Most financial wellness conversations over the last few years have centered around the potential reductions in health care cost for the employer. A more effective result of a successful program may come in the company's increased ability to recruit, retain, and guide a happier workforce towards retirement readiness.
A recent report from Careerbuilder.com, which surveyed over 2,000 hiring and human resource managers and more than 3,000 full-time employees, seventy-eight percent of full-time workers said they live paycheck-to-paycheck, up from 75% last year. The report also states that 71% of all U.S. workers said they're now in debt, up from 68% a year ago, while 46% said their debt is manageable, 56% said they were in over their heads. About 56% also save $100 or less each month.
Financial stress affects your employees on multiple levels. In the workplace, it can lead to distractions and absenteeism; and it can force employees to work well beyond normal retirement age. All of these factors can impact an organization’s bottom line.
Take a moment to review this video on the potential benefits that financial wellness programs can have on your workforce.
Then.... contact us or sign up to receive a Financial Wellness Tool Kit and see if a formal financial wellness program makes sense for your organization.