Last year was defined by the Great Resignation (or Great Reshuffle) and experts are predicting that 2022 will feature more of the same.
A few factors are impacting hiring challenges, including the pandemic’s volatility, changing employee demands, limited availability from working parents, and skyrocketing consumer demand.
However, there are two trends that may help companies combat this issue: inclusive benefits and personal finance offerings.
Historically, competitive salaries and bonuses have helped drive hiring processes. However, sprucing up these offerings could help businesses alleviate the high cost of hiring, while attracting top talent.
For instance, along with including traditional health insurance and 401(k) plans, inclusive benefits could expand to incorporate discounted memberships to gyms, free financial counseling, or access to mental health resources.
However, leaders should receive input from current employees to understand which benefits would offer the most support. This shows current staff that the company is eager to apply their feedback and can make attracting new workers much easier.
As part of identifying the right inclusive benefits for employees, personal finance offerings should take a leading role.
According to a PwC survey, 63% of professionals noted an increase in their financial stress since the onset of the pandemic, and as inflation balloons, we can expect this pressure to sustain through much of 2022.
Although some leaders may think it is not their place to adjust their financial support during these times, they may want to reconsider. Employee financial stress doesn’t just impact the cost of their groceries, it can hinder their overall wellbeing and productivity.