HR s Guide to Improving Employee Productivity
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1 HR s Guide to Improving Employee Productivity
2 ...nearly 81% of employees say financial problems have affected their productivity. 2 Americans who lack financial wellness skills are not just hurting themselves they re costing their employers money as well. In fact, a financially-stressed employee will spend twenty hours per month dealing with financial issues at work, along with other factors such as increased absenteeism and turnover - financial stress at work costs employers nearly $5.7m per one thousand employees annually.¹ And these kinds of productivity losses are not rare; another recent survey found that nearly 81% of employees reported that financial problems affect their work productivity. 2 Compounding this productivity problem are the increased mental and physical health problems and sick days that accompany financial stress. 3 Research is showing that financial wellness programs are a critical driver of employee productivity and satisfaction, and that 90% of surveyed employers are planning to introduce or expand employee financial wellness programs in the next year. 4 When these programs are done right, workers learn to better navigate their financial lives. In turn, they become more productive employees who have increased time and energy to dedicate to their company s mission. 90% of surveyed employers are planning to introduce or expand employee financial wellness programs in the next year. In this guide, we ll outline how employees financial well-being may be affecting your business, as well as research-based best practices to help you choose the right financial wellness programs for your organization. 2
3 LANDSCAPE Although job creation is increasing and the economy is bouncing back from the Great Recession, a majority of families continue to live paycheck to paycheck. 5 Many of these families have little savings and are only one unexpected expense away from financial ruin. In addition to creating personal stress for the worker, precarious employee finances place a risk on the employer and have real consequences on workplace performance. According to a 2011 study, 48% of respondents said that they used work hours to manage their personal finances. 6 of respondents said that they used work hours to manage their personal finances. 6? What is Financial Wellnss? Financial wellness is having a clear understanding of your financial situation and having the ability to live within your financial means. It is characterized by an individual experiencing minimal financial stress and positive attitudes towards achieving future financial goals The Corporate Cost of Employee Finance Problems Research has shown that American workers are ill equipped to make informed decisions about their financial wellness at all stages of their careers. A lack of financial knowledge can then lead to higher corporate costs, as stressed employees tend to rely on resources that the company provides. One study found that some employees use their 401(k) plan as a source of emergency funds, with 28% of employees having some type of outstanding 401(k) loans. 7 Overall, employees under a great deal of stress cost 40% more, on average, than their non-stressed counterparts. 8 Not only are the majority of Americans worried about their personal finances, but more than 90% also admit they need guidance planning their financial futures. 9 While specific needs vary, employees of all ages benefit from financial advice and knowledge. Overall, employees under a great deal of stress cost 40% more, on average, than their non-stressed counterparts. Millennial Employees Millennials, the newest generation to enter the workforce, began their careers in an economic downturn without the necessary skills to plan for their financial future. This financially insecure cohort will make up 75% of the workforce by , and 60% of them will switch jobs in fewer than three years. With the cost of replacing them ranging between $15,000 and $25,000 11, employers must take more steps to retain them. According to the Financial Industry 24% of millennials can correctly answer basic financial wellness questions. 12 As companies shift their recruitment and retention efforts towards the millennial workforce, adapting innovations like open office-floor plans and more transparent communication methods, they should also keep in mind millennials financial wellness. According to the 3
