Massive shifts in this pandemic-infused labor market has caused many frontline workers to continually seek out higher paying employment opportunities.
And who can blame anyone for moving to a higher paying job?
But if this wage-bidding war to retain labor is taxing your resources and squeezing the juice out of your profit margins, there’s an alternative to continually trying to outbid your competitors in your mission to stay fully staffed.
MAKE THE DOLLARS YOU PAY THEM BUY MORE AND GO FARTHER
Financial literacy among American’s is a joke.
I’m a former high school business teacher and I can personally attest that we do a terrible job teaching our nation’s youth how to manage money. As a result, only 57% of the adults in the US qualify as financially literate, and that figure drops below 50% among lower income populations. (Milken Institute)
Even with rising wages, most part-time and hourly workers continue to struggle to make dollars stretch from payday-to-payday. Training programs and courses that teach workers the basics of wise money management and financial literacy help them make much better financial decisions and help them answer important financial questions like “how do I pay off my student debt?” and “how much house can I afford?”
Unfortunately, when left up to their own accord, only a fraction of those that desperately need training in financial literacy will find and enroll in a course; especially if they have to pay for the program out of their own pockets.
When you, their employer, step up to bridge that gap and provide this essential life skill, your not only helping them to better utilize their paychecks, you are proving to them that you truly care about them as individuals, and that you want them to have the a good life and a great future.
The good news is that you don’t have to create a financial literacy course from scratch because there are many turnkey programs available through community colleges and online learning portals. All you have to do is connect the dots and make it easy for your workers to take these courses by helping them register, giving them time off to attend the training, paying for some or all of the course costs, and perhaps even incentivizing them for successfully completing the course.
It’s truly a win/win scenario.
The better prepared your frontline workers are when it comes to managing their paycheck, the less likely they will be to jump for that extra dollar-per-hour your competitor is offering.
In addition to providing ongoing training programs that keep employees engaged and growing inside your business, adding training courses designed to help your people when they’re not at work can be a huge incentive to remain on the job.
