One of the most prevalent issues that workers face today is financial stress. According to a study conducted in 2017 by Price Waterhouse Cooper, one of the world’s leading professional services networks, 53% of workers report being stressed by their finances, with those reporting stress tending to be younger and female. Across all generations and demographics, financial matters were the top cause of stress.
Employee financial stress is costing your company a lot of money!
Loss of productivity – Workers under financial stress spend an average of 20 to 28 hours a month researching personal financial issues at work. Employer cost: as much as $7,000 per employee per year.
Workplace accidents – 60% to 80% of on the job accidents are stress related. Employer cost: on average $29,000 per workplace accident in lost productivity, uninsured costs, accident investigation, production slowdowns, and new employee training.
Health and welfare issues – 75% to 90% of all doctor visits are stress related. Employer cost: on average $300 per day/per employee in lost productivity for each day an employee is absent. This does not include lost revenue or increased healthcare cost.
Employee turnover – 40% of employee turnover is due to stress. Employer cost: between $3,000 and $13,000 to replace the average employee.
HR department distractions – In the form of handling calls from bill collectors, processing 401k loans, processing wage garnishments, and so on…Employer cost: up to 10% of the Human Resource Department payroll budget.
Increase productivity and satisfaction – By simply providing basic financial literacy education to all employees, productivity levels increase, along with employee satisfaction.
Increase performance for all employees – Financial literacy education optimizes employee performance across the board, regardless of each employee’s current financial situation.
Increase retirement income – The Principal Financial Group found that workers who committed to and participated in a program increased their expected retirement income by an extra $905 a month.
Increase financial wealth – Principal also found that “Estimated effects are sizable, particularly for the least wealthy, for whom attending seminars appears to increase financial wealth by approximately 18%.”
Your goal is to find and retain top-notch employees who contribute productively to your company’s bottom line. Maybe you understand and appreciate the value of financial education but think that setting up a good program is a daunting task and will take too much time. We can help!
Most financial education programs provide materials and direction but place the majority of the actual work on the HR department, including teaching the material. They also charge you a pretty penny for their services.
We are different. We do most of the heavy lifting for you and we can do it for FREE. Our educators will work with you to analyze the needs of your workforce, prep the material, teach the classes, and follow up with the employees. Our customer service department can create custom surveys, collect feedback, and answer any questions you may have. All we really need from you are times and places to conduct the training. We take care of everything else