|DATE:||November 14th 2023|
|9:30 am to 11:00 am|
Financially-stressed employees are 2x times as likely to be looking for a new job. It's a retention landmine- but it doesn’t have to be that way!
It can cost between 150% and 400% of an annual salary to replace mid-level to high-level employees, so turnover can be a fiscal nightmare for any company, especially when costs are already so high. Employees leaving the company can also lower the morale of the entire group, especially if a few people are leaving at a time, or turnover is becoming more frequent.
A pension, group RRSP, or health benefits are important to help employees make the most of their resources, but these alone will not create the financial wellness employees need.
EAP programs are great for employees in crisis, but it won’t help the average employee improve their finances. And spoiler alert- even senior employees and those with higher salaries get into financial pickles! Even presentations from the pension provider won’t cover the most frequent financial pains like cash flow and debt.
More than half of employees are likely to be interested in leaving their current employer for one who cares about their financial health; it’s even worse for those who are stressed out by their finances. According to PwC, 73% of financially stressed employees say they would be attracted to another employer that cares more about their financial well-being compared to just 54% of non-financially stressed employees.
Learn more about this retention power tool:
- How financial stress undermines your retention efforts
- How to evaluate your workplace’s financial education needs
- Strategies to get CEOs and other leadership on board with financial wellness efforts
- How to leverage existing programs to show your care about your team’s financial health
- Measuring financial health trends across your employee group
- Why financial wellness must go beyond EAP programs to be impactful
- Using your financial wellness innovations to become an employer of choice