4 Ways to Offer Wellness Tools and Retain Your Workforce

As labor shortages continue to impact companies across industries, businesses are shifting their focus to employee retention. According to Bank of America’s recent Workplace Benefits Report, 46% of employers have seen an increase in resignations over the past year while one in three employees have switched jobs or thought about switching jobs. Colorado’s labor force participation rate dropped to 69.2% in November 2022 and according to some media reports, Colorado’s unemployment rate could go to 9.4% next year. That’s why it’s more important than ever to retain your workforce.

READ: Guest Column — Helen Young Hayes Talks Talent Pipeline Disruption

Our research shows employees are significantly stressed by current economic conditions, leading to a decrease in their feelings of personal financial wellness. The percentage of employees who feel financially well hit a five-year low in July 2022. Perceptions of financial wellness are also impacted by ethnicity, gender, and generational factors. For instance, women continue to trail men in their feelings about financial wellness and preparedness, and employees of color report significantly lower feelings of financial wellness compared to white employees.

Many leaders already feel responsible for their employees’ financial well-being. However, as employers address record levels of turnover amid a period of economic uncertainty, it is more important than ever to provide additional support and resources. What can leaders do to retain their workforce? A vast majority of employers now say that offering financial wellness tools can reduce employee attrition, and wellness tools can help attract higher-quality employees. To help retain your workforce, you should consider the following:

Embrace employee financial wellness and expand support.

Given higher than usual inflation, employees are feeling the pinch financially. Employers should embrace programs, such as financial coaching and digital tools that help employees better plan and manage their finances. For example, 91% of companies see higher employee satisfaction when they offer resources to manage overall wellbeing. Companies that take it a step further and broaden their wellness programs to include mental and physical wellness resources see noticeable improvements in productivity, employee stress, morale, creativity, and innovation.

READ: The Top 5 Ways You Can Support Mental Health in the Workplace

Providing access to investment advice.

Employees are eager to invest and grow their wealth, which can be an intimidating process. Four-in-ten employees say they want access to advice from an investment professional. Armed with that knowledge, 62% of employers now offer employees access to investment advice services. Whether it’s an internal team or external partner, give your team the tools they need to feel confident in financial decisions.

Focusing on health care education.

84% of employers feel very responsible for their employees’ understanding of retirement healthcare needs and costs, and 89% of employers who offer Health Savings Accounts (HSAs) contribute to their employees’ savings. Yet, only 54% of employers communicate about these topics at least once a year. There’s a big opportunity to improve communication and educate employees about their healthcare benefits. Take the time to remind them about their options, especially as you gear up for open enrollment.

Equity grants are powerful recruitment and retention incentives.

As an employer, you have insight into compensation and should regularly review pay and conduct an equity analysis. 76% of employers believe equity compensation is a differentiator for employee recruitment and retention, and 44% of employees who participate in equity compensation plans say it was an important reason for accepting the job.

The Bottom Line

Employers serve as significant advocates for their company and work, which is why it’s important that they have the resources and tools to bring their best selves to work. Employers can help by taking the initiative and give your team the tools to not only survive but retain your workforce in this new world of recruiting.

 

New HeadshotTy M. Aslin is the Colorado Market Executive for Business Banking at Bank of America

Prepare for an Interview — 5 Easy Ways to Impress your Future Boss

It’s a question that haunts us all: how should I prepare for an interview? Most recruiters believe the most important thing a candidate can do is get comfortable talking about themselves. What’s your background? What strengths and weaknesses? What makes you unique? The more comfortable you speak about yourself and your experiences, the more likely the interviewer will see the real you, not just what they want to see.

READ — How to Successfully Recruit Talent Today

How to Prepare for an Interview: The Keys to Success

The first thing you should do is prepare for an interview. This means getting ready for questions related to your education, experience, and qualifications. You’ll want to answer these questions clearly and concisely so they stand out as something other than weaknesses in your application.

The next thing you should do is research the company itself. You can learn much about a company by looking at its website or social media accounts. Still, it helps to talk with people who have worked there before or even someone who works at another company with similar goals or values (which is also an excellent place for you). This will give you an idea of their culture and insight into what makes them unique.

Building Self-Confidence Through Practice and Preparation

What if we told you that there’s one thing that can help you get ahead of the game? And it doesn’t involve more work or preparation than you already do? It’s called self-confidence.

Self-confidence is something that most people think they have naturally—but what many don’t realize is that it’s a skill that can be learned through practice and preparation. When we’re talking about self-confidence for an interview, what we mean is having an attitude of confidence in yourself and your abilities that will show up in every aspect of your performance: from how you dress to how you answer questions, from how well you shake hands with someone new to how confidently you respond when asked a question that makes you uncomfortable.

Understanding Common Interview Questions and Planning Answers

Prepare for in interview like you’re preparing for a test. You want to know exactly what to expect and be ready with the answers that will impress your interviewer and get you the job. For example:

What’s Your Greatest Strength?

