Winning the war for talent

Are you finding your attraction and retention efforts more challenging these days? You’re not alone: One-third of American companies report difficulty in finding the talent they need, and the situation is expected to worsen.1 The global talent shortage has nearly doubled in the past 10 years,1 and by 2030, many sectors are projected to experience significant shortfalls.2

In this highly competitive and dynamic hiring environment, companies are trying to attract candidates with generous salaries, comprehensive benefits packages, perks and flexible work arrangements. Employers are also finding that they have to adapt to meet changing work philosophies and new demands emerging from the pandemic.

For example, nearly half (44%) of employees want to continue to work remotely at least a few days a week3 and are likely to seek out or remain with companies that support work-at-home policies. In addition, workers are also expecting their employers to be supportive when it comes to their feelings of financial stress and concerns about overall well‑being.

A holistic financial wellness program can go a long way in demonstrating that your company is in tune with the needs of today’s workforce and can help you stand out in a tight labor market. Consider the following ways to enhance your benefits program:

Provide support with everyday finances

Offering help with day-to-day finances is important to employees’ overall financial health. In addition to programs that provide support for the most immediate needs, you can also offer access to educational resources and tools that can help employees learn fundamental financial skills like budgeting and debt management. When employees have a good handle on their daily finances, they are more likely to feel financially well.4

Give employees the tools to save for health care expenses

Benefits that help employees manage health care expenses are more important than ever. A high-deductible health plan (HDHP) paired with a Health Savings Account (HSA) can be an effective combination, allowing employees to set aside the money they save on the typically lower insurance premium in their HSA to help pay for out-of-pocket expenses when needed. An HSA also provides the opportunity for employees to build their accounts year over year and invest a portion of their balance for long‑term needs.

Offer individualized guidance

Whether provided in person or through interactive experiences, employees expect personalized attention and support. They want help to assess their individual financial situations, and to understand steps they can take to help improve their financial health.

Raise the bar on retirement benefits

Offering a 401(k) is not enough to set your company apart from others. You may also want to consider integrating tools and resources into your program that can help give employees a better sense of their retirement income replacement goals and suggested steps they can take to help meet those goals as they move to and through retirement.

1 “Closing the Skills Gap: What Workers Want,” Manpower Group, 2020.

2 “Future of Work: The Global Talent Crunch,” Korn Ferry, 2018.

3 “Future of work: what boards should be thinking about,” PWC, 2021.

4 Bank of America 2020 Workplace Benefits Report.