Did you know that it’s easier to keep employees longer when they feel like they’re getting help navigating their finances. It’s true.
When your team has access to financial tools, retention rates go up. But if employers fail to act, they’re more likely to look for a new job.
Increased Turnover Costs
Turnover costs cost between 15 and 20% of a worker’s total compensation. These costs can come down when you are able to reduce turnover rates.
JellyVision CEO says retaining employees can save a company thousands. With a robust benefits program, it’s possible to keep an employee for up to 5 or 6 months longer.
Benefits programs include extra health and financial assistance and education.
Many workers report they’re more likely to work for an employer who cared more about their wellness. They favor companies who help them outside of work too.
Employees also report that healthcare benefits are a big motivator for switching jobs. The total healthcare cost per employee each year is almost $7,000.
Employers benefit when they offer wellness programs. These programs guide people to better healthcare and financial options. Also, taking care of employees’ health can save on insurance premiums.
Costs of Programs
Financial benefits and wellness programs aren’t new. In fact, 80% of American businesses currently offer financial benefits. But when they’re not implemented the right way, the results can be felt for years.
Improving existing programs is also an option. Having opt-out retirement plans, third-party benefits, and giving guidance isn’t expensive.
Employers should focus on optimizing their existing benefits. With better benefits, their workers stick around longer. When employees feel like they’re getting the help they need, they’re less likely to leave.
Employers should offer robust financial benefits, not just retirement. They should address everyday financial concerns.
New financial benefits programs are offering both education and personalized guidance.