The Role of Financial Wellness in Employee Retention

Job changes in LinkedIn profiles were up 54% as of late last year, with Gen Z—our rising generation of the workforce—changing at a record rate of 80% year over year, according to LinkedIn CEO Ryan Roslansky. With intense competition in the marketplace, job hopping is easier and more appealing than ever before, and loyalty and longevity is hard to come by during “The Great Resignation.” Employees are not just looking at their paycheck, their satisfaction at work consists of many different aspects contributing to their overall happiness including their access to long-term financial wellness.

Our Logica^® Future of Money Study shows without a doubt that employees (77%) are looking to their employers for programs that help them manage their financial future. And this is especially true for the younger generations, with 81% of Gen Z and 84% of Millennials saying it’s important to them to have these programs offered at work.

So how can employers go beyond compensation to attract and retain employees, and what tools can employers offer to enhance employees’ financial security and safety?

Logica has been hard at work helping employers navigate all the shifts in workplace expectations. We take a systematic approach to measuring employee financial wellness. These employee financial wellness studies help give insight into how employers and the financial institutions that support them can increase financial wellness, and in turn, contribute to that happiness in the workplace that translates into retention and growth.

Reach out to us to learn more about getting the insights you need to enhance employee financial well-being and increase employee engagement.