Government agencies have always faced unique hurdles in attracting and retaining employees. Budget cuts and efficiency mandates can make the situation worse, as many organizations lack the funds to increase wages. Benefits can make a big difference, but those also can be costly, and agencies haven’t always kept up with the private sector in what they can offer.
The workforce is changing, too, and younger workers have different needs. They’re accustomed to the convenience and immediacy of online apps, and financial issues are one of their greatest concerns. A financial wellness benefit program that offers on-demand pay, credit monitoring, and financial coaching can help meet those needs — at no cost to the agency.
Reducing employees’ financial stress can help build loyalty, explained Lindsay Casel, Leader, State & Local Government and Partnerships at DailyPay. “When an employee has stress in their personal life, they can’t necessarily … do a really great job day-to-day at their organization. If they feel like … the organization cares what is happening in their life, then they want to stick with that employer.”
In this video interview, Casel elaborates on the advantages of financial benefits programs, for both agencies and their employees. Topics include:
- How agencies can modernize benefits despite budget constraints.
- Why today’s workforce requires a different approach to benefits.
- Two organizations that seamlessly implemented financial wellness platforms.
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