4 Financial Industry Regulatory Authority, only 24% of millennials can correctly answer basic financial wellness questions, 12 while a recent report from the Brookings Institute found that 28% of first-year students with federal loans did not even know they had loans. 13 And, when ranking employer benefits, most millennials prioritized personal development ahead of cash incentives or flexible hours. 14 Mid-career Employees While mid-career employees have more experience in the workforce, their personal financial wellness is not much stronger than that of the millennials. Many workers in their 30s and 40s are at the peak of their earning potential, but are just beginning to consider the financial future of their growing families. The majority of this group reports that it s stressful to handle their personal finances. 15 And this anxiety is not confined to balancing their checkbook at the end of the month or filing taxes in April; the stress of managing finances carries into the workplace nearly 30% of mid-career employees report that their financial concerns negatively affect their work. 16 When ranking employer benefits, most millennials prioritized personal development ahead of cash incentives or flexible hours. 14 Peak Earning Potential (Mid-Career) START Are YOU prepared? RETIREMENT Late-career Employees Out of all employee demographics, those approaching retirement are the most financially vulnerable. Decisions about retirement funds, pensions, and healthcare can make or break their financial future and they don t have time to make up for losses. Evidence shows that employees in this age group don t have enough knowledge to make critical retirement decisions. Many report very inaccurate estimates of their retirement plans and some cannot properly identify the kinds of retirement accounts that they participate in. 17 Most concerning is that nearly half of those nearing the age of 65 say that they don t have enough savings to retire. 18 Most concerning is that nearly half of those nearing the age of 65 say that they don t have enough savings to retire. 18 4
5 THE BENEFITS OF PROVIDING EMPLOYEE FINANCIAL WELLNESS PROGRAMS Employers understand that financial benefits draw and retain talent; 57% of organizations that offer benefits packages use retirement savings and planning programs as leverage for retention, and 70% use them in their recruitment efforts. 19 It follows that financial wellness programs, which allow employees to reap greater rewards from those benefits packages, can be similarly significant to recruiting and retaining employees. Implementing financial wellness programs in the workplace is more than altruism; it is mutually beneficial to both employee and employer. Besides achieving financial goals and feeling secure about their financial future, workers with a sound financial base add value to their organizations. Increases in worker productivity alone can save companies up to $3 per dollar invested 20, with 57% of employers believing that financial education does boost productivity. 21 Research also shows a 4.5% drop in healthcare costs for employees participating in financial wellness programs. 22 Over all, it is estimated that employer investment in personal financial wellness yields a three-fold gain through worker productivity, health, and improved investment choices. 23? What is a Financial Wellnss Program? A financial wellness program is an employer-sponsored benefit offered to employees that is designed to improve employees financial knowhow, behavior, and attitudes, while also driving business impact. Increases in worker productivity alone can save companies up to $3 per dollar invested 20 Research also shows a 4.5% drop in healthcare costs for employees participating in financial wellness programs. 22 Furthermore, workplace financial wellness programs have proven to be effective, leading to higher workplace satisfaction and a better financial future for employees. Over 70% of HR professionals report that financial education programs have improved employee financial wellness. 24 And a 2005 study by Tahira K. Hira, Professor of Personal Finance and Consumer Economics at Iowa State University, found that employer-provided education significantly stimulates financial literacy and, in turn, leads to expectations for a better future financial situation as well as a greater satisfaction with the workplace. In the same study, 73% of participants in workplace financial wellness programs said that they expect their finances to improve in the next five years. 25 5
6 A recent survey of Discover employees who completed EverFi s adult financial wellness program found that: reported knowing more about their finances. planned to act on their new knowledge would recommend the program to co-workers This kind of information speaks to the efficacy of a financial wellness program, as well as the potential growth of the participating employees.
7 Financially savvy workers confer a range of advantages to their companies, including: u Increased engagement in fulfilling a company s mission. 26 u Increased interest in staying with a company. 27 u Increased understanding of benefit programs. 28 Over 70% of HR professionals report that financial education programs have improved employee financial wellness. 24 CONCLUSION With 81% of employees distracted by their finances, and an average annual cost of workplace financial stress at nearly $5.7 million per one thousand employees, it has never been more important for organizations to consider their financial wellness strategy. There are a myriad of benefits that companies and employees can see in both the near and long term keeping your employees happy, increasing worker productivity, retaining your employees, improving their engagement with other employer benefits and more. As a result, 90% of surveyed employers are planning to introduce or expand employee financial wellness programs in the next year. When these programs are done right, it can mean big dollar returns for a company s bottom line. Learn More About The 6 Traits of an Effective Wellness Program visit: EverFi.com/FinancialEd 7
