What’s your employee’s lack of financial education costing your company?
A recent CNN Money article states, 6 out of 10 Americans would not be able to cover an unexpected bill of $500. How would that unexpected $500 bill affect your employees?
With consumer debt at an all-time high and a lack of personal savings, are your employees able to handle the increased “financial stress” of an unexpected $500 bill?
Financial Stress can lead to lowered productivity, more days off and lowered work performance. What is the cost of this financial stress to your company?
I heard a commercial on the radio of an employer offering a $1,300 signing bonus to new employees. You may have heard the same commercial. What if your employee heard that commercial? Would $1,300 be enough for them to jump ship if they had an unexpected expense? A study done by the Center for American Progress finds that it costs a company between 20% and 50% of a lower level worker’s salary to find a replacement and upwards of 50% to 75% to replace a higher wage worker.
What if there were something you could do? Well there is; Financial Education is available to your employees. Learn how a financial planning advisory team can provide the financial education your employees can use to budget, save, become more financially secure and not leave for that $1,300 signing bonus.
So invest in your employees and provide the financial education your employees deserve; while at the same time enabling your employees to be more productive and more likely to become those long term employees that make your company uniquely yours.