OFFER WELLNESS TOOLS TO RETAIN YOUR WORKFORCE.

• Author: Marriott, John Paul

As labor shortages continue to impact companies across industries, businesses are shifting their focus to employee retention. According to Bank of America's recent Workplace Benefits Report, 46% of employers have seen an increase in resignations over the past year while one in three employees have switched jobs or thought about switching jobs.

Our research shows employees are significantly stressed by current economic conditions, leading to a decrease in their feelings of personal financial wellness. The percentage of employees who feel financially well hit a five year low in July 2022. Perceptions of financial wellness are also impacted by ethnicity, gender, and generational factors. For instance, women continue to trail men in their feelings about financial wellness and preparedness, and employees of color are reporting significantly lower feelings of financial wellness compared to white employees.

Many leaders already feel responsible for our employees' financial wellbeing. However, as employers address record levels of turnover amid a period of economic uncertainty, it is more important than ever to provide additional support and resources. So, what should leaders do to retain their workforce? A vast majority of employers now say that offering financial wellness tools can reduce employee attrition, and wellness tools can help attract higher quality employees. To help retain and empower their workforce, employers should consider:

EMBRACING EMPLOYEE FINANCIAL WELLNESS AND EXPAND SUPPORT.

Given rising inflation, employees are feeling the pinch financially. Employers should embrace programs, such as financial coaching, and digital tools that help employees better plan and manage their finances. For example, 91% of companies see higher employee satisfaction when they offer resources to manage overall wellbeing. Companies who take it a step further and broaden their wellness programs to include mental and physical wellness resources see noticeable improvements in productivity, employee stress, morale, creativity, and innovation.

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