2023 DC Plan Summit: Amazon Promotes Overall Financial Literacy and Employee Health

Financial Planners

Amazon has about 55,000 employees in Canada. He said the relatively young workforce, with an average age of 37, will drive many of the benefits the company plans to introduce, adding that all Canadian staff, except seasonal workers, are eligible for a group-enrolled retirement savings plan. pointed out that you can access the

READ: Amazon boosts benefits, raises wages in North America amid tight labor market

At Amazon, we define financial well-being as how comfortable people are with fulfilling their financial commitments. “It’s not the income that matters, it’s what you do and whether you’re in control of your finances,” Watson-Smith said. “Obviously, these are tough times . efforts will be leveraged.”

Among these efforts, Amazon is providing all employees with access to health and wealth consultants. After the initial consultation, our staff will schedule a one-year follow-up call so you can reassess your investment in your savings plan. The organization also provides access to debt management advisors through the Canadian Credit Counseling Association.

“We are passionate about helping people manage their finances,” said Watson-Smith. “Then, whether or not to make a budget [or] debt management. . . [or] build trust. . . . And the list goes on. ”

Amazon also has a benefits promoter, which benefits its 45,000 Canadian employees, especially in operations. They act as points of contact for benefits programs at the field level, including corporate offices. “We had to keep people away who wanted to try this . And it ended up being a welfare advocate for us.”

In addition, Amazon has a benefits booth on every site with QR codes that allow employees to link directly to information on all benefits. “This was a game changer for us,” he said. “Usually things start on a pilot basis in the US and then start rolling out to other countries. [the benefits booths]. We are very proud of this program as it is now being rolled out and piloted in the United States. ”

Read: 2022 DC Plan Summit: How Scotiabank Links Financial Health to Overall Well-Being

The organization also offers financial wellness concierge services. The service, currently in a pilot phase, provides real-time, expert support for urgent financial situations. “this is, [employees] Get back on your feet,” said Watson-Smith, noting that examples of emergencies include a car breaking down or someone being evicted. “It’s not just financial help, it’s emotional support. Then they enter the program and when they need help rebuilding their credit, they go to a certified financial planner or credit counselor.” and everything else becomes possible.”

Finally, Amazon has an employee savings account where money is deducted from employees’ paychecks similar to the group’s RRSP contributions.

“It could be about a rainy day. It could be for a planned trip. If we can go and get the money upfront and help them start saving, we’ll go.”

Learn more about the 2023 DC Plan Summit here.

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