Chris Struble’s Post

We've recently explored how employees' financial worries impact a company's bottom line. Financial stress is pervasive, affecting workers across all income levels. A Financial Finesse report revealed that 27% of workers endure high financial stress, and even six-figure earners are not immune. Here's the hard truth: - Financially stressed employees are over twice as likely to seek new employment. - They're 55% more distracted at work by their finances. - The cost? Billions in lost productivity. The psychological toll is equally heavy, as financial pressures lead to anxiety, depression, and cognitive impairments. The result? A workforce struggling to maintain focus and efficiency. But there's a silver lining. Employers can turn the tide with financial wellness programs, offering tools like emergency savings accounts to boost resilience and empower workers. By addressing financial stress head-on, businesses support their employees and strengthen their foundations. Let's not underestimate the power of financial wellness in unlocking our teams' full potential. Our latest piece thoroughly examines financial pressures at work, their effects on employees, and strategies for managing them effectively. (Click the link in the comments to read the full article)

THE PROBLEM: Financial stress is impacting your employees' productivity, well-being, and loyalty. FACTS: >80% of employers report that financial stress is lowering their employees’ performance level, costing them half a trillion dollars annually. (Sources: SHRM & Salary Finance) >Seven in 10 U.S. workers surveyed said they stress about personal finances. While Gen Z is the most stressed, at 76%, Gen X is not far behind., with 72% of workers saying they feel very or somewhat stressed. (Source: PNC) >Employees burdened by money matters are 9 times more likely to have troubled relationships with co-workers and are twice as likely to be searching for a new job. (Source: Morgan Stanley) THE SOLUTION: The Financial Wellness Intensive! A transformative program designed to empower your employees to take control of their finances and improve their overall well-being. Led by award-winning financial journalist and behavioral finance expert Stacey Tisdale, this intensive program will equip your team with the knowledge, tools, and strategies they need to achieve financial success. https://lnkd.in/e_VtEkYA Key Benefits: >Increased productivity >Reduced turnover >Enhanced employee well-being >Improved company culture Go to https://lnkd.in/e_VtEkYA to learn more! #innovation #financialwellness #corporatecultures #employeerete tion #workplace #humanresources

According to a 2023 Bank of America report, employee financial wellness is at an all-time low. In 2023, financial stress increased due to inflation. The result? A significant drop in financial wellness among employees. In this same report, two-thirds of employees say they believe the cost of living is outpacing growth in their wage, and they continue to feel stressed about their finances and are concerned about their wages keeping up. This is resulting in personal savings being depleted, in more credit card debt, and it is amplifying financial stress. Did you know that your employees' financial stress impacts the workplace? Financial stress shows up in the form of absenteeism, lack of presenteeism, feelings of “I’m not paid enough,” dissatisfaction, decreased motivation, poor working relations, and even accidents or errors because of a lack of focus. Addressing employee financial wellness is important for employers to consider. Stay tuned for ideas on how to address financial wellness for your employees. Source: Mayer, K. (2024). Despite Falling Inflation, Most Workers Still Living Paycheck to Paycheck. SHRM. https://lnkd.in/eN_AFQxV #humanresources #hr #hrconsultant #employeeengagement #financialwellness #employeemanagement #compensation #compandbenefits #totalcompensation #totalrewards #businessowner #pharmacyowner #independentpharmacy

Inflation, high interest rates, labor trends, soaring housing costs, potential replacement by automation — it’s no wonder employees are worried about their financial futures. Indeed, the current financial climate even has some executives stressed about their personal finances. But 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.

Investing in financial well-being isn’t just about numbers, it’s about improving the quality of life for your team. When employees feel secure about their finances, it positively impacts their overall happiness and productivity at work. Here’s why it matters: 🌟Increased Job Satisfaction: According to a survey by the Employee Benefit Research Institute, 76% of employees would appreciate financial wellness benefits from their employer. When companies offer financial education, employees feel valued and supported, leading to higher job satisfaction. 🌟Reduced Absenteeism: Financial stress is a leading cause of absenteeism. The Centre for Mental Health estimates that financial problems cost UK employers around £2.4 billion each year due to lost productivity. By investing in financial well-being, you can help reduce absenteeism, keeping your team engaged and focused. 🌟Enhanced Productivity: Employees who feel confident in their financial knowledge are more productive at work. A study from the National Endowment for Financial Education found that people who received financial education were 24% more likely to set financial goals and stick to them. When employees feel in control of their finances, they can focus better on their work tasks. 🌟Stronger Team Relationships: Financial education creates a culture of openness and trust. When employees feel comfortable discussing their financial challenges, it creates stronger relationships among team members. This collaborative environment leads to better teamwork and communication. 🌟Long-Term Financial Security: Providing financial education equips employees to make informed decisions about their money. This not only helps them in their personal lives but also builds a loyal workforce. When employees feel secure in their financial futures, they’re more likely to stay with your company long-term. 🌟Investing in financial well-being is a win-win for both employees and businesses. By prioritising your team’s financial health, you’re not just improving their lives- you’re also boosting the overall success of your organisation. 👉 Follow/ Connect with me for exciting news coming soon! #FinancialWellBeing #EmployeeSatisfaction #BusinessSuccess #InvestInYourTeam #ConnectWithMe

