Employee Support in 2021 with Earned Wage Access

Let’s face it. Losing a quality employee is painful. It costs your company in customer relations, institutional knowledge, hiring, and recruitment. The morale of your teams is also affected.

But many employers believe that offering a high salary is enough to keep workers. Employees need more than a high salary, and that is where a financial wellness program comes in. Close to three-quarters of your workers are available for new offers.

Thus, providing suitable employee support programs could be the difference. This is between attracting new talent and keeping the ones you already have.

Here is how you can reduce employee turnover using financial wellness programs:

1. Use Educational Workshops

You might not think of workshops right away. This is because it’s a straightforward approach.

You can use it to teach your workers about their own cash. It’s also a low-cost method to put up a basic financial wellness program.

How? Consider inviting known guest speakers to run a session in the office.

They should discuss topics like savings strategies, budgeting, and debt reduction.

You might also ask your HR benefits specialist to do a workshop, depending on the size of your company.

The training, aimed to boost workers’ investment, will improve their commitment. Thus it minimizes the likelihood of turnover. The firm is also better equipped to keep its employees.

2. Engage Workers

Workers’ involvement isn’t a component of the success of a financial wellbeing program. It’s the heart of it. Interactive technology can assist in bringing workers’ contributions into the design process.

Upcoming financial wellness services using data from measurement tools should notify impending rollouts.

3. Perks

Companies are doing everything they can to differentiate themselves. This is because it becomes more challenging to attract and keep high-quality employees. This includes offering distinctive and competitive benefits.

These benefits go above and beyond the norm. They are in response to something that employees care about.

What is the better way to show your appreciation other than providing more financial aid?

Several companies have begun to pay employee student loan debt. Many students graduate with colossal loan debt. So this is a tremendous relief for employees.

Also, many organizations are beginning to provide coverage for different straining situations. Organizations are attempting to decrease financial stress and provide support beyond a paycheck. They assist employees in covering the costs of otherwise expensive services.

4. Strategic Partnerships

There are different employee financial planning services accessible to firms. But only those wishing to make a greater investment in financial wellness can access it.

Some companies provide B2B services. They use it to assist employees in better managing and preserving their money.

These programs go beyond typical 401(k) plans. This is to address real-world financial issues facing employees. For instance, it addresses issues like buying a house.

Personal finance firms can provide services and skills that are not available in-house. They assist employees in feeling more in control of their finances.

5. Cash for Emergencies

Workers’ relief and compassion funds are the most popular option. But many companies are also matching contributions to an employee’s account.

Also, they are providing payroll advances and short-term loans. These are payable through payroll deductions.

Setting clear and detailed financial goals is vital in maintaining financial resolutions. They include budgeting expenses and creating or refilling a “rainy-day” fund for emergencies.

COVID-19 pandemic’s financial effect has shown the need to establish an emergency fund.

This can help employees avoid using their retirement resources to address financial problems.

6. Monitoring Metrics

You can establish the metrics directed to programs objectives. You can use them to examine the progress of a financial program. You also need to measure the performance against those metrics.

You can use workers’ surveys and internal data acquired before a program’s debut. You can use them to check increases in employees’ financial wellbeing.

You can also use baseline employee engagement measurements. This determines which program elements are most popular among various staff groups. Examples of “qualitative” metrics include text responses to the questionnaire.

There are exit interviews and anecdotal employee feedback obtained via focus groups. They help analyze employees’ perceptions of a program’s value. Examples of “quantitative” or number-based measures include program participation.

There are also automatic savings programs, health savings accounts, employee retention. Different workers need different types and levels of support at different times. Even homogeneous populations need different types and levels of support if examined.

7. Use Financial Wellness Tools

Financial wellness software gives businesses the services they need. For example, to create, administer, and manage financial wellness programs.

These solutions assist businesses in providing financial management education to their workers. This may include budgeting, planning and reducing financial stress.

Financial wellness software has features like budgeting tools, debt management, and gamification. There is also financial goal setting and money management counseling.

These solutions assist in the creation of a budget and financial management progress. They help in tracking spending and goal-setting.

The software also has reporting and analytical features. These assist businesses to enhance employee retention, productivity and engagement.

Companies can offer financial wellness solutions in conjunction with corporate wellness software. This will help to offer a complete wellness initiative. A full wellness program covers financial, mental, and physical health.

Every business should use these solutions to support its wellness programs. This will help in improving employees’ retention.

Get the Best Employee Support Program

Are you worried about losing your best-quality employees when you need them? We got you covered.

Payactiv is the most effective approach for workers. It helps to get financial help between paychecks. This is a service that two-thirds of the workforce needs.

We provide companies with the tools for relieving their employees’ financial stress. We also create a higher-performing team.

If you use our program, losing employees will be a thing of the past.

Contact us today to get the right employee support program. This will help to reduce employee turnover.