The U.S. labor force continues to be affected by the Great Resignation. According to Bank of America’s 2022 report, there are three leading reasons behind recent employee exodus: compensation, burnout and work-life balance.
By investing in financial wellness and similar employee-focused benefits, companies can challenge these three drivers of resignation and boost employee retention.
Here are the top 3 drivers of employee resignation, plus 3 solutions
1. Compensation
When evaluating a job opportunity, candidates factor in much more than just wage or salary. They evaluate the total compensation of the job — that is the sum of the salary plus additional benefits, such as retirement, medical, childcare and more. Today, many employees are resigning due to their dissatisfaction with their current compensation — they are looking for better pay, benefits and increased corporate empathy.
About 60% of employees say they are attracted to another company that cares more about employee financial wellness, according to a PwC 2022 study. This can create concern about employee wellbeing and potential resignations, especially in today’s hybrid labor force.
To help retain and attract top talent, companies have upped their total compensation packages by adding financial wellness benefits. According to the same PwC survey, more than 8 in 10 employers report that their investment in employee financial wellness benefits has led to positive results, including increased employee engagement, loyalty and morale.
2. Burnout
Work, home and money-related stress can be difficult to deal with and when this stress prolongs and compounds over time, it can lead to burnout — a physical, mental and emotional exhaustion with varied symptom, such as decreased focus, productivity and a lower sense of wellbeing. These harrowing effects of burnout can cause top talent to quit and ultimately hurt a firm’s bottom line.
Money reigns as a leading stressor for many Americans. As a response, companies have started to offer employees financial wellness benefits to help dial down employees’ money-related stress. Offerings such as 1:1 money coaching and debt management support allow employees to meet their most top-of-mind money goals, whether it’s buying a home or no longer living paycheck-to-paycheck.
When employees are less worried about their finances, companies can benefit from a happier, more productive workforce that is less likely to quit.
3. Work-life balance
Work, home and money-related stress can be difficult to deal with and when this stress prolongs and compounds over time, it can lead to burnout — a physical, mental and emotional exhaustion with varied symptom, such as decreased focus, productivity and a lower sense of wellbeing. These harrowing effects of burnout can cause top talent to quit and ultimately hurt a firm’s bottom line.
Money reigns as a leading stressor for many Americans. As a response, companies have started to offer employees financial wellness benefits to help dial down employees’ money-related stress. Offerings such as 1:1 money coaching and debt management support allow employees to meet their most top-of-mind money goals, whether it’s buying a home or no longer living paycheck-to-paycheck.
When employees are less worried about their finances, companies can benefit from a happier, more productive workforce that is less likely to quit.
Looking to curb employee resignation with a premium financial wellness solution? Try Best Money Moves!
Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As a comprehensive financial well-being solution, Best Money Moves offers 1:1 money coaching, budgeting tools and other resources to improve employee financial wellbeing. Our AI platform, with a human-centered design, is easy to use and fit for employees of any age.
Whether it be college planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. Our dedicated resources, partner offerings and 700+ article library make Best Money Moves a leading benefit in bettering employee financial wellness.
To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.