Financial Stress Is More Than Normal Stress
Will your 5-Why’s or Corrective Actions get to the root of the issues?
1 in 4 Employees Say Financial Stress Lowers Their Productivity!
A SoFi survey indicates stress over personal finances may affect employee productivity, and HR may be underestimating the consequences.
CFOs and their fellow executives may be missing a potential consequence to their organization: an employee’s financial problems can become an organization’s productivity problems if employee financial wellness isn’t proactively addressed.
https://www.cfo.com/news/1-in-4-employees-say-financial-stress-lowers-their-productivity-report/708740/
What job function are your employees performing while they are thinking about financial issues?
What kind of impact would you have on employees if you helped empower them to take control of their finances?
Your company can stand out by offering a program that benefits your employees in a much more impactful way.
The SoFi study revealed that helping employees facing financial issues is complicated. There typically is not a standard process to follow.
Only 18% of the companies surveyed have some type of benefit package.
28% offer a hardship fund, which may complicate the employees situation further.
Quietly helping can offer hope, if it’s helping behaviors change. Quietly helping though, does not help the company attract talent.
Do You Have The Full Picture?
If you had a financial coach in your benefits program, employees would not need to “report” to HR about their financial situation.
As part of your program, HR representatives would know what to do if an employee is getting collection calls at work, or has a garnishment order.
If you have employees with second jobs, offering a financial coach could help them get back to just working for your company. Imagine how loyal that employee would be!
From SoFi’s survey, nearly 25% of full-time workers have cashed out investments. More employees seek to borrow, with 37% taking on more credit card debt. A financial coach can help your employees in all these areas!
https://www2.sofiatwork.com/2024FutureofWorkplaceFinancialWellbeing