Truly valuable value-added benefits

As we move into a post-recession phase, companies are looking for ways to retain their top talent. Employee benefits are one of the most substantive ways that an employer can demonstrate a value-added organization to its employees.

There are clear and compelling statistics that financial coaching has direct and positive influences on employees. A BALANCE survey conducted on clients counseled 18-36 months prior to the survey indicates significant positive financial changes were made since the time of the counseling session.

The survey demonstrated that of the counseled clients:

  • 40% purchased homes
  • 72% significantly reduced their debt
  • 40% began or increased a savings or investment plan

Furthermore, the Filene Research Institute and Center for Credit Union Research conducted a colloquium to address the issues of employee financial problems and their subsequent impact on the workplace.

The Filene Research Institute determined that:

  • As employees gain control of their financial lives, they become more competent on the job. As the interrelatedness of financial affairs and personal problems is recognized and confronted, both employers and employees benefit.
  • As many as one-third of all employees are stressed by personal finance problems, and half of those individuals are so impaired that job performance is affected.
  • Employee financial stress has a tremendous impact on employer profitability, affecting not just direct productivity levels but also internal dishonesty, absence, accidents, abuse, disability, and workers compensation claims, and future legal liability.
  • Programs such as 401k plans protect income in the long term, building equity and assets for retirement. However, there is also a need for short term money, to buy a new car, pay tuition expenses, or replace a furnace. There are two different components to the employee’s financial life, and they are both critical to long term success.

The overall vision of our Financial STAFF Program is focused on these critical factors:

  • Employers will need to provide unique benefits to attract and retain talent.
  • Personal finance issues are the highest need felt by individuals and families.
  • The number one cause of stress in the workplace is personal finance. (USA TODAY)
  • Personal finance coaching has shown to improve employee workplace issues across the board.