Being the company top talent wants is the challenge of a lifetime, isn't it?
According to SHRM, more than two-thirds of organizations are having a hard time recruiting for job openings. And to make matters harder for employers (yet great for employees and the economy), the U.S. unemployment rate dropped and is holding steady, the lowest in 17 years.
This means employers aren't getting to pick and choose who they hire. They are having to make sure they're the attractive option for employees. Not vice versa.
So, what does a company have to do to be a stand-out option in today's job market?
Financial Wellness Benefits Attract Great Employees
According to a Four Seasons survey reported by Credit Union Times, 86% of employees said it was important to them that their employer offers a financial wellness program.
This is no surprise as financial stress runs rampant among employees today in America.
Over half of the U.S. population lives paycheck-to-paycheck without even $400 in savings. Therefore, an employee benefits package which leaves out employee financial wellness is one lacking in addressing the majority of America's most inherent daily worries and problems.
Employees are quick to turn away from an employer who overlooks this fact, too. Workers today adamantly favor the employers who offer financial wellness for a variety of reasons:
- Potential hires know if they're ever in a financial struggle, they'll be prepared
- Companies who offer financial wellness speak greatly on their company culture
- Employees will see tangible proof the company cares about employee well-being
- The better the financial benefits, in effect, the higher their end wage or salary will be
- Employees know with less financial stress comes better physical and mental health
And, a great financial wellness program includes multiple reliable, low- to no-cost tools and services like bill pay, bank transfers, earned wage access, a savings tool, and more.
Financial Wellness Makes Recruiting Easier + Increases Hiring Conversion Rates
Conveying a positive company culture and values during the interview process is paramount for today's workforce. This is so important that 69% of potential hires would not take a job with a company who has a bad reputation (even if they were unemployed). Employers who offer financial wellness show from the beginning that they're willing to stand up for what's right.
And job seekers opt for morality-driven organizations. Thus, socially-responsible employers who give job offers are much more likely to see high hiring conversion rates from the top talent.
Financial wellness benefits also cater greatly to the majority of today's workforce, millennials:
- 52% of millennials say they're "stressed out" about finances
- 79% say their student loans have a moderate to significant impact on their ability to meet other financial goals
- 25% say their performance at work has been impacted by their financial worries
Positioning yourself an employer of choice for millennials is a recruitment goldmine. Employers who help take away their cloud of financial anxieties immediately become their best option. Yet luckily, financial wellness doesn't just help millennials. It helps all of the American workforce, and it helps employers attract great employees and improve their recruitment process with ease.
To become an employer of choice, contact us at PayActiv.
Our award-winning holistic financial wellness platform has helped businesses nationwide and across industries develop a competitive advantage in the fight for talent.
Start attracting the best and recruit better, and easier, today.
“I feel that I have a competitive advantage because I offer PayActiv.” - Henry Loving, Owner and CEO, Lee's Famous Recipe Chicken