Improving financial wellness during COVID-19

Investment expert Carl Gagnon discusses how HR teams can discuss financial wellbeing with employees during the COVID-19 pandemic. As AVP of Financial Wellbeing and Retirement Programs at Unum and a thought leader who regularly speaks at industry conferences, Carl brings a calm perspective and decades of expertise. He reminds us of the big picture vision and explains how employers can talk to employees about the resources available to them, such as a 401K provider or their own benefits portal.  Key takeawaysEmployers who have a 401(k) or financial well-being program have built those with care. Now is the time to share those resources with your employees. [01:22]Don’t make investment choices based on emotion or reactions to the market. [03:00] If you’re close to retirement age, and if your employer offers tools and resources — especially third parties — reach out to them. They have financial planners who can help you work through this. [04:56]Lean into the volatility. Some employees may be saving money by not driving to work, eating out, etc. Take some of that excess money and reinvest or build some emergency savings. [07:18]If you have reduced income, use the resources available to you. Take stock of what you have and talk to your creditors and vendors about deferring payments. There are programs available to help. For example, Defined Contribution programs may have loan features. Student loan forgiveness programs may be available, including federal student loan deferment. [08:40]Carl GagnonAVP Financial Wellbeing & Retirement Programs, UnumCarl Gagnon is responsible for the day-to-day operations, regulatory oversight and compliance of the Unum global financial well-being and retirement programs which include their Defined Benefit, Defined Contribution and Non-Qualified retirement plans and various flex benefit programs within its international operations. Unum employs approximately 11,000 employees worldwide with key U.S. locations in Chattanooga, TN; Columbia, SC; Portland, ME and Worcester, MA. Globally, Unum has operations in England, Ireland and Poland. Carl is also involved with developing, implementing and aligning these global retirement program designs with the overall business objectives of Unum and serves as a key partner in the implementation of the strategy, design and investment structure for these financial benefit programs. Carl has 25 years’ experience in various HR and Benefit positions, including benefit strategy, managing corporate benefit programs as well as implementing administrative systems to manage these plans. Prior to joining Unum in 2005, Carl worked in similar roles with Apogent Technologies, Thermo Fisher Scientific and in the Taft Hartley benefit field. He holds a CEBS certification, is a Fellow in the American College of Healthcare Administrators and is a member of Society for Human Resources Management and the International Foundation of Employee Benefit Plans.More resources: Making Remote Work Navigating well-being and productivity during a global pandemic. Download. Get in touch: hrtrends@unum.com(207) 200-6685