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The Unusual Connection between Growth and Employee Financial Wellness

Your workers are one of your most important assets.

They are your information base, your client support, and the people who make all the things turn smoothly. Every day, they spend their time, energy, and approaches for the future prosperity of your business.

In short, they are the key to expanding your business.

The problem is most of your workers are not able to provide you their best work. They are often troubled, distracted, and on the prospect for better job possibilities.

Not because they desire to create trouble. Moreover, not because of an adverse reaction. Money problems overstress them.

Today, financial stress is the No. 1 challenge for all age groups of workers.

Notwithstanding their age or income level, workers are trying to make both ends meet, pay all the debt, and plan for the tomorrow. In addition, the stress that causes is enough to keep them from presenting you their best work, even if they try to.

So, it’s clear that there is an unusual link between your workers’ financial well-being and your ability to expand your business. Therefore, it pays to know the financial stress your works are coping with and how you can support them.

However, financial stress can be a personal challenge; it immediately affects companies by lowering worker productivity and rising costs.

  • It can decrease productivity by as much as 20 hours per month.
  • It can hike health care costs from stress-related afflictions and illnesses.
  • No need to mention, it can rise turnover from workers looking for better opportunities.
  • That places employers in a series of substituting and training new workers instead of concentrating on what matters most: expanding their businesses.

Certainly, financial stress if a lose-lose for all…

If expanding your business boils down to making your employees feel more in charge of their banking, three simple answers from you can plan a big win for all.

  1. Take time to define your employees’ pay stubs

Whether they will say it or not, most employees find their pay stub difficult to read, according to a 2017 Kronos survey.

  • 42 percent of workers say taxes and write-offs on their paycheck are confusing to understand.
  • 45 percent of workers would feel more involved with their job if their boss helped them better explain the effect of taxes and write-offs on their earnings.
  • Moreover, it is a quick fix. All you have to do is take time to read pay stubs to your workers, so they know why money is being carried out and where it goes. You can do this one-on-one, in-group gatherings, or as part of new worker orientation. This infographic aid can help you display the information.

By helping employees know what all the figures mean, you can create trust and assure they know how much take-home earnings they have to work with.

  1. Plan office time with a financial advisor

Another smart way is to summon a financial advisor to be on call for your staff one or more days throughout the year.

Most people are not confident in their financial skills, which is why they are stressed in the first place. They often need help with fundamental business plans, such as setting a practical budget, saving for their kids’ tuition or their retirement, or designing a plan to handle mounting debt.

Certainly, your workers are on the job, but they are busy with their financial issues. They are on the phone trying to solve their problems, on the computer researching solutions, or just stressing about what their choices are. The result is presentism, low morale, and lower productivity.

To tackle this issue head-on, give employees way to a financial advisor. According to a study by Lockton, taking professional help can make a big difference in stress levels.

  1. Provide free financial training

Separate time with an advisor is not your only option. A 2017 survey on corporate health and well-being has found that seminars and “lunch-n-learn” presentations can also help workers feel more positive about their finances. Moreover, it is growing a go-to solution for many businesses.

What is the best way to provide financial training?

You could summon guest speakers to discuss topics you know your workers struggle with, such as budgeting, debt control, advancing or fixing their credit score, or insurance and retirement planning.

You could have knowledgeable team members’ present mini-courses in their areas of expertise.

Small steps make a big difference.

How do you make your workers happy and engaged?

Most employers concentrate on pay raises, job titles, and workplace fun. But keeping workers long-term may be as safe as providing financial wellness advantages — everything from setting their pay stubs to helping them get rid of debt and improve their credit rating.

The key is to recognize that financial stress is substantial and address it head-on. Even small steps in that direction can communicate that you understand and have their backs.

Of course, you will see the gains right away.

Lower financial stress determines your employees will be more involved and happier. That is going to put their focus where it belongs — on helping, you grow your business.

Alma Reed is an author and researcher dedicated to enhancing productivity. She is deeply interested in areas such as time management, increasing productivity, and fostering healthy routines. Through her writing, she aims to assist people in boosting their job performance and attaining an ideal balance between work and life.

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