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Employee Financial Wellness May Stop The Great Resignation

It's a pretty shocking statistic. Over 50% of employees interviewed in many different studies across both Canada and the United States say they are planning on changing their job in the next year. Yes, over half of every single employee surveyed!

Why? There are many different reasons obviously, but the biggest factor seems to be that many of us have undertaken a re-evaluation of our life and life goals as a result of covid, which has in turn lead the majority of us to the conclusion that we need a drastic change in our life.

One might ask why this aspect of change has landed so squarely on the shoulders of employment and not on other areas such as fitness or a change in geography? It's likely due to the fact that many employees don't feel they are seen as important to their employers. In others words they don't feel valued at their job. At least that's what the additional research seems to also be saying.

So what's an Employer to do if they are looking to retain top talent amid this trend? The research again says the place to start is with financial wellness offerings. While employee financial wellness benefits aren’t an idea that's brand new, the pandemic has certainly accelerated their relevance and has transformed these financial wellness programs into an absolute must-have corporate benefit for employers that want to succeed. Employees clearly now want and expect financial wellness solutions from their employer and they will stay with employers who provide them, again says the research.

From an employers point of view, having an effective financial wellness program means you'll need to bring together all the financial wellness benefits available. From savings, loans and credit score building through to financial education and even potentially financial coaching. You'll also need to ensure you stay connected with your workforce through a structured communication and engagement strategy to make sure all employees are aware of these benefits and so that those who most need them don't fall through the cracks.

A good employee financial wellness solution will give employees the tools they need to find answers and then direct them on a comprehensive journey of financial growth. A great employer-sponsored financial wellness program will allow employees to feel seen and heard and let them know the company actually wants them to succeed. Not only at work but also in life.


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