The State of Employee Financial Health Benefits
1,000 hourly workers at large U.S. companies share how they feel about the financial health benefits their employers offer. Gain actionable insights to help you recruit and retain talent in 2022.
Half of hourly workers say their benefits don’t fit their financial needs
Traditional approaches to employee financial health keep falling short. Meanwhile, hourly workers demand more financial security — and they’re seeking out employers who provide it. Nine out of 10 employees report they’re financially stressed, yet only 35% can use all of their financial benefits. The main barrier: cost. For forward-thinking employers, this means an opportunity to win at recruiting and retention by reevaluating their employee financial benefits.
Core insights include:
In the battle to be the employer of choice for hourly workers, how can you stand out?
- How financial stress causes your financial benefits to go unused
- Drastic actions your employees are taking to make it to payday
- How Gen Zers and millennials feel about their financial health benefits
- Which financial benefits employees want you to prioritize in 2022
“We needed to step up, take a hard look, measure the stress our employees were feeling and put into place initiatives that would raise the disposable income employees would have.”
Dan Schulman on Squawk Box
CEO
PayPal
Even Customer
Why we wrote this
Businesses need a new playbook for recruiting and retaining hourly workers. Industries such as food service and hospitality, retail, and manufacturing are missing out on growth opportunities because they can’t maintain enough staff. A big reason why: Hourly workers are under immense financial stress, and they’re not getting the support they need from their employers.
Produced with Wakefield Research, this survey report helps forward-thinking employers see the disconnect between the financial benefits they offer, and what benefits hourly workers really need. Knowing that, businesses can redesign their benefits packages to become an employer of choice for hourly workers.
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