Recruiting and Retention: The Positive Effects of Financial Wellness

employees working together

The challenging recruiting environment is currently a hot topic among HR leaders across all industries. Companies can no longer rely on fun perks to attract talent. Job seekers require more substantial benefits than yoga Fridays and free snacks. Companies need to focus on the total employee experience, and it’s more important than ever. At a minimum, high-performing workers need health insurance and a good compensation plan. But they also want to know their employers have a genuine interest in investing in their long-term financial wellness and success. Offering financial wellness benefits to employees adds notable value to the recruiting process. It is irrefutable proof that the organization cares about its employees.

Why Is Offering a Financial Wellness Program So Important?

Employer-sponsored financial wellness programs can help companies stand out from their competitors. Reducing employee financial stress can increase worker productivity. It has the added benefit of improving the organization’s market position. Financial wellness benefits can give organizations a leg up in a fiercely competitive labor market. They can increase employee loyalty and reduce turnover. Awareness campaigns promoting employee financial wellness programs at work are increasing. Companies serious about recruiting top-notch talent need to start offering financial benefits as part of their total rewards package.

Rising inflation in the economy is causing additional employee financial stress. Cost-of-living adjustments are insufficient for employees to combat the rising cost of basic necessities like food, gas, and housing. Financial stress in and of itself is unhealthy for workers. Adding inflation to the equation multiplies the impact. Employees are feeling the burden of all these stressors – and they need help. Financial wellness programs can help employees budget for cost-of-living increases. The right program can even help employees save for their futures. Plus, employers have an opportunity to show compassion to their workforce during an increasingly difficult economic time. 

How To Get Started

BrightDime is the perfect financial wellness platform to include in your benefit’s program. Adding BrightDime will make it easier to attract and retain quality talent. We focus on a holistic financial approach for each employee. We achieve this by providing innovative money management tools, unlimited expert coaching, and easy-to-understand education. Our platform allows companies to invest in their employees’ financial wellness. This results in improved employee well-being, as well as increased health, productivity, and engagement.

Attract the kind of talent you’re looking for and keep it once you’ve got it. Contact BrightDime today to find out how.

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