Using Financial Wellness Offerings To Ramp Up Employee Retention

June 30, 2022 

Forbes, June 30, 2022, By Dinesh Sheth

As the job market continues to provide better pay and challenging options to employees, there is evidence that the resignation trend could continue. At the end of February 2022, there were 4.35 million job quits, or 2.9 percent of employment. According to numbers from the Bureau of Labor Statistics, "Quits increased in retail trade (+74,000); durable goods manufacturing (+22,000); and state and local government education (+14,000). Quit rates decreased in finance and insurance (-30,000)." This shows that while employment has increased, there is a considerable net change in employment in certain industries, particularly in retail and manufacturing.

Following this trend of high employment changes, organizations are promoting CHROs to chief executive positions, clearly seeing the need for expertise in people management at the executive decision-making level. With a focus on employee well-being, physical and emotional competitive benefits were key in the previous year. However, the present economic situation—inflation, another potential Covid wave and more resignations—calls for employers to find ways to ramp up financial wellness offerings for employees.