It’s no secret that employee stress caused by finances can have a substantial impact on your business.
Compensation. Student loans. Retirement. Having enough money to take a vacation in order to post a finely crafted social media selfie with an exotic backdrop. All that stuff adds up.
Something I see with alarming frequency, and I know HR leaders like you do, too, is how financial stress seems to be taking over many of our employees’ lives.
Christmas tree fires account for an average of 200 house fires every year and 37% of those occur in January. I am reminded this time of year that it is time to check the batteries in my smoke and carbon monoxide (CO) detector. Early in my career I was part of the team that treated patients after they had been exposed to the colorless and odorless carbon monoxide gas.
Every generation of worker is struggling with various financial stressors. It’s the top cause of lost productivity. As an HR leader, you want to help find ways to help alleviate the pressure.
Employers are starting to realize that providing their people with a fair and regular paycheck and 401(k) just isn’t good enough to ensure their financial health. And it is their problem.
SHRM partner Prosperity Now created a Workplace Finanancial Wellness Services primer specifically for employer to help them create workplace-based financial wellness programs. The blog post below gives more information on the primer and offers six services that can help employees deal with the problems associated with financial insecurity.
The majority of HR professionals give their employees a financial health rating of “fair” and nearly 20 percent report that their employees are “not at all” financially literate according to a national SHRM survey.