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In industries such as restaurants and retail where employee turnover numbers are high, HR functions play a critical role in ensuring employee satisfaction, retention, and motivation. However, without operational data, HR initiatives may not be seen as profit-drivers. All Gravy's Insights product provides HR leaders with daily data on retention rates, metrics by location, brand, role, and peer comparison, enabling them to make data-driven decisions to support the investment in soft products.
Employee Financial Wellness: Why It Matters
At All Gravy, we're passionate about building products that have a positive impact on people's lives. That's why we created an app to help frontline workers manage their finances, and why we believe in the importance of employee financial wellness.
The Problem: Neglected Financial Stress
As we've worked with frontline workers, we've seen financial stress neglected by both investors and management. We've heard sentiments like:
- "How hard can it be to budget?"
- "It's not our responsibility to take care of financial matters for our workers."
- "Why doesn't the school teach them?"
But for shift workers, figuring out how to manage bills and debt while taking on enough shifts to make ends meet can be an insurmountable challenge.
The Solution: Employee Financial Wellness
That's where employee financial wellness comes in. By helping workers manage their finances, employers can improve their businesses as well.
Studies show that employees who have access to financial wellness programs are more productive, engaged, and loyal. In fact, they work an average of 20% more shifts and stay retained for 15% longer than employees who don't have access to such programs.
But financial wellness isn't just good for business – it's good for people. By reducing financial stress, workers can improve their mental health, relationships, and overall well-being.
Why Companies Should Care
Some companies might be hesitant to invest in financial wellness programs for their employees, thinking that it's not their responsibility. But the truth is that it's in their best interest to do so.
Not only does it improve the bottom line by increasing productivity and reducing turnover, but it also helps attract and retain top talent. Today's workers want to work for companies that care about their well-being, and offering financial wellness programs can be a powerful way to demonstrate that care.
Conclusion: Overcoming Neglect with Employee Financial Wellness
At All Gravy, we're proud to be tackling financial stress one employee at a time. But we're even more excited to see many companies starting to take responsibility for their employees' financial wellness – especially for those for whom this may be their first job.
By offering financial wellness programs, employers can create a more engaged, productive, and loyal workforce while also improving the lives of their employees. It's a win-win situation that we hope to see more of in the future.
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