Financial Wellbeing Increases Productivity
Why is employee access to financial planning resources important?
The PwC 2023 Employee Financial Wellness Survey reported that 60% of full-time employees are stressed about their finances. Sleep, mental health, self-esteem, physical health and personal relationships are all impacted by financial insecurity, and nearly one-third of full-time employees who were surveyed admitted that financial insecurity has negatively impacted their productivity at work.
How can managers support financially stressed employees?
Simply taking the time during a staff meeting to raise awareness of available resources may result in less distracted employees.
What resources are available to support financial wellbeing?
The Employee Assistance Program is a great starting point. Through the EAP, employees can receive free and confidential consultations on a variety of financial matters, which include consumer/credit card issues, debt, personal finance, taxes, and other financial topics.
The Baylor Family Compassion Fund is a charitable assistance program funded by Baylor faculty, staff, and others for the sole purpose of providing financial assistance to Baylor faculty, staff, official retirees, and official vendor partners who are struggling with an unforeseen financial emergency that is beyond their control and requires immediate action to avert severe hardship.
While CAPTRUST is known for assisting employees with their retirement savings goals, planning resources are also available for early career and middle career employees.
TIAA is also a great resource to help employees take control of their financial life from managing money and debt to understanding health savings accounts, to investing toward a secure future. Financial education and live webinars can be accessed through www.tiaa.org/webinars2023.
Reflecting on supporting the financial wellbeing of employees.
Financially well employees will be more engaged and productive.
