How Financial Wellness Is Reshaping Employee Retention in the Sports & Entertainment Industry

In sports and entertainment, everyone’s watching the star — the athlete, the coach, the actor or actress, the social media influencer. But behind every headliner is a machine of talent that keeps the whole industry moving: agents, managers, operations leads, junior representatives, and more. And right now, that machine is running hot.

According to a recent survey, over 60% of media and entertainment workers say they’re planning to leave their jobs this year.¹ In the sports industry, an even larger percentage report actively seeking new opportunities.²

That is more than a talent drain — it’s a systems risk.

And if companies don’t act soon, they’ll be paying the price, quite literally, as replacing just one team member can cost up to four times their annual salary.³

To unpack what’s really driving the churn — and what leaders can do to stop the bleeding — Sandra L. Richards, Head of Morgan Stanley Global Sports & Entertainment and Segment Sales & Engagement, sat down for a conversation with Rodney Bolden, Head of Industry Engagement at Morgan Stanley at Work.

Rodney’s ultimate message to employers, executives, and even A-list-entrepreneurs is: Financial wellness benefits are not soft. They are strategic. If you want your people to stay, help them learn to build real wealth — not just collect a paycheck.

Here's their conversation:

SANDRA RICHARDS:

Rodney, in my conversations with sports and entertainment industry executives, one topic keeps coming up — turnover. Not with the talent on the field or the stage, necessarily, but with the talent behind the scenes: everyone from marketing to legal. Granted, it’s a fast-paced industry, so burnout does happen. But I think that’s only part of the story — and maybe a much smaller part than we’d like to think. From your vantage point, what’s really going on here?

RODNEY BOLDEN:

There are a lot of factors. And yes, burnout is real. But Sandra, here’s the thing no one wants to say aloud: It’s not just about burnout. It’s about bills.

Morgan Stanley At Work just released its 2025 State of the Workplace survey. Right now, two-thirds of the workforce agrees that financial stress is affecting both their job performance and their personal health.⁴ So that’s not just a lifestyle problem. That’s a business problem.

Think about it. If someone’s worried about student loans, say, or aging parents, or whether or not they can afford to maintain their rent payments in their junior-level job — how sharp do you think they can be on a big client pitch? Or when negotiating a multimillion-dollar deal? Especially in sports, media and entertainment, where the pace is relentless and the stakes are high, studies are telling us that personal financial strain is bleeding into professional output. It can lead to a less productive workforce, which in turn, impacts the bottom line.

SANDRA RICHARDS:

That makes a lot of sense. And here’s where it gets interesting: in sports and entertainment, there are so many more companies than there used to be. It’s not just the major sports leagues or the big studios anymore. Now there are players and performers who are building companies of their own — buying teams in alternative sports leagues and forming boutique production companies and content creation teams. They’re sitting on public and private boards of sports and entertainment companies where they can influence policies on employee benefits and perks. Whether you employ five or five thousand, is the challenge essentially the same?

RODNEY BOLDEN:

In short, yes. If you’re the owner or in leadership at a company, if one of your employees is financially underwater, it’s not just their problem — it could become your business risk. Because you can’t scale if you’re constantly replacing people and battling employee turnover. And if an employee is stressed about money — whether they’re running the social media account for a Grammy winner or managing logistics for a professional sports team — they’re less likely to be loyal to their employer.

SANDRA RICHARDS:

So, what are companies doing about it?

RODNEY BOLDEN:

Well, thankfully, that old playbook — the perks-and-pizza approach — is starting to fade. Ten years ago, a lot more companies leaned on free lunch and branded hoodies to boost morale. But that approach doesn’t help when someone’s trying to figure out how to make ends meet – how to pay their bills, support a family, or plan for the long-term. And employees are making it clear: ping pong tables in the office aren’t moving the needle; they want true, sustainable and meaningful benefits, not just perks.⁵

We all read the news. Interest rates, tariffs, stock market volatility. What employees really want is guidance and clarity. They want financial education that actually applies to their lives.⁶

SANDRA RICHARDS:

Let’s dig in here for a moment. So, you’re saying, in today’s environment, employees aren’t just looking for a paycheck — they’re looking for help making that paycheck work harder. Financial guidance, in other words?

RODNEY BOLDEN:

Precisely. That’s a huge takeaway from our Workplace Survey. Employees today want to understand their equity compensation package, not just receive it. Employees want retirement strategies that make sense for where they are now, even if they’re just starting out in their young careers. They want help figuring out the smartest way to pay off their student debt. They don’t want a brochure they get on day one that they’ll never look at again, nor a one-size-fits-all webinar. They want access to personalized guidance.

That kind of support doesn’t just help ease stress — it creates bandwidth. It gives people the mental space to perform, the capacity to raise their hand for more responsibility, and the staying power to grow with a company instead of burning out or bailing.

SANDRA RICHARDS:

That’s the shift, then. When employers start thinking less about perks and more about long-term prosperity — when they show they care about people’s futures — employees show up differently in the present. So how does that actually play out on the ground? What are the best companies — and teams — getting right, and where are others still falling short?

