Why providing workers with a solid financial education is a wise business decision:
One of your top performing employees has been distracted lately. You notice they’re spending more time talking on their cell phone and they seem to be carrying the weight of the world on their shoulders.
Did you know these are just some of the tell-tale signs that a worker is struggling with financial worries?
When employees are distracted by financial troubles it diminishes their productivity, brings unnecessary stress into the workplace and puts a wet blanket on company morale.
Conversely, when you help your employees achieve a state of true financial wellness, you empower them to be in control. Be providing employee financial education, you help workers become confident, focused and allow them to experience a sense of security. A company that offers employee financial education is truly making an investment in their business.
The following facts are worth considering:
- Up to 50% admit to wasting 21 hours per month while on the job dealing with personal money matters.
- Employees regard financial stress as their number one concern, 5 times greater than personal health.
- Two-thirds say “They have trouble paying their bills on time and worry about money”.
- 90% of the nearly 128 million workers in the US have difficulty managing their money and are not consistently saving for retirement.
Source: National Institute of Personal Finance Employee Education
Is it any wonder more and more companies are actively seeking to provide employee financial education programs for their team members? When an organization begins to understand the profound difference offering financial literacy training can make not only in the lives of their employees, but in their bottom line-they understand that this investment pays for itself many times over.
Employee Financial Education Benefits Both Employer And Employee
With financial burdens lifted from their shoulders, workers will be happier and work harder. They’ll enjoy their jobs more. This will lead to a marked decrease in absences, tardiness, and requests to leave early. By ensuring each team member receives solid financial literacy training, companies will see noticeable improvements in the area of productivity and accordingly profitability.
Putting a comprehensive employee financial education program in place makes good business sense. It is an investment that can literally change their lives of employees and radically improve the profitability, morale and culture of any organization.
Innovative organizations like the Financial Wellness Group are providing leadership and resources to help companies of all sizes implement proven and affordable employee financial education programs.