Most healthy truck drivers don’t spend much time thinking about their workplace benefits throughout the year. But they may be more open to such discussions during open enrollment, when they’re choosing the best health plan and voluntary benefits for themselves and their families for the coming year. They also often start thinking about the holidays this time of year, which can add another layer of financial stress.
“Open enrollment is a great opportunity to really help your workforce take a look at the benefits available to them and begin to better understand how these benefits could be fully leveraged as part of their own personal financial plan ” says Tim O. “Neil, Senior Workforce Solutions Specialist at TrueNorth Companies, a professional services and insurance brokerage firm that provides insurance tools and solutions.
Here are some important strategies your team can use to connect with your truck drivers and educate them about the non-health benefits, including those related to financial wellness:
Tell employees you care. People want to work for companies that have their best interests in mind. ONE Deloitte Survey 2023 found that 60% of workers were seriously considering quitting or finding a job that better supported their well-being, while 64% of managers were also considering changing jobs in search of better well-being.
Announcements about financial benefits during open enrollment can let truckers know that you recognize their financial hardships and that you have benefits that may provide relief. This can not only improve their lives, but also potentially reduce turnover and attrition within the company, especially important in today’s tight labor market.
Let your truck drivers know about the new financial wellness benefits — and remind them of the existing benefits. In addition to discussing retirement plan options and the importance of participation, a company can inform employees about other elements of financial wellness benefits, such as student loan repayment services, financial guidance or access to emergency funds. One strategy to consider is to focus on employees who have taken advantage of these benefits, allowing peers to see the potential impact. You can also consider tailoring communications to specific groups, such as highlighting student loan repayment services for younger workers.
Help employees make the connection between health and financial benefits. The choices truck drivers make regarding their health benefits can have an impact on their financial well-being. For example, a high-deductible health plan may require a larger savings account — but it also comes with a health savings account that may allow policyholders to offset the cost with tax advantages.
“What we’ve seen work really well, before open enrollment, is hosting a workshop where someone with no products or services to sell gives an educational presentation on how to get the most out of the benefits,” says O’Neil. “They can talk about what types of accounts might be the most tax-advantaged, what deductions might be right for a family or what voluntary benefits are available.”
Ask your employees what else they need. In addition to making sure truckers are taking advantage of existing benefits, open enrollment is a great time to take a pulse on other potential benefits that might make sense to introduce in the future.
For example, many truck drivers may benefit from extensive financial wellness offerings, including financial coaching to help them deal with issues that cause financial stress.
Surveys and focus groups can be great opportunities to gain knowledge. They can allow you to tailor your benefits to meet your employees where they are in their financial journey, from adding new benefits and tweaking existing benefits to changing your communications strategy.
“Financial wellness starts with getting a clear picture of where you stand financially and then creating a personalized plan,” says Charles Lattimer, Chief Innovation and Growth Officer at FinFit. “If you’re looking to boost your financial health, the good news is that it’s often simpler than it seems. It’s mostly about spending a little less than you make, being wise with that extra bit and always putting some savings away first. Creating financial wellness programs that keep it easy, fun and achievable will lead to success.”
Providing access to financial wellness benefits is the first step to reducing money-related anxiety to employees, but these benefits are only useful when employees engage with them. The open enrollment period provides an important opportunity for HR and benefits teams to connect with their team right now while benefits are in focus.
TrueNorth Companies and FinFit join forces to provide solutions for the financial well-being of truck drivers. learn more about TrueNorth Center for Economic Prosperitya leading platform that provides unlimited access to financial guidance, aimed at helping employees improve their financial lives by changing their relationship with money.