It’s a challenge for any company to attract top talent. According to The Society for Human Resource Management (SHRM), nearly seventy percent of HR professionals across industries report challenging recruiting conditions in the current talent market. Some of this is due to the current low unemployment rate that shows fewer qualified employees looking for work. Other factors include lack of work experience or necessary skills for applicants. There is also fierce competition among employers to attract qualified applicants.
Employers have to step up their efforts to ensure that their companies are attractive to the workers they aim to hire. So, what can your company offer to potential hires that others might not? You can start by offering financial guidance and other employee financial services.
Less Financial Stress Makes Happier, Healthier Employees
In times of financial stress and insecurity, an employer-sponsored financial wellness program can be very alluring to employees. It’s sad but true that over fifty percent of American workers live paycheck-to-paycheck and have minimal savings on hand for emergencies, let alone retirement. So if your employee benefits package offers a financial wellness program, you’ll be addressing some of their most persistent daily worries and problems.
An attractive financial wellness program appeals to workers for a number of reasons:
- They will gain the skills they need to master their financial struggles.
- Your company will be seen as one that cares about the concerns of its employees.
- They know that better financial benefits ultimately means a healthier financial situation for their families.
- They know that less financial stress contributes to better physical and mental health.
Make Your Company More Attractive and Increase Hiring Conversion Rates
In today’s employment market, well-qualified prospects realize that they have a choice of employers. According to a survey in Corporate Responsibility Magazine, nearly seventy percent of prospective employees said they would not work for a company that had a bad reputation.
Financial wellness benefits also appeal to the majority of today’s recruits, Millennials, many of whom admit to being under financial pressure due to student loans. To be able to attract this segment of the workforce will benefit your company now and for years to come. By offering a financial wellness benefit program, your company shows that it cares about its employees and is socially responsible.
Find A Program That Works For You and Your Employees
An effective financial wellness program that will attract top workers will include reliable, low- to no-cost tools for the employer and employee; services like bill pay, bank transfers, earned wage access, a savings tool, and more. It should also make it easy for employees to take advantage of available resources like financial counseling and budget planning. Integrity Data’s new partner, PayActiv, can offer all of that and more.
PayActiv partners with employers to deliver financial wellness services to employees. Its easy-to-use platform includes an app so you can connect from anywhere, and no bank account is required. When that time between paychecks is too long to make ends meet, you can access wages that are already yours, which means no loans, interest or debt. PayActiv’s award-winning holistic financial wellness platform has helped businesses nationwide and across industries develop a competitive advantage in the fight for talent.
Contact Integrity Data today to learn more about how we can help your company stand out above the rest.