| Reprinted, by Amy Dufrane, Ed.D., SPHR, CAE – HRCI CEO |
| In the past year, we have been reminded that our workforce is made up of individuals, each dealing with their own complex set of stressors. But one source of stress that is common across the board is money. In fact, 58 percent of employees admit to being stressed about their finances.Financial stress can distract employees from their work and reduce productivity. But implementing a financial wellness program can empower your employees to take control of their finances. Here are some steps you can take to elevate your workforce’s financial wellness. Evaluate workforce demographics. Financial stressors often break down along generational lines. Better retirement planning tools might be more helpful for baby boomers or Gen X, while student loan repayment or tuition reimbursement might be more effective for millennials and Gen Z. Look at your workforce demographics to consider which options might be best for your employees. Review additional resources. Most benefit and payroll vendors offer additional tools and programs as part of their package. Get the most from your providers by evaluating vendors to see whether they provide any tools for financial planning, building credit or paying off credit card debt. Work with a colleague to create a communication plan for sharing these resources with employees. Plan a financial literacy program. Practical finances are not typically taught in schools, so baseline financial literacy at your workforce may be low. Reach out to your payroll vendor or a non-profit (like this one) to find some educational resources or schedule online seminars covering different topics, from budgeting to investing. |
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