Learn About the Benefits of Providing Employee Financial Education on Company Time
People work to earn money. They earn money to provide a lifestyle for their family, allowing them food, shelter, clothing, and some extras. Therefore, finances are a constant thought for many employees. Financial hardships can affect an employee’s productivity, willingness to work, and overall outlook on life. In fact, studies have shown that over half of the workforce in the United States are distracted by their financial stresses during working hours.
Read on to learn how financial education can help boost your employee morale, leading to increased productivity and profitability for your company.
The Initial Benefits of Financial Education in the Workplace
Inflation has taken us by storm within the past year. Employees are burdened with increased costs of living and the effect these increases have on their ability to make ends meet. Often times it is difficult for them to get out of their head to see the big picture and find ways to improve financial stability without earning more income.
These constant financial stresses will affect every aspect of their lives, including their ability to remain productive at work. As a result, employees may zone out, calculate finances, or even work to negotiate financial needs with vendors instead of conducting necessary workplace tasks.
However, companies can help increase productivity and reduce employee financial stresses with quantified employee financial education. Offering such an education can help provide employees with peace of mind as well as financial options they may not have known existed. They can also learn how to better manage their expenses and save for retirement.
Retaining Employees with Financial Education
Another key benefit to employee financial education is the retention of valuable employees. Any benefits provided to employees allow employees to feel valued and appreciated. Financial education is another benefit that will add to an employee’s feeling of value and lead to loyalty.
Employees will often look for employment within companies that offer benefits that increase financial stability. Financial education is a benefit that increases financial stability. For an employer, retention is key for two reasons. Employers can ensure their valuable employees do not leave to work for the competition. Additionally, the cost of attracting employees can be hundreds of thousands of dollars, whereas retaining an employee costs a fraction of that cost.
How Can Employers Provide Financial Education to Employees?
Providing financial education to employees can be cost-effective and provide a large benefit to everyone in the workplace. Many times, financial advisors offer low-cost employee financial training to companies. Employers can opt to offer online or in-person financial education at different intervals. They may offer monthly classes, quarterly classes, or semi-annual classes. These classes may be voluntary (however, some employers may choose to make them mandatory in lieu of typical staff meetings).
Conclusion
Financial education is key to attracting and retaining valuable employees and maintaining high productivity in the workplace. Working with a qualified retirement planning advisor can help you offer financial education and ensure employees remain happy and willing to work with you and your company. Contact the retirement planning specialists at Retirement Plan Services Group to help you develop a financial education program that fits the needs of all of your employees. Call Scott Tanker at 609-922-0201 or email scott.tanker@pbsrep.com.