If your human resources department is at a loss for why employees are stressed or unhappy and may even be leaving your organization en mass, maybe it’s time to actually ask them some questions, starting with "how are you and how can we help?
According to several recent studies, over 44% of employees today have decided they will be searching for a new job this year. The reasons for which are not that complicated. There are the usual reasons such as for better pay, but one of the most popular and frankly surprising is simply because employees don't feel that they are supported and heard by their employer.
That's a pretty scary notion that employers are actually loosing employees because they have not bothered to ask them for simple feedback.
One area in particular that could be the most important to ask about first is employee financial wellness.
When asked up front, many business leaders are finding out the opposite of what they expect. "We pay our employees pretty well, therefore they're financially stable" is a very popular assumption. In reality, a large portion of employees are in fact struggling, likely over 25% of the total workforce. Financial wellness is not simply about income, it’s also understanding what to do “after the pay stub". In this context, many employees are in desperate need of employer support and direction.
Employees are looking to their employers to help them navigate today’s significant economic challenges. Conducting an employee financial wellness audit would provide an easy and honest forum for employees to share the financial stressors of their lives. At the same time it would also show that the employers is taking a proactive approach to feedback and to actually solving their problems.
This type of feedback would also inform the employer of their total rewards and compensation strategies, highlighting areas across financial wellbeing where the organization could offer additional financial wellness support.