Dublin, Feb. The U. The pandemic has driven wellness benefits such as futuristic planning, flexible pay, and loan repayment schemes backed by employees.
COVID has led to new realities Implementation of Student Loan Asset Backed Securitization advancements in the market. Pay raises in the near future have been Aaset as companies face unpredictable revenue streams and budgets. As employers begin to realize that monetary benefits are Assst the only way to retain employees, they have become inclined to offer customized schemes. Larger employers are offering wellness programs in sync with retirement plans. Companies also focused on certain other benefits such as debt counseling services and emergency savings accounts during the pandemic. Since millennials and the older workforce nearing retirement age are the ones most struggling, wellness programs that tend to them are expected to witness the increased engagement.
The following factors are likely to contribute to the growth of the U. The study considers the present scenario of the U. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.
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The fluidity of the current pandemic-afflicted landscape has increased the importance of financial planning programs among employees. As employers increasingly realize the impact that it can have on business in terms of performance, they are onboarding financial planning advisors and asset managers, thereby boosting the growth of the segment.
The pandemic is also driving the demand for planning to build savings in preparation for future emergencies. Financial wellness tends to be a way of life for most workers in the US with monetary challenges expecting not to go away anytime soon, making the market a lucrative one. Large businesses are blending physical, mental, and financial programs to provide holistic support to their employees.
The concept of "health meets wealth" is gaining immense traction Loa the market because both are largely interdependent and healthcare costs are continuing to rise as well. Participation rates are often low as well. The segment is expected to witness the growth due to the growing realization among employers to observe the link between financially well employees and how they work - aka employee productivity.
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Personalized counseling for finances is growing a rapid rate since advisers can easily adapt to the needs of the employee. They are particularly popular in workforces with highly diverse employees. Employees are asking for one-on-one interactions more than ever in order to help navigate finances, which increasing advisers to meet employees regularly, thereby driving up revenues of one-on-one programs. Workplace financial wellness programs in healthcare companies have been going strong in the US because the industry is specifically susceptible to disadvantageous outcomes due to workforce volatility in a system, where reliable and consistent care is a priority.]
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