Financial Wellness for Teachers: Boost Retention & Engagement

Why Financial Wellness Benefits Are the Key To Retaining School Staff

Long-term employment is key to the success of educators and their students.¹ Attracting and retaining top talent are among the biggest challenges across the education industry.  

While competitive pay and comprehensive benefits are a crucial part of the solution, there’s a deeper, more personal factor at play: financial wellness.

The Problem: A Workforce Under Financial Stress

Teachers, administrators, and staff are the backbone of our schools, yet they often face unique financial pressures. The rising cost of living, combined with stagnant wages, creates a perfect storm of financial stress. 

This financial stress affects more than just teachers individually and can impact employee productivity and employee engagement.² Addressing financial stress becomes an imperative piece of a successful employee retention strategy.

The Solution: Financial Wellness Resources To Improve Retention

So, what can schools do to bridge the recruitment gap and ease employee stress?

The answer lies in holistic, easily accessible financial wellness platforms powered by On-Demand Pay. 

These aren’t just one-off seminars on budgeting, they’re a combination of tools and resources designed to help employees take control of their finances.

A robust financial wellness platform should offer:

• On-Demand Pay: A crucial element that provides employees with On-Demand Pay, allowing them to cover unexpected expenses without turning to predatory high-interest loans. This simple benefit can be a game-changer, alleviating short-term financial stress and promoting a greater sense of security.
• Financial Wellness Resources: In addition to education, it’s important to offer financial wellness tools that can make a real difference. Whether that’s savings tools or credit monitoring, it’s important to give employees the tools that can actually move the needle.
• Financial Literacy Education: Providing guidance on topics like managing debt, budgeting, building credit, and saving for retirement. 

When schools invest in these financial wellness resources, they’re making an investment in employee well-being and showing they care for their staff. 

The DailyPay Difference

This is where DailyPay comes in. 

By integrating seamlessly with your payroll system, DailyPay provides an effortless way to offer On-Demand Pay, a powerful financial wellness tool that directly addresses the immediate financial needs of your staff. 

This isn’t just a new benefit; it’s a strategic solution that helps:

• • Boost Employee Retention: Offering a unique and valuable benefit like DailyPay can differentiate your school district in a competitive job market, helping to make new hires long-term employees and reduce the high costs associated with turnover.
  • Improve Employee Engagement: When employees feel financially secure, they are more focused and motivated, leading to a more positive and productive school environment. 

• Increase Recruiting: Employers can demonstrate their commitment to overall employee wellness and stand out as an employer of choice in any job market. 

By prioritizing On-Demand Pay and other financial wellness benefits, school districts can improve employee retention and foster long-term employment. 

Learn more about the cost of retention and see how much you can save with our employee turnover calculator