In today’s work culture employers are encouraged to provide the best work environment possible for their employees. This goes beyond just a paycheck and health benefits. One way employers can help their employees and themselves is to offer Financial Coaching as a benefit.
Almost two-thirds of all employees could not financially handle a $1000 emergency currently. Many people end up taking out debt, credit card or personal loan, to handle the situation.
Offering your employees Financial Coaching helps them create a financial plan for their future. Most people have not been taught how to save and plan for the future and a Financial Coach will help them learn this important skill. Also when employees have financial stress at home, this is brought into the office each day. They may spend work hours on the phone with creditors or with their bank. Learning how to manage their personal finances will help them focus on their job during the day and be a more productive employee.
Also, people with a clear financial plan have lower stress levels. A Marketwatch survey found that 73% of people had lower stress when their finances were in proper order. Whereas a Mind Over Money study showed that 42% of employees struggle to stay focused at work when they have money problems.
As an employer, you should be investing time and money into your employee’s mental well-being. This is good for them and will increase productivity and longevity within your company. If you’d like to talk about adding this benefit to your company let me know. I’d love to help.