Have you ever wondered if your employees are struggling financially? Especially, the single mother of three or the guy who cleans your offices at night or delivers your mail during the day and who supports a family of eight and has no high school diploma. They are at your mercy and the last thing they would want to do is rock the boat or tip the apple cart. They may have no confidence to ask for a raise and you may not be able to justify one.
These people are the backbone of your organization. They are part of what determines the productivity of your organization. If these people are going home at night trying to figure out how to make ends meet it may always be on their mind. It may also be affecting their work and their health. The stress and anxiety caused by this financial uncertainty could really have an impact on them that you can’t even imagine. They may be wondering if they are going to make rent next month or if they might be evicted this month. They may also worry about their kids getting enough to eat or they may be working two other jobs to try to make ends meet.
Consider how you can help by providing an invaluable benefit…financial education. It may be easier than you think. Contact your local credit union to see if they will send someone out to talk about credit, budgeting, low rate loans, or other options that could help your employees feel a little more at ease. If you have an Employee Assistance Program they probably offer classes and individual help as well (they may offer free legal assistance also) If we are the one stepping in to find help, and if the stressful burden of making ends meet is addressed for your employees, it may be invaluable towards their productivity and the performance of your organization overall.
Preliminary findings from a 2014 survey titled Financial Education for Today’s Workforce
In February 2014, the International Foundation of Employee Benefit Plans surveyed member organizations across the United States and Canada on the various types of retirement and financial education offerings they provide to their employees and participants.
Findings from the report, which reflects information from 397 member organizations, included:
Approximately half of all organizations offer benefits literacy and retirement security education.
Nearly two in five organizations feel a responsibility to educate workers on pension and benefit options, encourage retirement savings and help them become financially literate managers of their money.
Half of organizations surveyed have experienced an increase in demand from employees/participants for financial education in the last five years.