Attracting and Retaining Top Talent in Schools Through Financial Wellbeing
In public education, the recruitment and retention of top-notch district employees (including teaching, administrative and hourly workers) has always been a critical challenge. As we move further into 2024, the incorporation of innovative financial wellbeing platforms emerges as a clear game-changer for public schools. Let’s explore how leveraging these holistic offerings can not only help attract, but also serve to retain the best talent.
For Full-Time District Employees
Employee Engagement and Satisfaction:
Public school districts face stiff competition from private schools and the commercial industry alike, when trying to attract talented educators and administrators, who are critical to the district’s success. Offering a holistic financial wellbeing solution demonstrates a commitment to the overall wellbeing of full-time employees. The ability for staff to track their earnings, budget and save for emergencies, and have the ability to access a portion of their earned wages before payday provides a safety net and alleviates financial stress, contributing to increased job satisfaction and engagement.
In a landscape where prospective district employees weigh the benefits offered by potential employers, the inclusion of a financial wellbeing platform becomes a significant recruitment advantage. Public schools that stand out as institutions genuinely concerned about the financial wellness of their staff are more likely to attract qualified professionals and be seen as a destination district. This competitive edge can make a substantial difference in securing top talent for key positions within the district. In fact, companies that advertise financial wellbeing benefits experience a 27% faster recruitment process than those who do not.
Reduced Turnover Rates:
Financial issues can be a significant factor contributing to employee turnover. By implementing a financial wellbeing platform, public schools can address the financial challenges faced by their full-time employees. 52% of district employees say they are more likely to stay at their employer longer because they have access to financial wellbeing benefits. This proactive approach not only reduces turnover rates, but also contributes to the development of a stable, experienced workforce, positively impacting the overall quality of education provided by the district.
For Hourly Workers and Substitute Teachers
Financial Stability for Part-Time Educators:
Hourly employees often deal with income fluctuations due to irregular work schedules. Introducing a financial wellbeing platform can be a strong benefit for these educators, allowing them to access their earned wages when needed. This flexibility provides financial stability to part-time staff, making the role more attractive and sustainable. Moreover, in today’s gig economy, most gig platforms give hourly workers the ability to get paid along the way - being tied to a fixed monthly or bi-monthly pay schedule puts school districts at a considerable disadvantage when competing again commercial entities for the same talent.
Increased Pool of Hourly Workers:
Public schools frequently face challenges in ensuring an adequate pool of hourly workers. By offering a financial wellbeing platform, districts can enhance the appeal of these hourly roles, such as substitute teachers, custodial staff, bus drivers, etc. The ability to access wages instantly can be a decisive factor for individuals considering part-time positions, resulting in increased availability and the ability to reliably fill these positions when the need arises.
Building Employee Loyalty:
Part-time staff, including substitute teachers, often feel overlooked in terms of benefits. Introducing a financial wellbeing platform demonstrates that the district values the financial health of all its employees, regardless of their working schedules. This inclusive approach fosters loyalty among part-time staff which helps in leading to a more committed and reliable hourly employee pool.
In the ever-evolving landscape of public education, the adoption of holistic financial wellbeing platforms like Wagestream presents a huge opportunity for attracting and retaining top talent. Whether for full-time district employees or part-time substitute teachers, these platforms address financial challenges, enhance job satisfaction, and contribute to the overall success and stability of the workforces behind America’s public schools. As we move forward in 2024, embracing innovative solutions for financial wellbeing is not just a strategic move; it's a commitment to the holistic welfare of the educators shaping the minds of the future!
Get in contact with the Wagestream team today to set up a demo and learn about how we can help transform your district today!