What do employee retention rates have to do with financial wellness?
Employers who are seeking to improve retention rates need to consider some of the problems causing employee turnover, and money issues are high on the list. When employees struggle with finances, they have trouble focusing at work.
Employers who are seeking to improve retention rates need to consider some of the problems causing employee turnover, and money issues are high on the list.
When employees struggle with finances, they have trouble focusing at work. When employees can’t focus, they lose patience, and so do their employers, but employers can break that cycle by focusing on financial wellness.
1 in 4 workers have major financial distress, which leads to 30 million workers who are likely distracted at or absent from work,¹ and 51% of employers strongly agree that financial problems decrease their employees’ productivity.² Even the social aspect of the workplace is affected by finances. According to the APA, finances have been the top stressor in America for close to a decade, and nearly 1 in 5 employees say stress negatively influences the way they interact with coworkers.³ Absences, loss of productivity, and negative interactions lead to unemployment – all of which, more often than not, stem from financial issues.
What employers and employees need is a financial wellness program that helps them find relief and reinstate the focus they need to boost success both in the workplace and in life.
Improving financial wellness and financial success will…
- Boost engagement because finances are relevant for every single person
- Help improve the health and wellness of your employees because it tackles the number one stressor in America
- Cause positive behavioral changes by providing the knowledge and tools that employees need to implement better financial habits, which…
- Lead to new, more positive behaviors at work, like the focus employees need for better levels of performance and productivity
Employers say overall financial wellness for their workforce means higher levels of job satisfaction (76%), loyalty (65%), and productivity (55%).⁴ With higher levels of satisfaction and loyalty on the job, employees will be less likely to leave. Moreover, with higher levels of engagement and productivity, employers won’t want to let them go. Think about it….
- An employer is less likely to let employees go when they are constantly improving levels of productivity and ROI.
- Employees would be less likely to leave their work if they have access to a benefit that positively affects every aspect of their life.
So, which financial wellness program will help you improve your retention rate and enhance the workplace experience, and is the top choice for employers?
Across the nation, managers for health and wellness benefits are seeing continued success with the My Secure Advantage Financial Wellness program (MSA). The Manager of Health and Wellness from Constellation Brands said, “I am always excited to promote MSA to our employees. It is a service that is strongly needed and based on our usage data, it is well received by our employees. I have heard many of our employees state that this is an invaluable service.”
Even employees have great things to say, and encourage their employers to understand how valuable MSA is: “I think this is a fantastic benefit to employees. I know my past financial stress has affected my health, state of mind, and work performance. It is a very forward-thinking employer that understands that and is willing to provide a benefit to mitigate the issues.”
What is MSA exactly? MSA is a financial wellness program that focuses on improving and maintaining financial wellness, and general well-being, through the multifaceted approach of education, coaching, and on-going support for all financial topics. MSA provides relief from financial stress by helping members and their loved ones make behavioral changes: they learn how to communicate about money and work together to master healthy financial habits in order to overcome challenges and reach financial goals. No matter the income level, no matter the station, whether employees have financial challenges they need to overcome or goals they want to reach, they will get the assistance they need to succeed both in the workplace and in life.
Employees need financial help; that’s why a benefits plan that includes a financial wellness program is key to retaining employees who are focused, work hard, perform well, and remain engaged in their workplace. Call 888-724-2326 today to add the MSA Financial Wellness program to your benefits plan and reap the rewards.
¹Financial Wellness Landscape Analysis: An Overview of the Need for Workplace-Based Financial Wellness Programs. ING Employee Benefits, 2013. PDF.
²“Benefits Breakthrough.” 12th Annual U.S. Employee Benefit Trends Study. New York: MetLife, 2014. Web. 17 Apr. 2014. PDF.
³Stress in AmericaTM: Paying With Our Health. APA, 4 Feb. 2015. Web. 16 Feb. 2015. PDF.
⁴“Financial Literacy Begins in the Office.” PFEEF Newsletter. 19 Dec. 2013. Email.
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