Fight the Great Resignation With One Little Idea Some employees want a bigger paycheck. Others seek ways to stretch their paycheck.
By Howard S. Dvorkin Edited by Jessica Thomas
Opinions expressed by Entrepreneur contributors are their own.
Like many business owners, it's taking me much longer to find new employees than it did before and even during the pandemic. Some of my fellow business owners can't find warm bodies to hire at all.
The solutions from experts usually involve blowing up your business plan: Pay a lot more for the same work, pay a lot more for Cadillac healthcare plans, let employees do less work at home.
However, when you actually ask employees what they want, different desires emerge. Here's one I find most encouraging: "Employer financial wellness programs appear to help ease money concerns of Americans, in particular Gen Z."
That's the conclusion of the 2022 TIAA Financial Wellness Survey. Although it covers a lot of ground, the big takeaway for business owners is that coveted benefits don't have to cost you a lot — as long as they save your employees a lot.
The big conclusion seems to argue against what I'm saying: "Over 6 in 10 think employers have a responsibility to ensure employees are mentally well and healthy. Just half say the same around financial wellness." However, that half of all employees believe their employees should help with their finances is big news. When I started as a CPA and financial counselor three decades ago, I don't recall advising any employees who believed this.
Regardless of the numbers, the successes of such programs are proven…
"Workers who have participated in a wellness program are twice as likely to have a high financial wellness rating than those who are not offered resources or who do not participate (32 percent vs. 15 percent)."
Yet only about half of the employees have access to these programs, which usually include simple lessons on budgeting and saving as well as access to existing public and private programs that help people reduce credit card debt and even buy a home.
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So here's the punchline payoff: Offering such financial education to your employees is one of the simplest and most affordable benefits you can offer. It's hard to give a price range, because each provider of these educational services does it differently, ranging from flat-rate subscriptions, to pricing tiered by the number of employees or even a menu of specific services. Expect to pay a few hundred dollars a month for a medium-sized company — peanuts compared to almost any other perk you can offer your employees.
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It's such a proven benefit that the market has become crowded with providers. They range from big to small (some individual certified financial planners work with small local companies).
Beyond price, here are three things to look for:
1. Variety
Some people learn better by reading, others by watching videos. Still others prefer podcasts so they can walk or work while listening. The best providers offer interactivity: quizzes, games and the like.
2. Selection
Related to price, look for providers that are willing to offer only what you need and charge accordingly. It makes little sense to offer services your employees will never touch.
3. Coaching
This is the big one. Will your employees be able to talk to a real human being if they have questions?
On this list, No. 3 is the most important. Some cynical providers are simply boxing up generic financial advice you can find online, and if there are holes in those lessons, your employees have no one to ask their questions.
Retaining employees has become a battle of inches. No longer is it just salary alone, but also working conditions and a range of enticing benefits. This is one — both a big one and a small one if you know what I mean.
Read More: Quality Leadership in the 'Great Resignation' Era
