While employers experience high employee turnover rates in what is considered the âbig resignation,â companies are offering employees financial well-being benefits to help retain workers, according to the company. CNBC.
Six things to know about how to retain employees and the benefits they are looking for:
1. More and more companies are offering financial wellness benefits, according to the Bank of America Workplace Benefits report. The report – which includes data from a national sample of 1,363 full-time employees and 834 employers – found that in 2021, 46% of employers offer financial wellness programs, up from 40% last year. .
2. However, a survey conducted by the Society of Human Resource Management and Morgan Stanley at Work found that only 26% of the 1,205 human resources professionals surveyed in June said their organization had added benefits or expanded existing benefits for them. help employees manage their financial stress from the start. of the COVID-19 pandemic. Seventy-four percent of HR professionals surveyed said they had made no changes to benefits.
3. While most employers have no plans to increase financial welfare benefits in the coming year, working and unemployed Americans who participated in the Society’s survey of Human Resource Management and Morgan Stanley at Work said they increasingly appreciate and want offers such as retirement. 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 companies that see financial wellness benefits as a necessity for workers who want them. , according to CNBC. Diana Grubard, director of company benefits, told the news channel that these benefits, which Northwell launched earlier this year, are helping the system stand out in today’s workplace.
5. “Our constant long-term concern for well-being allows us to differentiate ourselves in this environment,” said Ms. Grubard. CNBC. âThis is what we use to attract and retain our talent.
6.Mrs Grubard also told the news channel that Northwell’s offerings, which include digital education, financial webinars and financial planning, outweigh the associated costs as they help mitigate financial stress which can lead to more absenteeism and less productivity.
Read the whole CNBC report here.