Financial education has become an increasingly essential element of employee benefits programs. Employees who have sound financial plans are more focused at work and feel a greater sense of loyalty to their employers.
In fact, Research conducted by the Federal Reserve Bank of Kansas City indicates that employer-sponsored financial education improves both personal financial outcomes as well as work outcomes. Researchers found that employees who participate in financial education:
Make fewer requests for pay advances and 401(k) plan loans.
Are more likely to participate in and contribute to 401(k) plans.
Experience a decrease in financial stress.
Other studies show that helping employees improve their finances can boost productivity, reduce unplanned time-off and build overall engagement in the workplace. Plus, employees with a strong financial plan, living within their means, will not be looking for the company’s compensation system to lift them out of financial difficulties. They will have fewer questions about the ways their income and employee benefits impact their personal finances.
According to a study conducted by Deloitte, culture and engagement are the most important issues companies face. 87% of organizations cite culture and engagement as one of their top challenges. The “Harvard Business Review” shows that highly engaged organizations have double the rate of success of lower engaged organizations.
Culture in the workplace increases employee loyalty. Although “culture” may seem like a buzzword, every organization has one whether it is intentional or unintentional. It can have a positive impact, or it can negatively impact morale. Improving company culture can go a long way with your employees and building the vibrancy of your organization.
Shows You Care
A financial education program is an investment in your employees, it is another way to demonstrate how much you care about them. According to a study by MetLife, 40% of employees say they want help in achieving financial security. While only 20% of workers believe they are saving adequately for retirement. Workers need clarity and a direction to plan. Your help through financial education shows how much you care.
Your Employees Will Receive
An all-in-one comprehensive financial planning solution to support every stage of life
A customized “Financial Roadmap” designed to help each employee accomplish their most important financial goals.
Personal collaboration with Financial Advisor with many years of experience in investment and financial planning.
State of the art mobile technology allowing them to view their plans on any device at any time of day or night.
Ongoing education to keep each employee abreast of the most important issues they may face.