Other Financial Stats from SoFi at Work
Despite the surprising stats, the study from SoFi at Work was not primarily focused on cryptocurrency. The aim was to actually shine a light on the financial stress and hardships of the average employees, and it showcases some steps that business owners should take to actually attract talent in 2022.
- 75% of employees face at least one source of financial stress
- Employees spend 9.2 hours per week dealing with personal finances while at work
- 51% of employees are experiencing more financial stress than ever before
- Improving the financial well-being of employees can improve productivity (86%), talent retention (86%), job satisfaction (84%), ability to focus (84%), and mental (84%) and physical (80%) health
- 84% of employees believe an employer should be concerned about their employees’ financial well-being
- Only 55% of employees believe their employers care about their employees’ financial well-being
Suffice it to say, employees are in need of some financial help, and a business that commits to doing so will immediately have a leg up when it comes to attracting the top talent. And as the study shows, financial well-being comes in many forms.
“It’s important to realize that there are other levers employers can – and should – pull to add value. One size does not fit all when it comes to financial well-being and financial education,” said Jennifer Nuckles, EVP and Group Business Unit Leader of SoFi.
Simply put, the Great Resignation is not a failure of employees; it’s a failure to compensate them in a meaningful way. If you want to avoid your own stress over employee retention, you need to alleviate the financial stress that employees are experiencing all over the country.