The productivity losses and costs associated with employees’ financial stresses are reaching levels where a business case can be made for companies to bring debt solutions for their employees in the workplace.
If you are still not sure, try listening to what your employees are talking about around tea and lunch breaks.
The following types of stories are a sign that financial stressors are affecting your employees and in turn your business:
The solution to this challenge is more than just education. Financial education efforts need to be coupled with products and services that encourage behavior change and can improve consumer financial health outcomes. The aim is to provide employees with knowledge and access to financial products, which help them “get out of debt, spend, save, and plan.”
Once a company has acknowledged the significance of employee financial health and has buy-in from across the business, it’s important to understand the specific needs of its employees by talking to them about their challenges. There is no one-size-fits-all approach to financial health.
There’s plenty of workplace programs, products, apps and services available today, which companies can adopt to help employees get out of debt, save for emergencies, as well as plan for long-term needs. A common misconception is that financial health is synonymous with income level. Income alone does not say anything about regularity of income, debt burden, or planning and savings habits.