This is one of the most common interview questions, so it’s essential to have an answer ready. You can talk about how you’re great at multitasking, working under pressure, or keeping calm in an emergency. You could also talk about something more intangible: how you’re good at building relationships or communicating with people from all walks of life.

READ — How Business Leaders Can Embrace a Multigenerational Workforce

How Would Your Coworkers Describe You?

This question is tricky because it’s often asked as part of an interview’s “strengths” section. If you give them some examples of people who would say positive things about you, they’ll trust that those are true about you! So if someone says that they think your work ethic is top-notch, that might not convince them—but if three different coworkers mention how hardworking you are, it will give you a chance to impress your employer.

Making a Good Impression With Professional Attire and Grooming

You may be surprised to learn how your dress for an interview can influence your hiring. Research shows that employers often make their decision within the first few seconds of meeting someone—and your appearance is one of the deciding factors!

So what should you wear? It depends on where you’re interviewing and what job is available. A suit might be appropriate if it’s a formal office environment. But if it’s more casual, like at a restaurant or retail store, something casual would work well, too. Just remember: try not to look too flashy or casual—you want to find the right balance between the two extremes so that people will see you as professional but also approachable and friendly.

Follow Up After the Interview to Demonstrate Your Interest

It’s not just about showing your interest in the position; it’s also about showing your interest in the company. And if you want to do both of those things well, here are some tips for following up after an interview:

  • Send a quick email within 24 hours of your interview to thank the recruiter or hiring manager for taking the time to meet with you. This would be especially important if they were kind enough to invite you in for an interview at their office because they don’t get many applicants who will do this!
  • If something during your conversation made sense as a follow-up question or topic of further discussion, include it in your email. For example: “I loved hearing about how your company uses [insert solution]. Is there any chance we could talk more about how [solution] has helped other businesses?”

 

Lindsay KarnyLindsay Karny is a Certified Professional Resume Writer and Interview Coach at https://resume2023.com/.

PNC CO Regional President Guest Commentary — The War on Talent

With so many companies now hiring, it can be a race to get a competitive, first offer out to candidates. These days, if companies don’t make an offer within two weeks of the first interview, the prospective employee is very likely to receive another offer from a competitor sooner. Retaining top talent is also more challenging than ever. Often based on a simple LinkedIn profile search, many recruiters are luring existing workers away by offering significantly more money to join a new organization.  

As employers strive to navigate this new normal in the workplace, these are some of the attributes many candidates are seeking when evaluating whether to join a company.   

  • Company culture 
  • Wellness initiatives (physical health, mental health, financial health) 
  • Continuing education 
  • Flexible work environment 
  • Defined career path 

Here is one way PNC is assisting our clients in this challenging environment: Earlier this year we participated in the American Heart Association’s (AHA) annual workplace symposium. The 45-minute breakout session focused on the importance of annually reviewing employee benefits, and what to consider when selecting or contemplating a change to a new or existing benefits plan.  

Our Organizational Financial Wellness (OFW) group offers a suite of financial wellness education tools and resources for our clients’ employees. We also provide 401k advisement services and HSA’s (Health Savings account) guidance. At the close of the symposium, our OFW group offered product-specific solutions and assured all attendees they will always have a trusted partner in us.   

It is imperative to annually review benefits, expenses, and budgets. PNC constantly evaluates its vendors to enhance our benefits program. We also engage or re-engage with employees to improve retention and productivity. At the executive level, our Private Bank offers a suite of solutions through the Institute for Family Success, Trust & Estate Services. 

Our mission is to encourage our current and prospective clients to take care of their greatest assets – their employees. When workers grow concerned about their finances, that can negatively impact a company’s bottom line. Studies show that financially stressed employees cost American businesses an average of $500 billion a year in productivity alone.  

Through PNC’s program, we encourage and support the empowerment of employees by developing a suite of solutions for all levels of an organization at every stage of life — from broad-based employees to middle and upper management and even C-Suite Executives. Our dedicated bankers support clients in person and virtually to help with planning, education, and personalized products to meet employee needs. OFW helps employees build strong financial habits, creating a more confident and productive workforce for our clients, and that can help companies win the talent war. 

 

Ryan Beiser HeadshotRyan Beiser is regional president for PNC Bank, Colorado. In this role, Beiser is responsible for leading overall growth across Colorado, with a specific focus on the Denver Metro area, as well as overseeing all aspects of Corporate Banking in the region. His office implements all local sponsorship and philanthropic efforts to execute PNC’s community-based goals and initiatives.

Active in the community, Beiser is a member of YPO Colorado and serves on the board of directors for Mile High United Way, the Craig Hospital Foundation, the American Heart Association of Colorado and the Children’s Museum of Denver. He also represents PNC on the board of advisors for the University of Colorado Denver Business School, the Early Childhood Leadership Commission for the State of Colorado, and the Major Gifts Council for Early Childhood Education of the Mile High United Way.