Here’s 1 deal breaker younger employees won’t budge on if employers want them to stick around — is your company working hard enough to retain(/keep) you?

“Younger workers have more of a focus on needing to provide for themselves, versus thinking, ‘I’m going to have Social Security and a pension, so I’ll be taken care of,’” Alicia Garcia, chief people and culture officer at MasterControl, told the Post.

“Now they’re like, ‘Employer, what are you going to do to help me?’”

Companies are hearing and answering the call.

For instance, a study by Bank of America found that 84% of employers believe providing financial wellness tools helps increase employee retention. (2) Similarly, a report by Wellsteps highlighted that organizations offering financial wellness programs experience higher employee retention rates, productivity, attendance and engagement. (3)

And when it comes to those younger workers, there are benefits and tools designed especially for them.

For example, portable fertility insurance (for both employees and their dependents), debit cards for kids and teens that parents control along with bank monitoring services for seniors, so sandwich generation employees can remotely monitor their kids' and elderly parents' spending.

The role of financial wellness workshops in employee retention

While traditional benefits such as retirement matching programs are essential, they often fall short in addressing employees' comprehensive financial needs. Plus, awareness of how to effectively utilize these benefits is often lacking, leading to underuse and missed opportunities.

To bridge this gap, many organizations implement financial wellness workshops that go beyond offering benefits — they educate employees of all ages on how to maximize and optimally use them. Many underuse them simply because they don’t know how they work.

This not only empowers employees to make informed financial decisions but also fosters a culture of trust and support. Those who feel confident in managing their finances are more likely to experience reduced stress, leading to increased job satisfaction and, ultimately, higher retention rates.

Evolving financial services in the workplace

Beyond workshops, modern financial wellness programs encompass a holistic range of services, including:

Budgeting and debt management, which let employees categorize expenses, track spending, set savings goals and receive alerts when they approach budget limits. They may also provide access to certified credit counselors or debt-reduction coaching.

Instead of reacting to bills once they arrive or relying on credit cards to cover shortfalls, employees can proactively monitor and control their cash flows, for example, with a budgeting tool.

Retirement planning, which provides guidance on confidently allocating income between present needs and future goals.

Some employers now include personalized planning tools, one-on-one advisory sessions, goal-based calculators, retirement path simulations or workshops, for example, that show how a small increase to a 401(k) contribution today could grow into a substantial benefit over decades.

Emergency savings accounts to help employees prepare for unexpected expenses. They automatically set aside small amounts of each paycheck into a savings fund or account for emergencies. Some employers contribute themselves or provide rewards for usage, to increase participation.

Instead of waiting until an emergency happens and using credit cards or loans (which incur interest), employees build up a buffer. Automating deductions means savings are used to “pay themselves" first.

Student loan repayment assistance to support employees with educational debts. Employers pay a portion of an employee’s student loan debt by matching payments or contributing at a set frequency.

Employee debt repayment becomes part of benefits, reducing the burden of high interest or long repayment schedules, and freeing up more of each paycheck for other priorities.

Effectiveness and employee engagement and discretion

No matter how great a program is and how well an employer communicates its availability or encourages its use, much of the real impact depends on how employees engage.