RODNEY BOLDEN:

The companies getting it right are the ones who are listening. They’re asking: What do our people actually need to feel stable, supported, and motivated? For some, it’s student debt help. For others, it’s access to equity or education around how to turn compensation into long-term wealth. That means bringing in professionals who, more than just administer 401K and equity compensation plans, help provide employees real financial empowerment. That might mean helping someone demystify their equity plan. It might mean helping someone map out retirement goals or tackle debt. Whatever it is, it’s personalized, it’s practical, and it shows people: you’re not in this alone.

The most innovative organizations are also rethinking who gets access — it’s not just senior executives anymore. Everyone, from the assistant to the mid-level manager, needs tools to build financial resilience.

SANDRA RICHARDS:

And where are other companies missing the mark?

RODNEY BOLDEN:

Companies miss the mark when they assume a paycheck alone is enough. Yes, salary matters — but it’s not everything. Especially in industries like sports and entertainment, where career arcs can be unpredictable, even on the operations side. People want more than just a salary. They want to feel like they’re part of a team.

And what do great teams do? They look out for each other — and they make sure everyone is able to perform to the best of their ability. People want financial guidance that meets them where they are. They want to know how to manage their money, grow it, and build long-term security for themselves and their families.

And the other thing great teams do? They share in the wins. That’s what equity compensation should be — not just a bonus, but a real stake in the outcome. But again, it only works when people actually see how it fits into their unique vision for the future.

If employees don’t feel that kind of support — if they don’t see a path to real wealth — they’re going to start looking elsewhere. And in this industry, they won’t have to look for long.

SANDRA RICHARDS:

You’ve mentioned equity compensation a few times — that’s something we’re seeing more companies lean into, especially as competition for top talent heats up. How should executives and employers be thinking about that?

RODNEY BOLDEN:

Equity is one of the most powerful tools a company has — not just to attract talent, but to keep them engaged.⁷ Especially in sports and entertainment, where people are used to thinking in terms of performance and payoff.

When someone has skin in the game — whether they’re in the front office or working in a start-up production company — they think differently. They plan differently. And they care about outcomes.

But equity only works if it is comprehensible. If employees don’t know what they’re receiving, what it’s worth, or how to manage the tax implications — it’s just noise.

That’s why it’s really a one-two punch: equity compensation AND financial education. And not just generic slides. I’m talking about real, one-on-one support that meets people where they are — whether that’s the rookie staffer, the seasoned publicist, or someone trying to make sense of taxes after an IPO or syndication deal.

That personalization really matters. Because people bring layered identities to work. If I’m a first-generation military veteran and a mother of two, my path is going to look different from someone with a trust fund and no dependents. That nuance matters.

Done right, this kind of support doesn’t just help individuals — it shifts culture.

SANDRA RICHARDS:

That makes a lot of sense for companies that can offer equity. But what about institutions that can’t, like colleges and universities? Especially in D1 athletics, as expectations have skyrocketed, so has employee burnout.⁸ I’m thinking in particular about employees like assistant coaches, athletic trainers, nutritionists, operations managers, academic advisors. How can colleges and universities better support this part of its workforce?

RODNEY BOLDEN:

That’s such an important point. These are employees who are often working seven days a week, performing under high-pressure. And while they’re essential to student success, they are often the last to receive support when it comes to their own financial well-being. Just like in the private sector, it creates a retention risk. These are mission-driven professionals, but mission alone isn’t enough. While equity might be off the table in the traditional sense, financial empowerment doesn’t begin and end with ownership. Schools need to start seeing financial wellness programs not as a perk, but as a core part of workforce support. Personalized planning tools, debt management strategies, access to trusted financial professionals — these are investments that pay dividends in performance, loyalty, and longevity.

SANDRA RICHARDS:

You’ve been on the front lines of these conversations across industries. What would you say to leaders who are still hesitant to invest in their employees with the kind of benefits we’ve been talking about, such as equity compensation and personalized financial guidance?

RODNEY BOLDEN:

I’d ask: Can you really afford not to? Your employees are clear about what they want and need. Can you afford to ignore them? Because disengagement is expensive. Turnover is expensive. And in this industry, timing is everything. One missed opportunity can have ripple effects — on production, performance, and profit.

The truth is people stay working where they feel empowered. Not just professionally, but financially. And that kind of support goes beyond a paycheck. It means giving people a meaningful stake in their work, with equity, if that is available. Regardless, it means giving them the tools to build a real financial gameplan — through education, access, and guidance that is tailored to their lives. That is what true financial empowerment looks like. And it matters for everyone on the team — from employees at the league office, music label, film studio, or university athletic department – to agency staff, content creators, and brand builders alike.

These benefits are a retention tool, a performance driver, and a culture-builder. If you are not helping your people build wealth — not just survive the moment but build for the future — don’t be surprised when they take their talents elsewhere.