Employees Are Out of Control and It\'s Costing You Money
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The document discusses how employee financial illiteracy costs employers through decreased productivity and increased healthcare costs. It recommends that employers implement quality workplace financial programs that provide financial education, counseling, and advice to improve employee financial wellness. Research shows such programs typically yield a return on investment of 3:1 for employers through reduced absenteeism, improved job performance, and other benefits.
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To know more view the below presentation
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Handling everyday personal financial issues is becoming increasingly stressful for employees. They need our help.
Make financial literacy education-and-tools a key element of your wellness and assistance solutions.
You can effectively and efficiently address one of the more difficult challenges facing workforces today.
Enjoy the fruits of taking your wellness and assistance programs to the next level. Make the clear connection between a financially literate workforce and a healthier, more productive, stable, and easy to manage workforce.
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Financial stress negatively impacts employee productivity. 25% of employees have severe financial problems that reduce their work productivity by an average of 20 hours per month. This financial stress costs employers $463.44 per month in lost productivity per employee. Providing financial education programs in the workplace can help reduce employee absenteeism and financial stress, increasing productivity and saving employers money.
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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.
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Recommended
Business Case
Financial Education promises employers a return on investment of atlaest 1:4
i.e., for every one rupee spent in teching employees about their personal finance the organizations stands to gain 4 rupees directly.
To know more view the below presentation
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Handling everyday personal financial issues is becoming increasingly stressful for employees. They need our help.
Make financial literacy education-and-tools a key element of your wellness and assistance solutions.
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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.
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Measuring the ROI of a financial wellness benefit in hard-dollars isn't always possible. So, how do you measure the success of a financial wellness initiative, right?
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www.deutscheinfach.com
082123151158
Dengan pengalaman yang kami miliki dalam pengajaran Bahasa Jerman, siswa akan mampu menguasai keseluruhan aspek berbahasa dengan baik, seperti tata Bahasa Jerman, kemampuan membaca (Leseverstehen) dan mendengar (Hörverstehen) yang baik dan kemampuan berkomunikasi (Konversation) dengan lancar.
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The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
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- 8. Source: InCharge Education Foundation, National Norms on InCharge Financial Distress/Well-Being Scale © for General Adult Population. 1 Means “Overwhelming Financial Distress/Worst Financial Well-Being”; 10 Means “No Financial Distress/Excellent Financial Well-Being” © Copyright by InCharge Education Foundation and E. Thomas Garman, 2004-2009 All rights reserved. (Mean=5.7; SD=2.4) (1-4: 30%) High distress (5-6: 28%) (7-10: 42%) Low distress Employee Personal Financial Problems Reflected in Financial Wellness National Norms on PFW Scale © 1 2 3 4 5 6 7 8 9 1 0 5.4 6.9 8.2 9.2 14.5 14.2 13.8 12.2 11.4 4.2 0 . 0 2 . 0 4 . 0 6 . 0 8 . 0 1 0 . 0 1 2 . 0 1 4 . 0 1 6 . 0 Percentage
- 9. 30% Are Failing Financially! (Scores of 1-4 on PFW)
- 13. Employers Often Recognize These Issues… But Do Nothing. “ You can lead a horse to water, but you can’t make it drink” Employee Financial Illiteracy is an Employer Problem
- 16. “ Employer cost for not providing basic financial education that changes behaviors and job outcomes is $750 to $2,000+ per employee!” Employer Costs: Annual Cost to Employer for Ignoring One Worker’s Financial Illiteracy
- 17. Quality Workplace Financial Programs Rescue Employees and Employers by 1. Decreasing employee personal financial distress 2. Increasing employee personal financial wellness
- 20. This is knowledge about • Spending Plans • Credit Management • Savings “ AND The lack of financial literacy is the major reason why employees do not save for retirement” Quality Programs Emphasize “Basic Financial Literacy”
- 24. “ Employers do not realize they can improve profits – and prove it– by helping employees improve personal financial behaviors” Quality Financial Programs Result in Improved Employer Profits