The new cohort of employees have either just graduated, or will soon graduate, from their colleges with their degrees, talents, energy, and a burdensome level of student debt. In order to tempt the best recruits new strategies must be engaged to attract and keep the top talent sought by business. A joint survey by Enrich® Financial Wellness and Talent Tracker® works to demystify how to properly use big data and key benefits to attract and keep employees.
Talent Tracker®, a research tool for Human Capital Media Research and Advisory Group, compiles aggregated data to offer, among others, salary benchmarking practices in order to better entice desired new employees. Through a comprehensive awareness of the many variable aspects of salary benchmarking, such as industry practices and geographical data, business are promised a more competitive range of salaries to offer.
Secondly, by understanding pain points and working to offer long-term solutions, businesses strengthen their recruiting efforts by responding to the unique and individual needs of the incoming workforce. In cooperation with Enrich® Financial Wellness, a financial literacy platform offering responsive financial literacy education for the workplace, businesses demonstrate a clear understanding of the financial reality of the incoming employees and how to best respond to their needs.
The crippling state of student debt, which demands repayment shortly after school ends, can be a strong deterrent to new employees facing entry-level salaries. However benefits aimed to respond to their stresses inspire stronger loyalty to their new employers. Furthermore, the benefits of a financial wellness platform extend beyond the new recruits entering the workforce into the entrenched employees. The study further indicates the cost of an over-stressed employee as well as identifying financial stress as often miscategorized in employee surveys.