A competitive talent market, the need for strong employee engagement, stress from long or unusual working hours, and managing a mix of salaried and hourly employees are all problems HR leaders in financial services need to solve.
If left unaddressed, these challenges can lead to employee disengagement, wasted resources, and high turnover rates. Keep reading to learn how HR leaders can begin solving these issues by updating their benefits strategy.
In the financial services industry, employees are often under immense pressure, working long hours and often on the brink of burn out. In fact, a study revealed that financial services employees reported the second-highest level of job stress and sleep disorders.
It is not unusual for employees in financial services to become burned out and stressed, which can lead to reduced productivity and increased absenteeism. If left unaddressed these factors can compound into a high-turnover rate. Additionally, this pressure can impact engagement levels. Disengaged employees don’t just impact their own performance—their stress can create ripple effects across entire teams, increasing the challenge for HR leaders.
These workplace factors come into even more scrutiny due to the industry’s crowded and competitive nature, which makes attracting and retaining top talent a struggle at times. Organizations that fail to offer innovative and meaningful benefits often fall behind in the race for talent.
For some financial services HR leaders that have to manage both hourly and salaried employees, navigating these issues can become even more difficult. Ensuring equity and inclusivity in benefits offerings for such a diverse group is no small task, but it’s a critical step toward building a supportive and engaged workplace culture.
While many of these challenges are inherent to the industry, there are opportunities for HR leaders to alleviate some of them through an innovative benefits strategy to help support work life balance, productivity, and overall wellness.
Employer-sponsored pet benefits, particularly Airvet, can provide impactful solutions to these challenges, helping organizations improve engagement, retention, and productivity while supporting employee well-being.
Synchrony Financial saw an opportunity to better support their workforce by addressing a widespread yet often overlooked need—pet parenthood. For employees balancing demanding careers, personal responsibilities, and their pets’ well-being, finding reliable, accessible care can be a challenge. Recognizing this gap, Synchrony introduced a benefit designed to ease stress, save time and money, and ultimately enhance employee well-being and engagement.
Within just six months of launching Airvet, Synchrony Financial saw:
Aaron Brown, SVP Total Rewards notes, “At Synchrony, we’re committed to supporting our pet families. Airvet is among the most popular and fastest-growing benefits we’ve ever launched. We’re thrilled with how quickly it’s become a workforce favorite.”
1. Talent Attraction & Retention: In today’s competitive job market, pet benefits are a powerful way to attract and retain talent. With 77% of employees feeling more included when their employer acknowledges pets as family, and 70% viewing pet-friendly policies as important, Airvet helps create a benefits package that resonates with employees.
2. Equitable Solutions for All Employees: Airvet’s accessibility makes it a valuable benefit for both salaried and hourly employees. Unlike voluntary benefits like pet insurance, which focus on cost relief, Airvet provides immediate and comprehensive support, ensuring every employee—from front-line workers to executives—feels seen and supported.
3. Multigenerational Benefit: By supporting pet ownership, employers can support their employees no matter where they are on their life journey. Whether they’re in Gen Z getting their first cat, and job, or empty nesters who adopted a dog from the local shelter pet benefits can be a support to them throughout their pet parenthood journey.
4. Alleviating Stress and Supporting Work-Life Balance: Airvet’s virtual care services ensure that employees can address pet health concerns without disrupting their work schedules. Whether it’s resolving an issue after hours or avoiding unnecessary absences, Airvet helps employees balance their responsibilities, reducing stress and improving productivity. 96% of employees report significant time savings.
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By offering inclusive, equitable benefits like Airvet, financial institutions can demonstrate their commitment to employee well-being, fostering loyalty, reducing turnover, and creating a workplace culture that employees are proud to be part of.
Interested in learning how Airvet can support your benefits strategy and help your workforce thrive? Get in touch!
