As employers and employees face the changing market and economic realities, new challenges and opportunities for re-defining company culture and facilitating positive management and employee relationships present themselves.
While the concept of “quiet-quitting” recently filled headlines with stories of workers doing the bare minimum, the reality is more complex. Quiet-quitting refers to the phenomenon of employees choosing to stop going “above and beyond” at work and simply doing their job description, but is best measured by a Gallup poll in terms of “engagement.” [1] Gallup found a sharp uptick in workers who felt “actively disengaged” at work beginning in the second half of 2021. At the same time there was a significant drop in those who reported being “actively engaged.” These declines can be seen as an indicator of the effects of the shift to remote work in many industries, which created new possibilities for many workers and jump-started conversations about better addressing work-life balance. The declines are likely also connected to more widespread recognition of unhealthy corporate patterns. One study showed “toxic” company culture is the strongest predictor for employee attrition –10 times more important than compensation. [2] For many employees, quiet-quitting may also be the effect of dealing with stressors outside work, because in 2020 and 2021, there was no shortage of stress outside of the office.
Gallup reported that quiet-quitting is ultimately a symptom of management issues and that addressing employee engagement requires new focus on building relationships and one-on-one connections with employees, whether they work in-office, remote, or hybrid. As part of this top-down effort to enhance company cultures and facilitate higher degrees of employee engagement, HR and Benefits executives across industries are thinking more holistically and looking to provide better benefits options to support talent. These expanded benefits options are more than perks to attract or retain talent – they can be important features of a company culture that values its talent and understands and supports changing needs over time to facilitate meaningful engagement and pre-empt quiet-quitting trends.
Many companies now understand the value of prioritizing talent wellness. For example, gym memberships, mental health days, and mindfulness programs have all become standard offerings across industries as ways to counter the effects of stress on the mind and body. Innovative HR executives will see the competitive advantage in thinking beyond only physical and mental wellness by considering the concept of financial wellness and how financial stress can also have an impact on employee engagement.
Financial wellness is the ability to meet current and future financial obligations while being financially prepared for emergencies. When individuals are strained by the extra costs incurred by inflation or sudden large expenses, that pressure can be destabilizing and distracting. As many as 1 in 3 employees report being less productive at work due to financial stress. [3] The health effects of stress are well-documented, and a recent study shows that overall stressed employees cost employers $250 billion annually. [4]
In partnership with employers, Kashable offers financial wellness benefits and programs to address the immediate financial needs of employees via low-cost loans. Because of Kashable’s unique partnership with employers, loan offerings take into consideration employment history rather than just an employee’s credit score. This in turn helps to facilitate a company culture that values individuals overall wellness- physical, mental/emotional, and financial wellness. Kashable’s offerings of free credit monitoring, live financial coaching, a financial literacy library, and savings and banking services support companies in understanding and meeting the needs of employees over time. Kashable provides a financial safety net for employees, giving them the tools and resources to feel supported when facing financial challenges.
This holistic approach is a significant way HR teams can go “above and beyond” to build the kind of reciprocally supportive culture that attracts the best talent and motivates dedication and commitment in both the present moment and long term. When a company puts into practice this holistic “above and beyond” thinking and puts into place the support and resources for all employees’ physical, mental, and financial wellness, it defines the company culture as one that values all its members. As a result, employees reciprocate the investment with deeper engagement and commitment resulting in higher degrees of employee retention, reduced absenteeism, and increased productivity and profits. [5]
[1] https://www.gallup.com/workplace/398306/quiet-quitting-real.aspx?utm_source=npr_newsletter&utm_medium=email&utm_content=20220909&utm_term=7224424&utm_campaign=money&utm_id=5861281&orgid=88&utm_att1=
[2] https://sloanreview.mit.edu/article/toxic-culture-is-driving-the-great-resignation/
[3] https://www.metlife.com/content/dam/metlifecom/us/ebts/pdf/MetLife_Financial_Wellness_Programs_Foster_a_Thriving_Workforce.pdf
[4] https://www.metlife.com/content/dam/metlifecom/us/ebts/pdf/MetLife_Financial_Wellness_Programs_Foster_a_Thriving_Workforce.pdf
[5] https://www.gallup.com/workplace/285674/improve-employee-engagement-workplace.aspx