Could the Secret to Retention Really be Financial Wellbeing?
We are living in a new post-pandemic world where loyalty is earned, not the default. This has caused unprecedented turnover. The Bureau of Labor Statistics reported that turnover was 57.3% in 2021. While it’s likely these rates will fall naturally as we adjust to post-pandemic life, the burden of keeping employees happy falls on you, the employer. On average, hiring and training a new employee costs about 33% of their salary – a fee that makes retention a necessary issue to address.
What if the secret to retention was simple? Peter Dunn aka Pete the Planner®, founder and CEO of Your Money Line believes just that. So what’s the secret? Empathy. In his talk, Could the Secret to Retention Really be Financial Well-being? You may be wondering what this has to do with retention, or empathy. The answer is it has everything to do with both.
Empathy and financial wellness work together in a tight circle to create the best results for your people. The financial turmoil of the last few years has caused lots of questions and stress, and most Americans don’t have anyone to turn to for answers. Financial advisors and planners have a high barrier of entry, so employees are left to their own devices to solve their concerns. An employer can step into this gap and show up for their employees in a unique and impactful way. Addressing financial concerns can prevent hopping jobs for slightly better compensation, and puts employees on the path toward retirement – it’s a win-win.
Join Peter Dunn as a keynote speaker at the 2022 Healthiest State Annual Conference, where he’ll show you the value of financial wellness programming and how you can use it to prevent turnover.
Peter Dunn a.k.a. Pete the Planner® is an award-winning financial expert. He’s a USA TODAY columnist, the author of ten books, and the CEO and Founder of Your Money Line and Hey Money. Pete is also the host of a popular radio show and podcast The Pete the Planner Show, and appears regularly on TV and nationally syndicated radio programs. Pete is regularly considered one of the foremost experts on financial wellness.