Employee Engagement
Revolutionizing Financial Wellness for Retail Teams
February 22, 2024 in Employee Engagement, Retail Community Corner
In the evolving world of retail, employee well-being is a cornerstone for sustainable business success. While sales strategies and customer experiences take center stage, the financial wellness of retail teams often slips under the radar. Financial stress is a common hurdle, with 82% of employees more concerned about finances than health. In this blog, we’ll explore why financial wellness matters for retail teams and how it can be a game-changer for your business.
Understanding Financial Wellness:
Financial wellness goes beyond paychecks, financial management, informed decision-making, and achieving economic security. For retail teams, feeling confident about finances directly influences job satisfaction, productivity, and overall performance.
49% of employees¹ who are distracted by their finances at work say they spend three or more working hours each week thinking about or dealing with issues related to their personal finances.
Key Reasons Why Financial Wellness Matters:
Retail Employee Engagement and Satisfaction
Financial stress diminishes engagement and satisfaction, impacting productivity and attendance. Secure employees are more focused and engaged, fostering a positive work environment.
Enhanced Productivity
Financially stable teams can concentrate on tasks, leading to improved productivity. Reduced financial stress means more energy and focus directed towards delivering optimal performance.
Reduced Turnover Costs
Investing in financial well-being reduces turnover rates. The costs associated with recruiting, onboarding, and training new employees decrease, contributing to significant savings for the business.
The costs of turnover are extremely high².
It’s estimated that losing an employee can cost a company one half to two times the employee’s salary. For hourly workers, it costs an average of $1,500 per employee.
Positive Workplace Culture
Prioritizing financial wellness fosters a positive, collaborative atmosphere. When employees feel supported in their personal financial goals, it improves teamwork, communication, and overall job satisfaction.
Attracting Top Talent
In a competitive job market, offering comprehensive financial wellness programs sets employers apart. Potential employees increasingly value holistic well-being, making it a key factor in attracting and retaining top talent.
Long-Term Employee Loyalty
Caring for employees’ financial well-being fosters loyalty. In the retail sector, where building lasting customer relationships is crucial, long-term employee commitment significantly contributes to business success.
85% of financially healthy workers³ feel more productive at work. They are also more likely to be satisfied with their job and proud of their company.
Prioritizing the financial wellness of retail teams is not only compassionate but strategic. It creates a resilient, productive workforce, contributing to overall business success.
At StoreForce, we’re excited to introduce Payactiv, an Earned Wage Access platform seamlessly integrated into our platform.
To learn more about Earned Wage Access and Payactiv, click here.
¹ The Real Costs of Employee Financial Stress—and How Employers Can Help
² The True Costs of Employee Turnover
³ How to Improve Employee Productivity with a Financial Wellness Program
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