Financial Wellness of Your Employees : Why Should it Matter?
- A key employee leaves your company for a higher wage
- The number of accidents occurring on the job is increasing
- You notice that there is higher employee turnover, and the cost of training is rising
- Employees are arriving late or calling in sick in higher numbers
- Productivity has declined, even while having more work than you can handle
- Your HR department is handling more calls related to employee financial issues
What is going on? Financial stress is a very real problem for American workers. More workers indicate that they are struggling to meet their personal financial goals which might include saving for retirement and college education, managing debt, and protecting their family against an unexpected life event. These issues are being carried into the workplace and are directly impacting your company’s bottom line.
Companies are beginning to recognize that employees lack the basic skill sets around budgets and finance and want to address the stress employees are facing!
The latest “perk” by employers to combat this issue is to provide corporate sponsored financial education. Key components in an effective employee financial education program might include the use of unbiased information, money management and investing education, a face to face presentation where employees can ask questions, easy-to-use money management tools, and on-going support.
The Financial Design Group team at CRN is offering Wealth Steps, which is a step-by-step financial wellness program that provides employees with a foundation for financial decision-making using a holistic, personalized approach.
Through a series of customizable, in-person workshops hosted at your company, Wealth Steps provides employees with:
- Knowledge of how to maximize their lifetime earning potential through protection, saving, and planning;
- Access to a secure, personalized website to analyze their individual financial situations; and
- Complimentary one-on-one consultation with a Wealth Steps Specialist for any employee upon request.
Why host Wealth Steps at your company?
It’s effective. Reduce employees’ financial stress, helping increase workplace productivity.
It’s positive. Boost appreciation for your company’s concern for its employees’ well-being.
It’s simple. A Wealth Steps professional takes care of setting up the workshops, and any follow-up questions can be directed toward them.
IT’S FREE!! There is no financial cost to either employer or employee.
Most workers continue to rely on their employers for access to health and wellness programs, insurance benefits, and retirement saving plans. Employers that make workforce well-being a priority will benefit from increasing employee productivity and engagement, decreased distractibility and increased safety, lower employee turnover, and decreased absenteeism.
Melissa Shanks, Financial Design Group/CRN