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I recently made a "financial wellness" presentation at an international computer hardware (NYSE) company. The company has a highly capable and energetic Sr. Manager of Wellness who is somewhat of a trailblazer in the field - understanding that financial wellness is a key factor to improving other wellness contributors.
The presentation mentioned the data suggesting that 50% of employees spend up to 3 hours per week of company time addressing their financial matters. The 401k administrators provide advice on where to put employee contributions, but don't often address how to manage finances in a way to be able to MAKE contributions.
Three key fundamentals were identified that enable employees to get on top of their financials, reduce their stress and reach out to resources that significantly reduce the work time waste.The feedback was extremely positive and grateful. The out-take survey confirmed the lack of knowledge and the expected struggles the employees were having with managing their financials.
The cost of the financial stress - ~ 2 FTE days/month for up to 50% of the employees in addition to the lost time due to absenteeism and stress, wage garnishments, administration costs, etc.
The benefit of financial wellness - 2 more days of productivity from these employees with little cost to the company. How many companies have the trailblazing HR person to recover this loss?