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If you missed last month’s WorldatWork Total Rewards 2010 Annual Conference and Exhibition, here’s a quick recap of the presentation made by Elizabeth Halkos, Purchasing Power’s vice president of sales and marketing.
In her presentation, Halkos commented that with the current unstable economic climate, we are witnessing increased unemployment rates, rising debt, record-high foreclosures, and staggering credit card charge-offs. For employers, there is increased concern over rising healthcare costs. Many companies find themselves under stress and in trouble, looking for ways to cut costs while making every effort to boost morale and individual performance levels of employees.
For many employees, the issue is the same; they find themselves financially stressed. This stress often mitigates the effectiveness of employee benefit programs. Financial stress leads to less satisfaction with pay, wasted time at work, more absenteeism, and even health issues.
Halkos pointed out that often employees turn to their employers for assistance and protection. This presents an opportunity for employers to find new ways to ease stress and improve the quality of life for their employees. One way to do this is to engage employees in programs that promote a better financial future including financial literacy programs where employees are taught how to manage their finances, make sound decisions, understand debt literacy and utilize employer-sponsored discount and purchase programs like Purchasing Power. By motivating employees to take charge of their financial future, employers will have workers that are more engaged, more satisfied with their jobs, more financially secured and happy.