How to Improve the Financial Wellbeing of Your Employees – Canadian Companies: How to Do Business Better

In today’s challenging economy, Canadians are looking for ways to make use of their hard-earned dollars and minimize financial stress. But learning how to make the most of each paycheck isn’t always clear or easy, which can cause additional stress. Employers can help empower their employees to achieve financial well-being (while improving their own ability to attract and retain talent) with a group savings program.

Employers can help employees plan for their future; Whether it’s for homeownership, retirement, or your children’s education, there is a group savings plan for every financial goal. To achieve this, employers can benefit from a well-tailored program with a comprehensive registered pension or retirement savings plan tailored to the needs of their business and employees.

Simplified financial planning

“A key aspect of the support we provide is access to financial advice and guidance from an extensive network of professionals to meet employers’ business needs,” says RBC Group Advantage Vice President Doug Crowe. RBC Group Advantage provides easy plan setup and implementation, along with ongoing management through a secure portal, allowing businesses to focus on what really matters: helping employees optimize their financial health.

As Canadians adjust to rising borrowing costs, grocery bills and rent, it can be difficult to cover everyday expenses while saving for retirement and longer-term goals. This can make it difficult to prioritize a personal financial plan, especially without the right guidance and experience. With a
In the RBC Group Advantage program, members receive simple, practical advice based on their unique goals to help shape their financial future. Their signature personalized support ensures that each individual has the knowledge to confidently set financial goals and the resources to achieve them.

The Additional Advantages of a Group Savings Program

Research shows that 72 percent of employees experiencing stress seek support from their employers. RBC’s advisory capabilities can help alleviate this tension. RBC offers access to MyAdvisor, a digital advice platform that shows clients all their savings and investments in one place, including accounts outside of RBC. “They get a personalized savings plan, helpful tips, real-time images and forecasts to help them take control of their money and achieve their goals,” explains Crowe.

Understandably, making investment decisions can feel overwhelming. Having a financial ally to help demystify this process by presenting plan members with a select number of high-quality investment options and portfolio solutions makes the process seamless. Additionally, employees can make regular contributions directly to the plan through their payroll with pre-tax dollars. “We provide personalized financial advice during all stages of life and through a variety of convenient channels,” adds Crowe. “Our personalized coaching promotes employee engagement to help them maximize their group program and achieve financial well-being.” As more employees make workplace wellness a priority, dedicated support for mental health, physical well-being and access to financial experts is most important. RBC Group Advantage also offers an online resource center, Workplace Wellness, dedicated to improving the overall well-being of plan members.

Companies that prioritize employee well-being often experience the benefits of a more productive and satisfied workforce. “Industry research has shown that more than half of companies offering wellness plans have reported a decrease in absenteeism and even higher rates of financial sustainability, productivity and employee satisfaction,” says Crowe.

There is no better time for employers to invest in employees’ financial well-being with a customized group savings program that prioritizes employees’ overall well-being. You can learn how RBC Group Advantage’s team of dedicated advisors can help you set up a new plan for your employees or transfer an existing plan by visiting the RBC Group Advantage home page. here.

This article is intended as general information only and should not be considered legal, financial or other professional advice. Professional counsel should be consulted regarding your specific situation. The information presented is believed to be objective and up-to-date, but its accuracy is not guaranteed and should not be considered a complete analysis of the topics discussed. All expressions of opinion reflect the judgment of the authors at the date of publication and are subject to change. No endorsement of any third party or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.

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