Recover Costs Through Financial Wellness

31905590_ml.jpgThe Department of Labor’s new overtime rules have many businesses concerned as to the cost of accommodating these new standards.   But some of these costs might already be seen in how a company is already doing business, and they might not even know it.

The hidden costs of running a business are those things that no one really thinks about or plans for on a regular basis, not until we see the end of quarter reports and the profits disappearing.   By then those hidden costs may become the standard way of doing business, and may not even be seen until an annual budget review.

But the solution to resolve these costs may be easier than you think.  It may be that employees could be financially stressed.  After all, we’ve shared many times that financially stressed employees spend approximately 20 hours per month at their job worrying and dealing with personal financial issues.   This means an hour a day, five hours a week – they are not focused on their work.  Not only does this impact a company’s profitability, but could also cost relationships that your company has with Vendors, Shareholders, customers… and even other employees.  And according to the American Psychological Association,  64% of Americans report that money is their number one stress.  Just think, if you have 100 employees – 64 of them are dealing with financial stress.

Financial stress also impacts businesses through other means…

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Making the Best Choice in Finding the Right Financial Wellness Provider

  1. 10509201_ml.jpgT. Rowe Price shared on BenefitsPro that it’s “Time to Take Action: Find the right financial wellness provider”. Of course, we agree that it is indeed time to take action.

With Financial Wellness programs beginning to take shape as part of the HR list of benefits to provide, the question comes as to which programs might be the best match for your client.

Of course we’d recommend learning about what programs are available, as each has their own specific qualities that could both be of benefit or liability.

Here are a few categories to review when trying to find that perfect match for your company.  Of course we’re a bit biased, so we’re including how we address each category as well...

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Addressing the Financial Shame

May_Cover.jpgIn the May 2016 edition of The Atlantic, Neal Gabler pours his life out on the table in his article, "The Secret Shame of the Middle Class."

He allows us to see what he has gone through regarding his finances as a writer. We’ve found that his story is repeated time and time again regardless of profession.

He shares that “Nearly half of Americans would have trouble finding $400 to pay for an emergency.  I’m one of them.”   

We commissioned a survey in 2014 that showed:

  • 62% of people questioned have less than $1,000 saved. 
  • 76% of people live paycheck to paycheck.  Including 40% of people who earn more than $100,000.
  • 71% of people questioned say money is their top source of stress.

It’s been a taboo topic in our culture to openly discuss personal fiscal struggles.   We all want to make sure we can pay the bills and provide for our families, and for the most part we are able to without too much hassle.   However, when things in life happen to us, and we can’t cover the cost – we may feel as though we didn’t prepare for it, and so a stigma of shame gets applied.   After all, we’re taught to plan ahead and yet when life happens, it may show you didn’t – so the feelings associated with failure are applied.   But that doesn’t need to be the case. 

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The Importance of Employees' Financial Wellness

14361451_m.jpgThe traditional definition of wellness programs has been limited in its association with ones physical health.   Due to this traditional perspective there has been a significant lack of attention in the critical area of employees psychological well being in terms of Financial wellness.

A Corporations success depends heavily on the ability of its staff to innovate and perform to the best of their abilities in creating wealth.  When an employee is stressed or sick, it hinders their ability to perform effectively.  And when an Employee is not focused on the job at hand, it hinders productivity and the company’s bottom line.

Having a comprehensive wellness program will provide a platform where employees can lead physical, mental and financially fit lives.  Employers that utilize Financial Wellness programs benefit from a staff that works more productively and with reduced absenteeism.

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Things to Consider in Regards to a Financial Wellness Program

businesssavings.jpgFinancial Wellness programs are now at the forefront of employee benefits.  Just to say you have a program, however, doesn’t necessarily mean that it’s going to benefit your company or your clients’ employees.   There is a difference in Financial Programs that are available on the market for employers, payroll providers and benefit brokers.  The goal is to find a program that should be a win-win situation for employers and employees.   So when you’re looking for a program, here are some things to consider to make sure you have selected one that can benefit you or your clients employees the best:

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