Finance Employers Feel the Crunch: How New Jersey State Temporary Disability Insurance Can Help
If you are the HR manager for a big financial services firm or a tech company in New Jersey, you may be suffering from the effects of “The Great Resignation.” If you’re looking for ways to recruit and retain talent in your state, the New Jersey State temporary disability insurance program – one of the most robust in the country – could be a key selling point.
Finance Quit Rates by the Numbers
The number of employees who quit the finance and insurance industries in September 2021 hit the 117,000, while the quit rate for the industries rose 0.5% since October 2020, according to the U.S. Bureau of Labor Statistics Job Openings and Labor Turnover (JOLTS) report.
While the number of workers leaving the finance field wasn’t as high as those who quit retail jobs, quit rates also don’t reflect the whole picture. In spite of six figure salaries, flex-time, and remote work opportunities for recent graduates, it’s becoming harder to recruit people into high-pressure careers such as investment banking.
Additionally, a new survey from HR management platform HiBob and online freelancer marketplace Fiver showed that 46% of managers and directors are leaving professional fields, including finance and technology. And more than half (54%), the survey showed, are striking off to launch their own business or pursue freelance endeavors.
New Jersey State Temporary Disability Insurance: Robust Benefits for Reduced Employee Stress
New Jersey business owners and HR professionals, however, have an advantage when it comes to recruiting and retaining talent in finance, technology and other in-demand fields. NJ private disability insurance is one of the most robust offerings in the country, giving workers family leave insurance and a generous short-term disability benefits package.
Compared to neighboring New York, which competes with New Jersey for workers in technology and finance, New Jersey State temporary disability insurance benefits provide better value to workers. New Jersey tech and finance workers who make a disability insurance claim can receive 85% of their average weekly salary up to $903 per week. New York workers max out their benefits at $170 per week and bring home just 50% of their average weekly wages.
While New York workers must pay for Paid Family Leave coverage – another state-mandated benefit – Family Leave Insurance in NJ is underwritten as part of NJ TDB and is fully funded by the employer.
NJ private disability insurance, which includes any plan underwritten by a private carrier rather than through the New Jersey State Insurance Fund, offers additional advantages, including:
- Reduced premiums (with savings up to 25% over the state fund)
- No waiting period
- Flexible payouts
- Better customer service
- Increased savings if you bundle NJ private disability insurance with voluntary employee benefits
Why Workers Quit
New Jersey workers in technology and finance, as well as other professional fields, are quitting for a variety of reasons. While many employees, not surprisingly, want higher salaries, flex-time and remote work options, others seek less tangible improvements to their work environment, including respect for their need to have a work-life balance, compassion from their managers, and enhanced benefits.
One survey revealed that 61% of people said they would accept a lower salary in exchange for a better benefits package. “People want a sense of purpose, balance, and belonging. They want to feel connected,” said Lorna Borenstein, CEO of employee wellness firm Grokker in a GoBankingRates.com article. “They want to feel companies they work for are making the world a better place, supporting employees in their mental and physical wellbeing, and benefits that help people grow, continuing education, training, etc., plus innovative solutions that help people achieve a better work/life balance such as help with household chores, childcare stipends, etc.”
Recruit Finance & Tech Workers with Better Employee Benefits
With a sense of financial security plus family leave benefits baked into New Jersey temporary state disability plans, your company is in a solid position to recruit workers from throughout your state or from across the country. You can bundle your NJ private disability benefits package with long-term disability, Group Life / AD&D, accident insurance, vision, and dental coverage to give your employees greater peace-of-mind and financial savings in case of emergencies or routine care.
Reach out to EZTDB to help you find the employee benefits plan, including NJ private disability insurance, that meets the needs of your company and your employees.