Knowledge

4 Ways Financial Wellness Can Boost Employee Retention

Retention is an increasing problem in the post-COVID workforce. Financial wellness benefits could be the solution employers need. 

In the post-COVID world, retention is an increasingly complex problem that organisations are struggling to solve.

For organisations to have any hope of combatting this wave of turnover, they need to first get real about the pain points driving employees to leave. That’s where financial wellness comes in.

Consider these four ways that financial wellness benefits can help boost employee retention.

  1. Financial stress is a bigger problem than most employers realise.

Most employees (based on numerous studies) rank their finances as the single biggest source of stress in their life. Finances can be a taboo topic at work, but chances are you have multiple team members that are struggling. Offering financial wellness benefits can provide valuable help to employees of all ages, incomes and backgrounds.

  1. Financial wellness provides tangible benefits to stressed employees — and their workforces.

Financial stress can lead to a loss of productivity, increased absenteeism and widespread mental health challenges among employees. So, learning how to manage your money doesn’t just reduce stress in an abstract sense. When employees are less stressed about money, they’re more focused at the office and spend less time on non-work related issues. This, in turn, can reduce absenteeism and improve overall retention rates.

  1. Financial wellness programs can help employees feel seen by their employers.

When you offer financial wellness programs to your employees, you signal to them that you care and have a realistic view of their work/life balance. Staying connected with the struggles of your employees helps create a more intimate work culture, which in turn creates a more positive overall experience at the office and makes it that much harder to leave.

  1. Money impacts every aspect of your employees life. Financial wellness can too.

At its core, retention is about ensuring employee satisfaction and successful retention strategy finds a way to help employees feel fulfilled in all areas of their lives. Money touches nearly every aspect of a person’s life, from daily spending, to housing, to family planning, or saving for a future retirement. So financial wellness can bring wide-reaching, impactful help to employees at any stage or circumstance.

 

Savi Moni is a responsible lender, offering personal loans and providing financial literacy tools, tips, courses and resources to its clients.  We have partnered with ABV to provide a Family Money Management workplace training course – specifically designed for PNG employees.  To learn more about how you can help improve your employee’s financial wellness, contact us today.