In today’s competitive job market, attracting and retaining top talent is a priority for organizations. In this blog, we discuss how organisations can set themselves apart from the competition, by offering comprehensive employee benefits and supporting programs that go beyond traditional perks. One such employee benefits program that can significantly enhance an organization’s ability to attract top talent is an employee financial wellness program.
In this blog, we will explore the top three reasons why investing in an employee financial wellness program can be your organization’s top employee benefit in 2024 to retain and attract the best talent in the industry.
1. Demonstrates Commitment to Employee Wellbeing
Investing in an employee financial wellness program showcases an organization’s genuine commitment to its employees’ overall health, safety and well-being. Top talent seeks employers who prioritize their employees’ holistic development, beyond just their job tasks. A comprehensive financial wellness program communicates that the organization values the financial success and stability of its workforce.
Research has shown that employees who feel supported and empowered to manage their finances have better mental health, reduced stress levels, and improved overall wellbeing (Johnson). By offering resources, education, and support to help employees better manage their finances, organizations create a supportive work environment that attracts top talent, who are more likely to thrive in an environment that prioritizes their wellbeing.
2. Helps Alleviate Financial Stress and Promote Job Security
Financial stress is a significant concern for many employees, and top talent is no exception. Offering an employee financial wellness program helps alleviate this stress and promotes a sense of job security. Employees who have access to financial planning tools, budgeting assistance, and resources to manage debt are better equipped to navigate financial challenges. This, in turn, leads to greater financial security and confidence.
When top talent sees that an organization is proactive in assisting employees with their financial goals, they perceive the organization as a stable and reliable employer, increasing their desire to work for the company (Garman et al.). A financially secure workforce fosters a positive work environment and attracts top talent seeking stability and long-term growth opportunities.
3. Supports Long-Term Financial Success and Growth
Top talent is not just looking for a job; they are seeking opportunities for long-term growth and financial success. An employee financial wellness program can provide the necessary tools and resources to help employees plan for their future, including retirement. By offering independent coaching and education to support employees to confidently plan their retirement, and invest, and with access to compliant, professional financial coaches, organizations can demonstrate their commitment to supporting employees’ long-term financial success.
This level of support appeals to top talent, as they are drawn to employers who invest in their employee’s career growth and financial stability (Mercer). Additionally, organizations that prioritize employee financial wellness foster a culture of continuous learning and development, providing opportunities for employees to upskill and acquire financial literacy knowledge, which can enhance their professional growth prospects.
Why invest in an employee financial wellness program?
Investing in an employee financial wellness program, such as Estate’s 21 Day Financial Wellbeing Challenge, not only benefits individual employees but also helps organizations attract top talent. By demonstrating a commitment to employee wellbeing, alleviating financial stress, promoting job security, and supporting long-term financial success and growth, organizations create a competitive advantage in the job market, appealing to candidates who seek more than just a job but also comprehensive support for their financial wellbeing.
References:
- Johnson, Rebecca. “The Cost of Financially Stressed Employees: How Employers Can Help.” Forbes, December 18, 2020. https://www.forbes.com/sites/forbesfinancecouncil/2020/12/18/the-cost-of-financially-stressed-employees-how-employers-can-help/?sh=6514ee4c18e7.
- Garman, E. Thomas, et al. “Financial Stressors and Exercise-Related Injury: Gender Differences in a University Population.” Journal of American College Health, vol. 58, no. 5, 2010, pp. 447-452. doi: 10.1080/07448481.2010.485593.
- Mercer. “The High Cost of Financial Stress for Employers.” Accessed August 11, 2021. https://www.mercer.com/content/dam/mercer/attachments/private/gl-2021-financial-wellness-at-work/Mercer-Financial-Wellness-in-the-Workplace-Global-2021.pdf.