That tax-free money can also accrue interest, or even be used to invest in mutual funds.”. The employer used the specific benchmarks (e.g., percentage of first-call resolution) as well as a composite score resulting from a combination of the individual metrics. You truly get treated like a partner.” According to Starbucks’ website, other financial incentives include bonuses and team awards. Student loan repayment assistance was the topic of many discussions at SHRM, reflecting the huge cadre of new workers who are starting their careers with unprecedented levels of education debt. From rewards and incentives to leaderboards — here’s how engaging technology such as gamification can help train and onboard the younger generations of employees. Active Care Group Financial perks and benefits, or a lack thereof, often come into play. Thanks for finding us! Zen Educate As employers grapple with objectives, such as attracting, and retaining talent and balancing costs, a financial security benefit not only addresses a major employee concern, but also can help organizations differentiate themselves from their competitors. Coventry Building Society Did you know that you can set up Health Savings Accounts (HSAs) for your employees? It’s comprehensive, offering you peace of mind and covering a range of services to meet your unique needs. Attracting and retaining employees remains a high priority for employers and providing a financial security benefit will not only attract top talent but will also save on an employer’s overall bottom line. stressed, it’s affecting businesses. Female Care Assistant / Support Worker – But it’s not just the salary figure that employees look at when evaluating job opportunities. The high financial stress field technicians demonstrated significantly poorer work performance relative to peers with low financial stress (statistical significance of the comparison p < .001). Is there really privacy when working from home? HRMorning, part of the SuccessFuel Network, provides the latest HR and employment law news for HR professionals in the trenches of small-to-medium-sized businesses. According to SHRM’s 2019 Employee Benefits Survey, however, while trending upward, the percentage of U.S.-based organizations offering student loan repayment assistance rose to just 8% as of April 2019.. Nevertheless, the impaired job performance observed in the employees with high financial stress are concerning because of the potential impact on customer satisfaction and customer retention, both key determinants in profitability. HealthBridge. One perk that may be enticing is free credit assistance and monitoring.eval(ez_write_tag([[336,280],'smallbiztrends_com-leader-3','ezslot_14',146,'0','0'])); From your perspective, credit monitoring services are defined by the IRS as a form of identify theft protection, which makes them non-taxable. Educate your employees on the power of compounding interest and use a competitive matching program to entice and retain them. N/A Many of the HR pros at the conference said debt-burdened employees … Employers didn’t have much practical motivation for luring and enticing candidates with attractive perks. The fact that Americans have such poor credit scores speaks to the financial illiteracy of today’s consumers. Prior to analysis, the composite scores for each subpopulation were normalized.1 Within field and phone groups, differences between the employees having low, medium and high financial stress were tested after taking into account any differences in age and gender inherent in the financial stress levels. With the uncertainty of the ongoing coronavirus pandemic, it is more vital than ever that employers contribute to employees’ overall financial wellness. Staffline Our research Great colleagues, all working towards the SAME results.” —. Childcare can cost up to 50% of their income, and more than half are getting some sort of financial help from their parents. Winsford, North West England, England Coronavirus (COVID-19) Resources for HR Professionals, Labor Law Posting Requirements: Everything You Need to Know, Recruiting Resources for HR & Hiring Managers, Understanding Equal Employment Opportunity and the EEOC, Onboarding Resources for HR & Hiring Managers, financial issues have been a distraction at work. The 2017/2018 Willis Towers Watson Global Benefits Attitude Survey shows a clear relationship between employees’ financial worries and their work performance, engagement and absence. This has become quite evident over the past couple of decades. Another choice is to help them refinance. A dollar-for-dollar match up to a certain percentage point – usually 6 to 9 percent of their salary – is a huge perk. , “benefits are based upon a point system where you can pick and choose from a wide range of benefits … and convert the points into cash and contribute them to your pension.”, Good creative company to work for. It never hurts to ask them. Flexible work hours. What Is Financial Literacy and Why Is It Important? With HRMorning arriving in your inbox, you will never miss critical stories on labor laws, benefits, retention and onboarding strategies. What Employees Say: “Compassion driven corporate culture, excellent pay and benefits, management that focuses on positive reinforcement and training, wonderful co-workers, fulfilling work with measurable daily achievements.” — Current Community Based Case Manager, Hot New Jobs For You Using these insights, develop a strategy and implement solutions centered on the wants and needs of the at-risk segments of the workforce that will improve decision making, deliver value and lower risks. All rights reserved. Instead, helping them accomplish short-term goals may be more enticing. Echoing the findings of the Willis Towers Watson Global Benefits Attitude Survey, our employee study found financial stress varies according to life stage. A Mercer study from 2017 found that employees spend an average of 3 to 5 work hours per week working on issues related to personal finance. You may even want to hire a financial guidance counselor for your team. 23 hours ago Support Worker Because the responsibilities and work environments differed for the field and phone employees, the employer used different criteria to assess the performance of employees in the two roles. You will receive a link to create a new password via email. We’ve already seen some employers have success through adoption of high-engagement decision-support tools such as Willis Towers Watson’s myFiTageTM that help employees find hidden value, avoid cost and risk, and build confidence. They need to work, but they want some flexibility, too. Baby Boomers: Their financial stress centers around longevity – theirs. Others are forced to look for better paying jobs. As the Glassdoor survey shows, this includes things like flextime and unlimited vacation.