Navigating — and Winning — the War for TalentThanks to the record 47 million resignations in 2021, employers are competing for talent like never before. As the shutdowns and workarounds brought about by COVID-19 in 2020 and 2021 helped employees see the workplace in a new light, attracting and retaining outstanding talent has become much more than a numbers game. High salaries and other financial incentives may encourage candidates to give companies a second look, but many of those looking for a job today are seeking more than a fat paycheck.
Today, candidates want to be supported by their employers through a more holistic approach. The most obvious way to do that is to offer flexible work options. Given the opportunity to work from home during times of public health concerns, many employees found they were able to strike a better balance between their personal and professional lives, and so remote or hybrid work arrangements are very much in demand. In addition, employees are looking for employer support of their mental health and well-being. The stress of the past couple of years has taken its toll, and employees aren’t as tolerant of work-induced burnout as they once may have been.
Stress in America is real
When employees are stressed, their colleagues and company often pay the price. Stress has the power to negatively affect productivity, absenteeism, customer service, teamwork and morale. Taking steps to keep stress levels in check isn’t just a kindness; it’s also a smart business strategy.
It’s a strategy that will be challenging in 2022, as stress levels in America have reached an unprecedented high, according to a study conducted by the American Psychological Association and The Harris Poll in February and March. Among the results psychologists have described as “stunning” and “startling” are that an overwhelming majority of Americans — 87% — feel they’ve been subject to a constant stream of crises without a break for the past two years. Specific stressors include inflation (87%), supply chain issues (81%), global uncertainty (81%) and the fear of Russian cyber or nuclear attacks in retaliation of U.S. support of Ukraine (80%). All of this comes on the heels of a once-in-a-century pandemic, which brought about “widespread grief and sense of loss, continued hardships for vulnerable populations, concerns for children’s development among parents, and entrenched, unhealthy coping habits,” according to the study.
In short, people need a reprieve from the relentless negativity of recent and ongoing events. Employers have an opportunity to help.
What you can do today to support your team
While there are a number of strategies you can employ to build a positive work environment for employees, we’re going to focus here on tackling a specific stressor: money.
Historically, personal finances have been a leading cause of stress among Americans. In APA’s new study, stress about money reached its highest recorded level since 2015, with 65% of respondents saying money was a significant source of stress for them. Among younger generations, that percentage was much higher: 82% among 18- to 25-year olds and 81% among 26- to 43-year-olds.
Helping your employees feel more confident about their financial situation doesn’t necessarily mean you need to raise salaries across the board. Dollar Bank offers employers a free program, Workplace Banking, that provides financial wellness tools to help employees better understand and manage their money. The program offers a variety of discounts and perks, too, adding value to your existing benefits package at no cost.
Workplace Banking can go a long way in helping to relieve employee stress over money. It can also help you, as a business leader, increase employee morale, productivity and engagement; reduce absenteeism and turnover; and lower your payroll costs by encouraging employees to have their pay direct deposited. Here are some specific features of Workplace Banking:
Whether you have five or 500 employees, direct deposit can save your business and employees time and money by electronically transferring funds directly from your company account to each employee’s checking account.
Financial Wellness Program
From financial wellness seminars and resources to one-on-one assistance from a dedicated banking team, Dollar Bank’s Financial Wellness Program is designed to help improve employees’ financial fitness and confidence about their finances today and into the future.
Employees can earn cash rewards and take advantage of a higher rate on select savings products, discounted rates on select loans and lines of credit, closing cost benefits on mortgages and other perks.
Contact our Workplace Banking team today to enroll or learn more about how the Workplace Banking program can benefit your employees and your business.
Maintaining your status as an employer of choice
Attracting and retaining outstanding talent in the fiercely competitive labor market requires an open mind and a willingness to evolve. Whether you choose to provide flexible work arrangements, adopt programs such as Workplace Banking or take other actions to reduce stressors and bolster your employees’ mental health and well-being, you are improving your company’s chances of standing out as an employer of choice and performing to its greatest potential.
This article is for general information purposes only and is not intended to provide legal, tax, accounting or financial advice. Any reliance on the information herein is solely and exclusively at your own risk and you are urged to do your own independent research. To the extent information herein references an outside resource or Internet site, Dollar Bank is not responsible for information, products or services obtained from outside sources and Dollar Bank will not be liable for any damages that may result from your access to outside resources. As always, please consult your own counsel, accountant, or other advisor regarding your specific situation.
Posted: June 03, 2022