Bookmark This! Employee Financial Wellbeing Edition

scrabble tiles game on describing employee wellbeing

Estimated reading time: 3 minutes

If you’re a regular reader of HR Bartender, you probably know that I’m a big fan of the Morning Brew newsletter. It’s a free daily email newsletter that talks about what’s happening in the business world. One of the reasons I like it is because it’s written in a very casual, conversational manner.

A recent issue focused completely on what we’re seeing in the labor market. Specifically, what’s being called “The Great Resignation”. In the U.S., almost 3% of the workforce quit their jobs in April 2021. There’s a lot of speculation as to why people are quitting their jobs, but one of them has to do with employees wanting to work for companies that respect their wellbeing.

Employee wellbeing is an important subject. Gallup has a very nice definition of wellbeing that includes having physical health, liking your career, having social relationships, feeling safe in your community, and managing your financial affairs. Organizations might want to examine their current wellbeing efforts to see if there are some opportunities not only to expand their offering but to make sure that employees know offerings exist. 

Employee Wellbeing Should Be Part of Your Organization’s Employment Brand

Many companies are looking for ways to stand out as an employer right now. Showing candidates and employees that the organization values wellbeing is a way to do it. The keyword here is “showing”. It’s time for organizations to let candidates and employees know they have programs in place for wellbeing. Don’t be afraid to make the wellbeing message part of the organization’s recruitment marketing strategy. It could be very helpful in attracting, engaging, and retaining talent.

Financial Wellbeing: Employees Want to Decide How They Get Their Pay

Part of financial wellbeing is allowing employees to have some control over their paycheck. According to the ADP study “Employee Financial Wellness Programs: Employer Guide”, more than 85% of both employees and employers agree that financial wellbeing is important to overall wellbeing. In the same study, 79% of employees say that they want to work for an employer that cares about their financial wellbeing. Organizations can do that by allowing employees to get paid the way they want. And give them tools to manage their pay. It’s a win for the employee and the organization.

Employee Financial Wellbeing Benefits the Bottom Line

After all their hard work, employees want the freedom to manage their money their own way. Organizations can do that and show employees they care. Offering employees financial wellbeing doesn’t have to be complicated – for the company or employees. When employees benefit, the organization benefits in recruiting the best talent, in creating employee engagement, in higher productivity, and in keeping talented people. It’s a win for everyone.

Over the past year, employees have had the opportunity to decide what’s important to them in both their personal and professional lives. They’re not afraid of hard work. But they do want to know that the organization they work at respects their wellbeing. Because that’s what allows them to deliver high performance.

Image captured by Sharlyn Lauby after speaking at the SHRM Annual Conference in Orlando, FL

The post Bookmark This! Employee Financial Wellbeing Edition appeared first on hr bartender.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy