What do your retirement plan participants wish you’d offer? Besides the chance to save and invest part of their paychecks, that is.

The answer could be a little more help. Charles Schwab surveyed workers contributing to 401(k) plans, and 46 percent wanted help calculating how much they needed to save for retirement. Another 43 percent wanted assistance in determining at what age they could afford to retire. And 39 percent listed calculating what their expenses would be in retirement on their financial to-do list. Still others wanted help with such day-to-day financial matters as debt management and budgeting.   

Companies with 401(k), 403(b) and 457(b) plans are starting to respond. At some firms, basic enrollment pep talks on consistent contributions and explanations of asset allocation have been supplemented by various levels of financial coaching. A survey conducted by Aon Hewitt found that 59 percent of employers reported they were likely to offer workers some form of financial wellness programs beyond basic retirement saving instructions. This is up from just 30 percent of employers in 2014. 

Financial wellness programs can promote employee retention. When workers experience money issues in their lives, their health and performance could suffer. They might try to find higher-paying jobs, reducing their commitment to their current positions.

Fundamentally, these programs teach financial literacy. Most people need more of that, including high earners. Such corporations as Activision Blizzard, Haverty’s Furniture, Home Depot and Waffle House have implemented such programs and made them free to employees wanting insight on everything from handling student loan debt to college planning to making long-term care insurance choices.    

Small businesses offer these programs, too. Financial services professionals are coming forward to work with established and emerging companies seeking a perk to attract first-rate employees.

Financial coaching can take many forms, from group education to highly individualized counseling with the financial consultants assuming a fiduciary duty. Businesses would do well to ask about financial coaching. Employee loyalty is priceless.   

Plan sponsors also could potentially lower their fiduciary risk by putting such programs into place. If employees change their financial behaviors and believe they’re improving their personal finances as an effect of a financial wellness program, they could be less inclined to complain about a company’s retirement plan offering — or worse, initiate legal action on grounds the plan sponsor failed to meet its fiduciary responsibility. No business wants that.   

Does your company lack a financial wellness program? Consider establishing one. If your competitors haven’t yet taken that step, chances are they soon will.