Are you looking for a technical job? Make sure employers offer this key benefit

Employers have always offered perks to attract and retain top talent, especially during tough economic times, like the Great Depression of 1929. The current two-pronged challenge of COVID-19 and the Great Resignation is driving employers to turn to their benefits again to keep their best employees, especially for tech jobs. If you are looking for this type of work, one of the most attractive new perks you should make sure potential employers offer is financial well-being.

Many employers think medical and retirement plans are the only financial help they need. But the fallout from the pandemic has the best employers adding new services. From an employer’s point of view, the logic is simple: hiring new talent and keeping what they have means taking better care of them. But according to an October 2021 benefit research study According to the Employee Benefits Research Institute (EBRI), employers are also more concerned about the overall well-being of their employees. Like the big mother hens who write you a paycheck every two weeks. According to these figures, the number of employers who care generally hovers around 25%. But the pandemic now has 34% of employers saying they would rate their employees’ level of concern at 9 out of 10 points. That’s a lot of mothering.

There are also fewer parental motivations. According to the EBRI study, the primary driver of financial wellness programs is overall employee satisfaction, which also has a direct impact on new hires. For current hires, employers are primarily looking to increase productivity (32%) and reduce financial stress (28%).

The latter is becoming more and more important. Another study from PwC which surveyed 1,600 full-time U.S. employees found that 63% said they worry more about their finances now than before COVID. Although Millennials top the list at 72%, the concern spans all age groups. The survey also showed that more workers were struggling financially, even though they had a job.

Respondents were four times more likely to have experienced an overall decrease in household income and twice as likely to have used a payday loan or advance to make ends meet in the past year. They are also twice as likely to believe they will have to postpone retirement. These issues make respondents four times more likely to admit that worry distracted them at work.

These are compelling statistics for human resource executives trying to retain the workers they have and attract top talent at the same time, especially for high-demand, skills-ridden tech roles. And if you are looking for a new job, especially a computer gigKnowing what type of wellness financial benefits a potential employer offers could be just as important as the healthcare plan.

What does financial wellness cover?

If a potential employer says they offer financial wellness with better health care benefits and a 401k plan, then you’re caught off guard. A competitive package here should address money issues that employees currently have: partners and spouses may have been laid off, children may need different types of care, and medical expenses may have suddenly increased.

Financial Wellness should tackle these issues head-on through short-term wage flexibility initiatives, budgeting assistance, credit counseling and even in-house credit programs, as well as assistance in caregiving. Increased help paying off student loans and housing costs are also popular incentives. The idea is for an employer to offer benefits that help through the full picture of an employee’s finances.

If you’re an employer and this all sounds sweet and expensive, PwC figures show that companies offering financial wellness initiatives saw the number of employees using them drop from 51% in 2012 to 88. % in 2021. make employees happier? It works.

Recommended by our editors

Statistics from a PwC study showing adoption of a financial wellness program

This is confirmed by how PwC respondents changed their financial behavior during COVID-19. The study showed that 58% of respondents saved more overall, around 10% of their overall income, while 72% had already saved more than $1,000 to deal with any upcoming emergencies. But even with this kind of positive behavior, the survey also showed that around 50% of its respondents would be embarrassed to ask for help with their finances, regardless of the aspect examined.

Young workers, for example, are more concerned about their day-to-day living costs, according to PwC, while older employees are more concerned about stock volatility. The magnitude of these concerns makes them an obvious and valuable need that you can meet for your employees now, not only to attract and retain workers, but also to help your workforce in tangible ways, before the money does not really become a problem for them.

Start with technology

Technology is one of the best ways to get employees to use these programs. Digital tools can help them overcome their initial embarrassment and allow employers to offer a high degree of personalization using automation rather than more difficult interpersonal interactions. It also allows employees to disclose more detailed information about their personal finances, information that they might be reluctant to provide through other means. Employers must ensure that this data is protected and used only to help individual workers. But a digital portal should only be the on-ramp, not the complete solution.

PwC shows nearly one in five employees wait to seek help until they actually hit a financial crisis. For long-term help, a third of PwC respondents said the financial wellness benefit they would most like to see would be access to an unbiased coach with whom they could build a long-term relationship. Being competitive here means designing a financial wellness program that works with employees continuously rather than in times of crisis when options are more limited.

What's New Now to get our top stories delivered to your inbox every morning.","first_published_at":"2021-09-30T21:30:40.000000Z","published_at":"2022-01-18T21:20:02.000000Z","last_published_at":"2022-01-18T21:19:32.000000Z","created_at":null,"updated_at":"2022-01-18T21:20:02.000000Z"})" x-show="showEmailSignUp()" class="rounded bg-gray-lightest text-center md:px-32 md:py-8 p-4 font-brand mt-8 container-xs">
Receive our best stories!

Register for What’s up now to get our top stories delivered to your inbox every morning.

This newsletter may contain advertisements, offers or affiliate links. Subscribing to a newsletter indicates your consent to our Terms of use and Privacy Policy. You can unsubscribe from newsletters at any time.

Comments are closed.