Financial wellness benefits aid recruitment amid the ‘Great Resignation’
Because employers have a high turnover rate on what is known as the “Big Resignation,” companies offer financial wellness benefits to employees to keep employees, according to CNBC.
Six things you should know in order to retain employees and what benefits they seek:
1. More and more companies are offering financial wellness benefits, according to Bank of America’s Workplace Benefits Report. The report – which includes data from a national sample of 1,363 full-time workers and 834 employers – found that 46 percent of employers will offer financial wellness programs in 2021, up from 40 percent the previous year.
2. However, a survey by the Society of Human Resource Management and Morgan Stanley at Work found that only 26 percent of 1,205 HR professionals surveyed in June said their company added benefits or expanded existing benefits to help employees get started help manage their financial stresses due to the COVID-19 pandemic. 74 percent of the HR managers surveyed stated that they had not made any changes to the services.
3. While most employers have no plans to increase their wellness financial benefits for the coming year, Americans who participated in the Society of Human Resource Management and Morgan Stanley at Work survey, both working and unemployed, said they offered offers like the Appreciate retirement and increasingly want savings, safety net insurance, financial planning, financial coaching and emergency funds.
4. Northwell Health, based in New Hyde Park, NY, New York’s largest healthcare provider and private employer, is among those companies that see financial wellness benefits as a necessity for workers who want them, according to CNBC. Diana Grubard, director of benefits for the company, told the news channel that such benefits, which Northwell introduced earlier this year, help the system stand out in the current work environment.
5. “Our consistent long-term focus on wellbeing enables us to differentiate ourselves in this environment,” Ms. Grubard told CNBC. “It’s what we use to attract and retain our talent.”
6. Ms. Grubard also told Northwell News Channel that Northwell News Channel’s offerings, which include digital education, financial webinars, and financial planning, outweigh the costs involved as they help reduce financial stress, absenteeism and decrease Productivity.
Read the full CNBC report here.