So…you’ve noticed a marked decreased in the productivity of a particular employee. After a couple of conversations, they tell you they have everything they need, they’re interested in their position and the project they’re working on, yet it nags on you…they aren’t really there.
While it’s not necessarily your concern, an employee’s personal life can affect their professional performance. Despite the separation between the team’s personal and professional matters, you have the ability to strengthen their financial wellness so your workforce is more engaged while in the office.
The personal financial wellness of your workforce matters, and you can help them overcome this individual struggle with financial planning support.
In the days of yesteryear…
It used to be, only CEOs were given access to financial planning; however, this program has expanded to employee availability. Why did this change? Not-so-surprisingly, 95% of employees believe financial literacy is important.
This alone isn’t the determinant for an organization to begin a financial wellness plan… the fact that only 28% of employees are very confident in their abilities to make an important financial decision, however, is.
Read these crucial facts about financial literacy:
More and more employers have begun to recognize the negative ramifications of personal financial worries can have on the workplace. Between financial planning tools, seminars and education programs, companies have started to add this new monetary facet to their wellness programs.
What is a financial wellness plan?
Raises? Bonuses? No, I don’t mean extra money you give your employees so they have a cushion for the next round of bills. Financial wellness programs have exploded over the last 10 years, perhaps ignited by the recent economic recession.
They drive a stronger employee alignment between benefits and the needs of the company, reduces human capital costs (by way of productivity) and strengthens employer branding.
The modern idea hasn’t stopped with the economic recovery – it has continued to grow. In fact, a study by HelloWallet noted:
“Over the past ten years, financial wellness, or an employer-sponsored program designed to improve employee benefit and financial outcomes that affect business performance, has evolved from conversations among policy experts to a broad priority among U.S. employers.”
What does it do for my team?
Financial wellness plans, like our Compass program, enable employees to get the most out of their income and help them understand what exactly their benefits mean in the long term.
With the rising costs of benefits like robust healthcare plans, you can help employees understand the value of their earnings on more than just a monetary level.
With the rise in employee desire to increase their fiscal knowledge, 90% of 250 large employers said they want to introduce or expand their financial wellness programs this year.
90% of 250 large employers want to introduce or expand financial wellness programs this year.
What about the company?
Really, a financial wellness program is only a little cost compared to big savings. When you look at the pros and cons, financial wellness programs can reduce turnover, lower healthcare costs (decrease in stress-related illness from financial predicaments) and lower absenteeism.
Add it up… would you rather increase awareness about fiscal health or continue to deal with the recruitment department’s revolving door? Your employees will be happier, healthier and more engaged in their work if they don’t have to worry about money problems on the side.
Despite the sensitivity of personal money concerns, employers can help employees before the struggle begins. Financial wellness programs help reduce the stress of your team, help improve employer branding and reduces employee turnover.
The personal financial wellness of your workforce matters and you have the capability to increase their fiscal awareness.
Give us a call to learn more about Compass and how The Olson Group can assist in starting a financial wellness plan to reduce employee stress in your organization!