It may not be the company financials, production or even sales. If you thought “money,” you are right. Even in a positive economic environment, half or more of all workers including more than half of your employees admit to feeling stressed by their finances, and that stress is spilling over into their work, leading to the following effects:
- Disengagement and decreased performance and productivity.
- Increased absenteeism and turnover.
- Poorer health and increased health-care costs.
- Delayed employee retirement.
How much is financial wellness costing your company? Use this calculator.
There are many things that contribute to an employee’s financial situation:
- A spouse loses a job.
- Instability of production.
- Being hurt on the job, disability.
- Lack of financial education.
- Unexpected expenses; a sick child, caregiving for elderly parents, a major home expense.
- Student debt.
- Divorce or death of a spouse.
Many employers have responded by creating financial wellness programs to sure up employees financial health and deliver cost savings, increased employee engagement, and ultimately enhanced value to their businesses. To realize these benefits for employees and bottom line results, a credit union partner must deliver more than financial education. Instead there should be a holistic suite of financial services tailored to meet employee’s needs and to move the needle on what it costs a company with ability to grow with an organization.