Improve employee retention in 2022: Utilize financial wellness benefits. Financial stress is an increasing contributor to high employee turnover and now, more than ever, your team needs relief.
Last year, a record 38 million Americans left their jobs to look for new opportunities. As a result, employers in 2022 are dealing with low retention and high turnover, leading to a loss of top talent, increased operating costs and an overall unstable work environment.
Research shows that stress is a main reason people leave their current jobs. So, helping your employees tackle their stress can keep your retention up — and battling financial stress specifically is key.
Improve Employee Retention by Reducing Employee Financial Stress
In the American Psychological Association’s 2020 Stress in America report, 63% of adults said their finances were a significant source of stress, nearly a 20% increase from the previous year.
The pandemic has not helped matters, as many are still grappling with the economic effects of the health crisis, and Americans remain deeply in debt, with household debt reaching a record $15.24 trillion in the third quarter of 2021.
The 2021 Employee Financial Wellness survey conducted by PwC, found that 63% of surveyed employees felt that their financial stress had increased due to the pandemic. And 72% of those employees indicated that they would be attracted to a new employer who cared more about financial well-being than their current place of work.
Incorporating financial wellness programs like Best Money Moves in your benefits package can give your employees the tools they need to lower their financial stress and become happier at work. Data from prudential found that users for financial wellness programs report better mental health, lower stress and better physical health than non-users.
Plus, financial wellness programs have the added benefit of increasing productivity. A 2020 Prudential report found that 6 in 10 U.S. employees said they were more committed and more productive when employers demonstrated a commitment to their financial wellness.
Keep Your Team Where they Belong with Best Money Moves
The strain of the pandemic makes financial wellness benefits more essential, and companies that already offer them have seen an increase in usage over the past year and a half. In a September report from SHRM, 22% of the surveyed HR professionals said their financial coaching benefits had been used more since the start of the pandemic.
Best Money Moves can help your employees address their financial stress and improve your retention in the new year. The program uses artificial intelligence to power a mobile-first platform that measures employee financial stress, then dials it down with a unique content-mapping system that helps solve your employees’ pain points. Our triggers and alerts system, as well as budgeting tools, personal finance resources and more, help guide employees to make smarter financial decisions and reduce their overall stress.
If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.