Dave D'Angelo’s Post

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

According to research from Bank of America, U.S. workers' financial stress reached a 10-year high in 2023, with only 42 percent rating their financial health as good or excellent – a significant drop from previous years. But why should employers care about their employees' financial well-being? Because financial stress doesn't stay at home – it follows employees into the workplace, affecting their job performance and overall productivity. Workers struggling with money worries often find themselves distracted on the job, leading to decreased focus and engagement. Those who are struggling financially are also more likely to leave their current job in search of better opportunities, leading to higher turnover rates. As leaders, we cannot afford to ignore the financial well-being of our employees. Only 2 in 5 employers currently offer financial wellness programs, despite the overwhelming consensus that employers have a responsibility to support their employees in this area (76 percent of employees and 96 percent of employers). While some employers are taking steps to address financial stress by offering things like counseling, student debt repayment, and emergency savings options, more needs to be done. It's not enough to simply pay employees – we must also ensure that they have the tools and resources they need to thrive financially. We need to take meaningful action to support our team members during these uncertain times. This means providing comprehensive financial wellness programs that address the unique needs of our employees. It means offering resources and support to help them navigate financial challenges and build a more secure future. So, let's make a commitment to prioritize the financial well-being of our teams. Let's take proactive steps to support them on their journey toward financial stability. Full article: https://lnkd.in/eeqJnbD8 #PositiveHRPsychology #HumanResources #EmployeeEngagement #EmployeeSatisfaction #WorkplaceTransformation #HRInnovation #HRInsights #Leadership #LeadershipDevelopment #Wellbeing #PerformanceManagement #Performance #HumanResourcesManagement #HRManagement #TalentAcquisition #EmployeeDevelopment #WorkforcePlanning #HRStrategy #EmployerBranding #MentalHealth #DiversityandInclusion #Recruitment #WorkplaceCulture #CultureTransformation #Onboarding #SmallBusiness #Business #Startup #HR #FinancialWellness #FinancialWellbeing #Finances

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)

80% of employees surveyed expressed a desire for a financial wellbeing benefit from their employers...80%! Is your business offering benefits to it's employees? If the answer's no, get in touch with us today and check out https://lnkd.in/d-5WxsYv #SSLPost #EmployeeBenefits

60% of Workers Are Stressed About Money: Is Your Company Ignoring This Crisis? PwC's 2023 Employee Financial Wellness Survey revealed that financial stress is more crucial than ever. A staggering 60% of employees are stressed about finances, with concerns heightened by inflation and financial uncertainty. Employers play a pivotal role in addressing this by offering financial wellness resources and personalized benefits. This support not only aids in managing immediate financial pressures but also enhances overall productivity and job satisfaction. Are you providing the support your employees need to thrive? #humanresources #compensationandbenefits #compensation #CompandBen #SummitSeries #WorldatWork

Did you know that 73% of people are drawn to employers who care about their financial wellbeing? As inflation rises and economic uncertainty persists, many employees find themselves in fragile financial situations. But how can employers offer effective, sustainable support within regulatory boundaries without overstepping into financial advice? This article offers up some great practical tips to mull over: https://lnkd.in/eqSAHz-F

85% of employees in the United States have identified finances as their top source of stress. The top sources of financial stress are due to day-to-day expenses, unexpected expenses, planning for financial future, and debt. 77% of employees who used financial wellness resources offered by their employer reported an overall positive impact and experienced a decrease in the stress they felt about their financial situation. Northstar employee financial wellness benefits #financialwellness #mentalhealth #employeebenefits #totalrewards

Are We Witnessing a Widening Financial Health Gap in America? The latest Workplace Financial Wellness in America report by Financial Finesse reveals a troubling trend: financial stress is increasing across the board, with a significant divide between financially stable and at-risk employees. Despite gains in the stock market and reports of financial stability among those with assets, financially struggling Americans are facing unprecedented challenges due to persistent inflation and higher interest rates. Key findings from the report include: - A 16% rise in employees reporting unmanageable financial stress from 2022 to 2023. - A 69% increase in financially secure employees from 2022 to 2023. - A 24% increase in employees in financial crisis over the same period. Interestingly, more than half of workers experiencing high financial stress reported significant improvement after working with a financial coach. This underscores the importance of financial education and support in bridging this widening gap. Greg Ward, Director of the Financial Wellness Think Tank, aptly summarizes the situation: “For people who have assets, things are getting better. The haves have more, and the have-nots are continuing to lag.” Read the full article to explore these findings and their implications. #FinancialWellness #FinWell360 #FinancialHealth #EconomicInequality #FinancialCoaching #WorkplaceWellness #EmployeeWellbeing https://lnkd.in/evzKnE24

Empower your employees by offering resources to manage debt effectively. Financial wellness tools can help employees and boost productivity. Dive into this #Insperity blog to find out more about how you can give your employees peace of mind about their financial future with access to financial benefits. https://lnkd.in/e_34ph_K #FinancialWellness #EmployeeBenefits #HRThatMakesADifference https://lnkd.in/eJD784fy

Empower your employees by offering resources to manage debt effectively. Financial wellness tools can help employees and boost productivity. Dive into this #Insperity blog to find out more about how you can give your employees peace of mind about their financial future with access to financial benefits. https://lnkd.in/gqZh5-Dm #FinancialWellness #EmployeeBenefits #HRThatMakesADifference https://lnkd.in/gV-G9_73