Many Americans Are Financially Insecure
By some metrics, the economy is said to be improving. That may be true when it comes to unemployment but there are other issues at play here. Student loan debt is at an all time high, health-care costs are rising, less employees are adequately preparing for retirement. According to a study by the Federal Reserve Board nearly half of households don't even have the resources to pay for an unexpected $400 bill. As you can see, many employees are subject to financial stress from all directions.
Financial Stress Leads to Poor Job Performance
We've all heard that you should try to keep your personal life and your professional life separate, but unfortunately that isn't always feasible. Stress is bad for your bottom line and when it comes to stress, financial woes are top source. An employee who is constantly worried about his finances is not going to be able to focus at work.
Financial stress can also have a physical affect on an employee's health, leading to increased absenteeism. An employee who is in financial trouble and has to skip meals is not going to perform at 100%. Constant worry about anything, including finances, is also linked to issues like headaches, insomnia, and depression.
Now that you know how financial insecurity can damage your employee's job performance, let's take a look at some things you can do to guide your employees towards a brighter financial future.
Taking Steps Towards Financial Wellness
Every workplace is different, so the first step should be identifying the unique problems your employees are facing. An anonymous survey where you ask employees to identify their main sources of financial stress can help you get an idea of where to go next.
If many of your employees are having issues saving for retirement consider taking steps to educate them about their 401k plan and other retirement savings alternatives. If you find that many of your employees are in a considerable amount of debt you could bring in financial advisors to talk about properly managing and paying off debt. Employees who are having trouble building an emergency fund could benefit from an employee-sponsored savings fund.
There are many ways to tackle the issue of financial wellness but the one simple fact is that making a commitment to your employees financial wellness will pay dividends in the long run by increasing productivity and attracting bright new talent to your company.
At Summerlin-Roberts we can help you come up with creative solutions that will get your employees on track to financial wellness. Please contact us today to learn more about guiding your employees to financial wellness.