4 ways financial wellness can boost employee retention. Retention is an increasing problem in the post-COVID workforce. Financial wellness benefits could be the solution employers need.
In the post-COVID world, retention is an increasingly complex problem that organizations are struggling to solve.
In fact, 64% of American workers are seeking or considering new employment according to a November 2020 study by HR software firm Ceridian. That number jumps to 75% for workers under 30. For organizations to have any hope of combatting this wave of turnover, they need to first get real about the pain points driving employees to leave. That’s where financial wellness comes in.
Consider these four ways that financial wellness benefits can help boost employee retention.
1. Financial stress is a bigger problem than most employers realize.
Vaccinations have significantly improved the state of the pandemic, but experts estimate that it could take years for Americans to recover financially. Now, most Americans rank their finances as the single biggest source of stress in their life. Finances can be a taboo topic at work, but chances are you have multiple team members that are struggling. Offering financial wellness benefits can provide valuable help to employees of all ages, incomes and backgrounds.
2. Financial wellness provides tangible benefits to stressed employees — and their workforces.
Financial stress can lead to a loss of productivity, increased absenteeism and widespread mental health challenges among employees. So, learning how to manage your money doesn’t just reduce stress in an abstract sense. When employees are less stressed about money, they’re more focused at the office and spend less time on non-work related issues. This, in turn, can reduce absenteeism and improve overall retention rates.
3. Financial wellness programs can help employees feel seen by their employers.
When you offer financial wellness programs to your employees, you signal to them that you care and have a realistic view of their work/life balance. Staying connected with the struggles of your employees helps create a more intimate work culture, which in turn creates a more positive overall experience at the office and makes it that much harder to leave.
4. Money impacts every aspect of your employees life. Financial wellness can too.
At its core, retention is about ensuring employee satisfaction and successful retention strategy finds a way to help employees feel fulfilled in all areas of their lives. Money touches nearly every aspect of a person’s life, from daily spending, to housing, to family planning, or saving for a future retirement. So financial wellness can bring wide-reaching, impactful help to employees at any stage or circumstance.
Best Money Moves is a human-centered and individualized approach to financial wellbeing. The comprehensive and user-friendly platform provides a plethora of financial resources and educational tools. The library of resources contains over 700 articles, videos, and calculators. Each Best Money Moves user has their personal feed tailored to the several distinct factors that monitor their personal stress. This means your employee can use Best Money Moves to educate themselves on anything from investing in the stock market to co-signing loans to buying their first home.
Employee information is always private but employers do have access to key analytics that show overall employee financial stress and stress levels over time. The Employer Dashboard also features information on program usage, debt and savings levels and more so employers can see just how valuable Best Money Moves is to their employees.
If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.