of their employees beyond salary and traditional benefits, which in turn contributes to the overall worker/employer relationship. An estate plan is a valuable benefit to employees that will in turn benefit your company.
Related Article: Estate Planning 101: The Documents You Need and Why
Why Offer an Estate Plan?
When your employees and their loved ones do not have an estate plan, there can be some significant consequences for them and your business.
If a loved one was suddenly incapacitated or passed away, your employee could be forced to spend countless hours dealing with health and financial matters, family turmoil, even litigation, that would likely end up with them taking time off from work. Add in the stress, and you’re looking at some serious impacts on your employee’s productivity.
An estate plan allows:
- Your assets to be distributed to your named beneficiaries through a Will or Trust
- Your wishes to be carried out after you pass
- You to name someone to make health and financial decisions on your behalf if you cannot
- Protection for your minor children and your pets
Not having an estate plan can have dire consequences. Courts decide what happens to your assets and who cares for your minor children or pets. Missing, outdated, or incomplete estate plans cause the average estate to lose 3-8% of their value and take 6 to 24 months to close. Family turmoil and potential legal disputes can ruin relationships.
Related Article: Putting Off Creating Your Will Could Be Disastrous
Dying without a Will can result in your assets being taken control by the state and distributed according to the intestacy laws. Not having a Health Care Proxy or Power of Attorney can result in loved ones scrambling to get legal powers to make decisions in the time of a crisis.
Partnering with Gentreo to Offer Employees an Estate Planning Solution
Existing legal services provide an extensive list of potential offerings, but more often than not, these services are expensive, seldom used safety blankets. The one legal service that people need and regularly use is estate planning.
An estate plan impacts every employee’s life, yet less than 20% of people have one – and for good reason. Traditionally, creating an estate plan is expensive, costing $2,000 to $10K. It is also typically time consuming and difficult.
Differentiate your company by partnering with Gentreo. We offer a modern, custom, and inexpensive solution for your business to provide your employees with a valuable benefit – an estate plan – a safety net to protect employees and their families. Why pay 3-5 times more for outdated, generic legal services, and extra features that your employees will never use?
Related Article: What Makes Gentreo Online Estate Planning Services Unique?
Gentreo has the resources, tools, and support for your company as a one-stop place to prepare your employees for the unexpected – and expected – life happening events: the death of a loved one, or a sudden illness or incapacitation.
The benefits to your business are:
- A high-value, distinctly visible and low-cost benefit
- Tangible offering versus rarely used professional services
- Saves employees time, money, and provides peace of mind
- Prevents negative impacts on work performance (i.e., absences)
With Gentreo, employees have a secured plan in place, with notifications and instructions for family, friends, and trusted advisors – all without the expensive legal bills. We offer:
- Free employee resources like 1:1 coaching
- In-person events
- Access to licensed estate planning attorneys in all 50 states
- Tailored webinars
- Gentreo’s Digital Family Vault to safely store documents and provide easy access
Gentreo is there to support and guide your employees through the estate planning process and through their life’s journey.
Don’t be left behind as today’s workforce re-evaluates work and retirement. Protect your employees and their loved ones and minimize the risks to your business. Partner your company today with Gentreo to create an estate plan for your employees.