No Result
View All Result
Benefits Expert
  • About
  • Advertise
  • Alerts
  • Events
  • Contact
  • NEWS
  • IN DEPTH
  • PROFILE
  • PENSIONS
  • GLOBAL REWARDS
  • FINANCIAL BENEFITS
  • HEALTH & WELLBEING
  • DIVERSITY & INCLUSION
  • PODCAST
No Result
View All Result
Benefits Expert
  • NEWS
  • IN DEPTH
  • PROFILE
  • PENSIONS
  • GLOBAL REWARDS
  • FINANCIAL BENEFITS
  • HEALTH & WELLBEING
  • DIVERSITY & INCLUSION
  • PODCAST

Talent retention ‘blind spot’ revealed as financial worries grow

by Benefits Expert
16/04/2024
Young person getting advice
Share on LinkedInShare on Twitter

More than half (56 percent) of employees are using work benefits to buy essentials, which represents a 31 percent increase from 2023, research has found.

The research, from Blackhawk Network Extras (BHN), showed that 25 percent of employees said they have to spread the cost to afford things like nappies or formula for their children. And 76 percent of employees said they are worried about their financial situation in the next 12 months, which rises to 80 percent among millennials.  

The research also found that 45 percent of employers are concerned about losing talent to competitors, but only a third are taking action to prevent this. 

BHN said this was a surprise because a significant 40 percent of employers believe that providing additional financial support could stop employees leaving their organisations. Financial education is clearly important for employees as 57 percent of them sought out  financial coaching or education in the past six months, independent of their benefits package.  

Researchers said that the clear disconnect between employer retention activities and employee concerns showed a “glaring gap” between what employees need and the solutions preferred by employers for staff retention.  

BHN also found generational differences towards benefits. Younger people, such as

gen Z and millennials, were significantly more frustrated with current offerings (74 percent and 69 percent respectively) compared to older generations such as baby boomers and gen X (39 percent and 55 percent respectively).  

Researchers said this emphasises the need for benefits packages to be more tailored to individual needs of employees to ensure that schemes have the intended impact. 

Chris Ronald, vice president – incentives, rewards and benefits at BHN, said: “The war for talent continues, and our research uncovers a blind spot for employers. While nearly half fear losing staff to competitors, a surprising number aren’t actively addressing the top concern for employees – financial security. It’s a paradox. We see a laser focus on work-life balance, which is important, but it seems employers are missing the bigger picture. Employers are relieved to see a slow down in the rate of wage increases but they are not off the hook. Paying a ‘fair’ salary is not enough. Employees are stressed about affording basic necessities, and offering alternative options for financial support could be a game-changer.

RELATED POSTS

Steve Herbert, consultant, ambassador, reward, benefits, HR strategy

Systemic shake-up: it takes HR to do things right

Sam Seaton, CEO, CAPAdata.com, pensions, scrutiny, transparency, value for money, pensions schemes bill

Pensions transparency enters new phase as CAPAdata launches platform with trailblazer CEO

“Younger generations, especially, are frustrated with current benefit packages. This presents a tremendous opportunity. By offering targeted financial wellness programs like discounts on groceries, household furnishings and technology or even financial coaching – resources demonstrably used by younger generations – companies can bridge this gap and secure a loyal, engaged workforce. Financial security is a powerful motivator, and employers who prioritise it will be well-positioned to attract and retain top talent.”  

Next Post
Wages

Real wages increase 1.9 percent as labour market cools

artificial intelligence, AI, jobs, upskilling

AI skills revolution welcomed by third of employees

SUMMIT

BENEFITS UNBOXED PODCAST

Benefits Unboxed
Benefits Unboxed

The podcast from Benefits Expert, the title for HR, reward and benefits professionals.

Seasoned professionals examine the challenges and innovations in today’s employee benefits, reward and HR sector. Every episode, they will unbox a key issue and unpack what it really means for employers and how they can tackle it.

The regulars are Claire Churchard, editor of Benefits Expert; Carole Goldsmith, HR director at the Royal Horticultural Society, and Steve Herbert, consultant and rewards & benefits veteran.

Benefits Unboxed – Wellbeing: HR is supporting everyone, but who’s supporting HR?
byBenefits Expert from Definite Article Media

As the professionals responsible for helping their organisations navigate NI hikes, rising employee stress levels and looming redundancies, the pressure on HR, reward and benefits teams has never been greater. 

HR is expected to lead with strength and compassion. But who is supporting the supporters?

In this episode of Benefits Unboxed, co-hosts Claire Churchard, Carole Goldsmith and Steve Herbert explore the emotional and ethical pressures HR face today, from managing redundancies to implementing complex legislation. They discuss why HR’s own wellbeing may not be the first topic of conversation, the risks that poses to employers, and the practical steps businesses can take to better support the wellbeing of the people who support everyone else.

This conversation shines a light on the resilience of the profession and why looking after HR is not just the right thing to do, but a business imperative.

Benefits Unboxed – Wellbeing: HR is supporting everyone, but who’s supporting HR?
Benefits Unboxed – Wellbeing: HR is supporting everyone, but who’s supporting HR?
22/05/2025
Benefits Expert from Definite Article Media
Search Results placeholder

GUIDE TO CASH PLANS



CLICK TO REQUEST A FREE COPY

OPINION

Steve Herbert, consultant, ambassador, reward, benefits, HR strategy

Systemic shake-up: it takes HR to do things right

Chris Andrew, EVP, Gallagher

Rewriting the deal: how hybrid and remote work is changing EVPs

Pat Sharman, Everyone Matters

What CEOs don’t know about workplace culture, but should

Jo Werker, CEO, Boostworks

Six proactive ways HR can build a happier, healthier workplace

SUBSCRIBE

Benefits Expert

© 2024 Definite Article Limited. Design by 71 Media Limited.

  • About
  • Advertise
  • Privacy Policy
  • Terms & Conditions
  • Contact

Follow Benefits Expert

No Result
View All Result
  • News
  • In depth
  • Profile
  • Pensions
  • Global rewards
  • Financial benefits
  • Health & wellbeing
  • Diversity & Inclusion