77% of workers say credit card debt is a problem, while 45% say they're distracted by financial stress on the job, per the 2024 Workplace Wellness Survey from Employee Benefit Research Institute and Greenwald Research. We explore why smart employers are turning to financial coaching to boost profits and impact in our latest article (link in first comment). TLDR: Personal, data driven, solves for interconnected issues. The virtue of personal financial coaching is that it is tailored to each member of your team, solving for diverse individual challenges amidst systemic ones like inflation, high interest rates, and the rising costs of financial services themselves. Employers who prioritize 1x1 financial coaching prioritize what data are telling us about reducing employee financial stress (literacy alone isn't enough), changing behavior, and creating a supportive culture where people can thrive. #CreditCardDebt #humanresources #benefits #financialcoaching

🔦 Expert Spotlight: Andy Hooper CEO at Hart House, Weighs In on Financial Stress… Is your team's performance suffering due to financial stress? Financial stress is a widespread issue affecting employees' mental health and job satisfaction. Andy Hooper, CEO at Hart House, believes... "As I often emphasize, in spite of everyone's attempt to separate personal life from work, your brain and your heart go with you everywhere that you are." Consider these insights from the PwC 2023 Employee Financial Wellness Survey: 🔅Employees under financial stress are more likely to be distracted, less engaged, and more likely to seek employment elsewhere. 🔅80% of employers believe financial stress is lowering their employees' performance levels. That's why we believe Employer-Sponsored Emergency Savings Accounts (ESAs) are a game-changer: 👉 They provide a safety net for unexpected expenses. 👉They assist employees to avoid high-interest debt. 👉They lower financial stress and its adverse effects on work performance. 👉They contribute to better overall employee performance and engagement. Isn't it time for more businesses to consider this solution, not only for their employees' well-being but for the company's overall success? Learn more about the benefits of ESAs in the article linked in the comments. #financialwellbeing #employeeengagement #workplaceculture #ESA

Did you know that 77% of employees have expressed concerns about their financial status in the past year alone? That's why adopting a proactive financial wellbeing strategy can be a game-changer. By helping your team navigate financial challenges, you can reduce their stress and build a more productive workforce. Empowerment is key, and through financial education, employees gain the tools to manage debt, make informed decisions, and build financial resilience, which enhances job satisfaction and overall happiness. Prioritising financial education also shows that you care about your employees' wellbeing outside of work. This fosters loyalty and increases retention as employees feel valued and supported in all aspects of their lives. It can also significantly enhance productivity. By reducing financial stress, you create an environment where employees can fully focus, engage, and thrive. As part of our commitment to financial wellbeing, we've created a financial wellbeing whitepaper to help you communicate and implement your financial wellbeing strategy. We're here to support you every step of the way on your journey towards a financially empowered workforce. 🌟Click here to download your copy and learn more: https://ow.ly/WWlK50RE6oX #financialwellbeing #thomascarroll

Employees' Financial Well-being!! Financial well-being of the employees is critically important as employees are human not machines and have social, personal and family needs with them. In case of vulnerable financial condition of the employees; employers organization could not get 100% output and quality from employees which will ultimately cause loss of reputation along with financial loss as well. Therefore a business organization always needs to review the financial conditions of their employees and support them in case of requirement. Find more details on #tracerworld and be aware about the importance of #financial #wellbeing of the employees. #employees #organization #industry #employer #finance #budget #inflation #social #family #personal #human #good #support #medical #business

💸 Did you know? The #1 concern for American workers isn't career growth or work-life balance.... ...it’s simply covering monthly expenses. 💸 According to recent data from Mercer, employees across the U.S. are feeling the squeeze of rising costs. With everyday essentials becoming harder to afford, it's clear that financial wellness isn’t just a buzzword—it’s a necessity. Imagine if companies prioritized real solutions to help alleviate this burden. What if your employer offered benefits that could save you $2,000+ per year on bills you’re already paying? 👀 At Previ, we’re making it our mission to ease this struggle, helping employees put real money back in their pockets every month. Because financial security shouldn’t feel like a luxury. 🌟 How is your company addressing the financial stress of its employees?