To help employees optimize Betterment tools and resources, we recently introduced “guided onboarding,” which encourages employees to consider four actions when they log into their account. Each action is designed to put employees on a path toward comprehensive financial wellness:
- Personalize your plan: Employees who establish a retirement goal are much more likely to save for and achieve their retirement goals.
- Update deferral rate: Many financial experts recommend that people need to save between 10 and 15% of their income to build adequate retirement savings†
- Add beneficiaries: Employees can rest easy knowing that if something should ever happen to them, their account will be distributed the way they want.
- Consider a safety net: According to a recent survey, almost half of people don’t have $1,000 to cover a financial emergency.††
Each of these steps is designed to put employees on a path toward comprehensive financial wellness.
Employees have responded positively to guided onboarding which should improve individual financial confidence and increase familiarity with our platform, thereby helping to encourage better employee engagement going forward.
†† 2 PWC Employee Wellness Survey, 2019. https://www.pwc.com/us/en/private-company-services/publications/assets/pwc-2019-employee-wellness-survey.pdf