How Employees in K-12 Schools Benefit From Financial Wellness Programs
Due to the high-stress environment that education can create, low wages, burnout, staff shortages, and lack of respect, teachers are leaving the profession. According to the National Center for Education Statistics, Teacher Turnover: Stayers, Movers, and Leavers, 8% of teachers leave the profession early, and it’s not a new problem. Not only are educators paid some of the lowest salaries in the country, even though they require a bachelor’s degree, which leaves most with student debt. Certified employees at K-12 schools like bus drivers, janitors, cafeteria workers, etc. are also only paid hourly and don’t receive a complete benefits package.
However, in a recent survey, Why Teachers Leave – Or Don’t: A Look at the Numbers, by the EdWeek Research Center, more teachers are leaving now than before the COVID-19 pandemic. 54% of teachers said they were more likely to leave teaching in the next two years. And it’s not just educators leaving. Classified staff is essential to keeping schools up and running and they are also leaving in droves. The Bureau of Labor and Statistics, Job Opening Levels and Rates by Industry and Region, Seasonally Adjusted, states that in 2021 there were more than 446,000 public school job openings in June and 460,000 in July. Crucial positions remain open which is leading to painful staff shortages.
This is where financial wellness comes in. By implementing a financial wellness program into your employee benefits offering, K-12 organizations can expect changes in their retention rates. Your Money Line can address the financial stress felt by your staff by listening with empathy, creating a path toward a happier financial future, and giving them peace of mind to focus on other priorities. This is thanks to many kinds of aid, a financial wellness program can provide employees:
- 1. Guidance Through the Public Service Loan Forgiveness (PSLF) Program
If you’re a public school district, your employees may qualify for PSLF. This government-sponsored program allows borrowers of federal student loans to have their loans forgiven in exchange for work in public service. PSLF can be challenging to understand and navigate, which is why YML provides experts to help guide you through the process.
- 2. Programming That’s Available When You Need It
Through our dashboard, employees have access to tools, guides, articles, videos, and resources 24/7 because we understand that your employees are busy. Our Financial Guide staff is also available live 12 hours a day, 5 days a week and responds to email sent during off hours within 1 business day.
- 3) One-on-One Coaching and Expert Advice
Our expert guides provide one-on-one coaching for your employees and their unique, confidential situations. They provide guidance and meet you where you’re at with an empathetic approach. They know everyone’s financial situation is different, and are there to lend an ear and offer guidance toward the next right step.
Your certified employees aren’t the only ones who can access immediate financial guidance. Every employee under your organization’s umbrella, including classified employees, spouses, and adult children that live at home, can receive the benefit our program provides. Everyone’s financial situation and needs are different. That’s why Your Money Line provides multiple different solutions. From our expert guides available by chat, email, and phone to our dashboard with articles, courses, videos, and assessments, Your Money Line provides resources that can work for everybody. YML takes a holistic and empathetic approach to financial wellness while providing expert guides, all Certified Financial Planners® and/or Accredited Financial Counselors® who meet you where you’re at and don’t judge. Are you ready to guide your educators to financial stability and improve your district’s retention rates? Contact us today!