8 ABOUT THE AUTHOR EverFi builds digital learning platforms that allow corporations, foundations, universities, and school districts to deliver critical skills at scale on a private-labeled basis. Our mission in employee wellness is to help employers create innovative, scalable employee financial wellness programs to help engage employees and prepare them for their financial futures. We ve created a flexible Financial Wellness learning platform for busy adults to help companies make a transformative impact on their benefits offerings, boost employee productivity, and strengthen corporate culture. Learn more about EverFi and Employee Financial Wellness at EverFiAtWork.comor efw@everfi.com SOURCES 1. Moser, S. (2014). The Impact of Financial Stress on Workforce Productivity - Pension Consultants, Inc. Retrieved February 22, 2016, from 2. Employee Financial Wellness Survey 2014 Results [Survey by K. E. Allison]. (2014, April). Retrieved February 9, 2016, from assets/pwc-employee-financial-wellness-survey-2014-results.pdf 3. Grinstein-Weiss, M., & Lass, C. (2013, September 17). Financial Wellness Landscape Analysis: An Overview of the Need for Workplace-Based Financial Wellness Programs (United States). Retrieved February 9, 2016, from Financial-Wellness-White-Paper.pdf 4. Austin, R., FSA, EA, Atchison, A., & Lucas, M. (2015) Hot Topics in Retirement (United States). Retrieved February 9, 2016, from hot-topics-retirement-2015.pdf 5. Johnson, A. (2013, June 24). 76% of Americans are living paycheck-to-paycheck. Retrieved February 09, 2016, from 6. SHRM Staff. (2011, April 25). Financial Stress Contributing to Productivity Loss. Retrieved February 09, 2016, from 7. CFPB. (2014, August). Financial Wellness at Work: A Review of Promising Practices and Policies (United States, Consumer Financial Protection Bureau). Retrieved February 9, 2016, from files.consumerfinance.gov/f/201408_cfpb_report_financial-wellness-at-work.pdf 8. Bhasin, E. G. (2011, November 29). 14 Surprising Ways Employees Cost Their Companies Billions In The Workplace. Retrieved February 09, 2016, from 9. Americans are Overly Confident When It Comes to Finances, Yet Unprepared for the Future NFCC. (2015). Retrieved February 22, 2016, from The Deloitte Millennial Survey. (2014, January). Retrieved February 22, 2016, from deloitte.com/content/dam/deloitte/global/documents/about-deloitte/gx-dttl-2014-millennialsurvey-report.pdf 11. Schawbel, D. (2013, August 6). The Cost of Millennial Retention Study. Retrieved February 09, 2016, from Smaragdis, G. (2014, March 10). FINRA Foundation Study Finds Millennials Struggle Financially. Retrieved February 9, 2016, from Akers, B., & Chingos, M. M. (2014, December 10). Are College Students Borrowing Blindly? Retrieved February 09, 2016, from borrowing-blindly-akers-chingos 8
9 SOURCES CONT. 14. Rendell, M., & Brown, J. (2011, November). Millennials at Work Reshaping the Workplace (United States). Retrieved February 9, 2016, from documents/millennials-at-work.pdf 15. CFPB, op. cit. 16. CFPB, op. cit. 17. Clark, R. L., Morrill, M. S., & Allen, S. G. (2012). Effectiveness of Employer-Provided Financial Information: Hiring to Retiring. American Economic Review,102(3), Retrieved February 9, 2016, from Employee Financial Wellness Survey 2014 Results, op. cit. 19. Lee, C., Wessels, K., Cohen, D., Ph.D., Alonso, A., Ph.D., & Esen, E. (2014, May).Executive Summary Financial Wellness in the Workplace (United States, Society for Human Resource Management) (K. Scanlan, Ed.). Retrieved February 9, 2016, from Articles/Documents/Financial-Wellness-2014-Executive-Summary.pdf 20. CFBP, op. cit. 21. MetLife, Inc. (2012). 10th Annual Study of Employee Benefits Trends: Seeing Opportunity in Shifting Tides. Retrieved February 9, 2016, from winonaagency.com/10th%20annual%20met%20life%20study%20of%20ee%20benefits%20 trends.pdf 22. CFBP, op. cit. 23. Prawitz, A.D., & Garman, E.T. (2009, April), It s time to create a financially literate workforce to improve the bottom line, Benefits Compensation Digest, Volume 46, Number 4, pages 1, Lee, C., Alonso, A., Esen, E., & Scanlan, K. (2014, May 14). Financial Wellness in the Workplace. Retrieved February 09, 2016, from pages/2014-financial-wellness.aspx Hira, T. K., & Loibl, C. (2005). Understanding the impact of employer-provided financial education on workplace satisfaction. Journal of Consumer Affairs,39(1), Retrieved February 9, 2016, from 9
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