COMP NEWS – Amazon is rolling additional employee benefits focused on employee financial security and health.
In the current tight job market, where organizations are navigating economic uncertainties and finding it tough to find skilled talent, many are developing new strategies to retain existing talent. Some of these strategies include improving employee benefits. Amazon is one of the latest organizations to amp up its employee benefits. The company has rolled out several benefits, including a mental health app, an emergency savings fund, and financial counseling. The benefits are aimed at addressing employee difficulties and concerns in these challenging times.
According to Lian Neeman, director of global benefits at Amazon, ”We have a number of listening channels to understand what the top and evolving needs of employees and their families are. There were financial and mental health concerns that cropped up, and we knew we wanted to address them.”
One of the new benefits Amazon is touting is an emergency savings fund.
According to Neeman, the focus on financial wellness is obvious, as employees are hit hard by high living costs and looking for ways to cope. According to a Morgan Stanley at Work study, financial pressures due to inflation have significantly affected employees. Further, employees have been reassessing their workplace and financial benefits over the last year.
As such, Amazon has added and enhanced a slew of employee benefits. Among the financial benefits is free counseling, where employees and their family members can access a free consultation session for each financial issue. They can also use a financial health resource through a provider to reduce or consolidate debt, discuss long- and short-term financial goals, and create spending plans.
Further, the company is implementing an emergency savings fund to help employees save for the rainy day directly from their paychecks. This is a fairly new offering among employers. According to SHRM’s 2023 Employee Benefits survey, only 2% of organizations offer such a program.
To read more about Amazon’s new benefits, click here.
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