The pandemic has helped create what is being referred to as the Great Resignation in which millions are leaving their jobs in search of more meaningful careers. According to the U.S. Bureau of Labor Statistics, 4 million Americans quit their jobs in July 2021. Resignations peaked in April and have remained high since. In fact, there were a record-breaking 10.9 million open jobs at the end of July. (1)
One of the biggest reasons for this is employee burnout. In addition, many are struggling financially as shown by the following:
- 30% say they worry every day or almost every day about how much debt they have
- 29% worry about their ability to save for retirement
- 27% say they frequently worry about paying their bills
- 27% say they worry about the cost of health care
- 19% worry almost every day about being able to pay their rent our mortgage
- 18% worry about being able to buy enough food (2)
Burnout coupled with financial stress has created the perfect storm for employees to evaluate where they are spending the majority of their time, and many have had enough. How can business leaders help retain their talent? One of the best ways to invest in your employees is by implementing a financial wellness program.
When looking to implement a financial wellness program, you will want to make sure it will be able to help your employees and not just check a box. To help make this happen, Mentoro focuses on these four key elements:
Engage – By engaging with one of our expert money mentors, we begin to build a road map to help your employees have a better financial future. Finances can be difficult to discuss, and we believe that face to face interaction is the best way to build a relationship.
Examine – Our expert advisors examine your employees’ income and expenditures, searching for ways to adjust their budgets and savings to ease monetary stress.
Educate – Our team familiarizes ourselves with your companies’ programs and educates your employees on how to best utilize companywide financial incentives to help them attain their financial goals.
Empower – With a personalized plan in hand and a clear direction, we empower your employees to take responsibility for their financial futures and support them during their journeys.
As you know, replacing an employee can be extremely costly. Implementing a sound financial wellness program can help you retain your employees and prevent The Great Resignation from affecting your company.
Notes
- https://www.bls.gov/news.release/jolts.nr0.htm
- https://www.onedigital.com/blog/improve-workplace-productivity-financial-wellness/
