The Bottom Line Benefits of Improving Your Employees’ Financial Fitness

by Scott Drake, CEO, Iota

money growthEmployees in the banking industry manage other people’s finances every day. But as efficient as those employees are on the job, personal finance worries might be affecting their productivity.

When employees are worried about their finances, it’s hard to concentrate on anything else. In fact, a recent study[1] found that almost one-fourth of employees report being distracted on the job by their financial issues.

Whether they’re concerned about saving for retirement, sending their children to college, or simply making ends meet, financial issues can increase employees’ stress levels, cause sleep or health disruptions, and get in the way of everyday activities.

Over time, these distractions can impact an organization’s bottom line. Financially stressed employees are typically less productive, absent more frequently, and more stressed at work.

To counteract this, forward-thinking employers can provide programs that improve their employees’ financial well-being.

According to the 2014 SHRM Financial Wellness in the Workplace Survey, nearly three-fifths of employers said they had integrated financial education into their employee benefits programs. Almost 20 percent of those who didn’t offer such a program were planning to start one this year.

Many employers are now assuming the critical role of helping employees achieve financial wellness. Employees want to improve their well-being, as evidenced by their participation in a health and benefits package. By serving as their financial champion, employers give employees access to an invaluable skill: the ability to gain control over their personal finances. Even employees with sound financial plans in place can benefit from this experience by learning how to make their money work harder.

Financial wellness can improve employees’ lives, and it can play a critical role in the health of an organization. Employees who feel financially confident tend to be less worried and more engaged on the job—boosting overall productivity. Offering a financial wellness program can positively impact retention and recruitment activities, and increase employee loyalty to an organization.

The Iota Nest Egg program, which encompasses the MyLegacyLink platform, Financial Wellness Risk Assessment, Playbook, workshops and webinars, resource library, and money coaching, helps employees learn to take charge of their own financial lives. The flexible Iota programs are easily adapted to employers’ existing wellness offerings.

[1] Employee Financial Wellness Survey, April 2014, PWC

Iota will present at the April 15 IBA Human Resources Conference, discussing the important role that financial wellness plays in your employees’ lives—and in your operations.

Scott Drake founded Iota in 2010, and is president and CEO of the company. Iota’s comprehensive programs address the need for financial, career, physical, spiritual and social well-being. Iota helps provide meaningful and sustainable change for people, positive ROI for employers, and incremental revenue and retention for associations and member organizations.

 

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