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Help Your Employees Worry Less About Money

Help Your Employees Worry Less About Money

If you’re a business owner, it’s part of your job to ensure your employees are productive during their work day. However, a recent study shows that some productivity may be lost during time employees spend worrying about their finances.

You may think you’re paying your team fairly for the work they’re doing, but a September 2016 study by human resource consultant Mercer and the Employee Benefit Research Institute indicates workers spend a good deal of time on the job worrying about money — and this time accounts for about 4.5 percent of payroll.

In other words, 4.5% of the money you pay your employees could be wasted if they’re worrying about finances instead of focusing 100% on their work.

Pittsburgh’s own Post-Gazette recently reported the findings of the study, which showed:

16 percent of the more than 3,000 workers surveyed in September reported spending 20 or more hours on the job each month worrying about their finances. The average time fretting about finances was 13 hours a month. The median was five hours, meaning that half of those surveyed worried less than five hours a month and half of them spent more time than that.

Mercer used these findings in comparison with the average income of those surveyed to calculate the potential 4.5% of payroll spent on time worrying about financial concerns.

Young workers are worried about paying off student loans or saving for their first home. Older workers’ concerns include saving for their children’s education or for long-term care. For many, the struggle of living paycheck to paycheck is the biggest cause for concern.

The Huffington Post offers various ways you can lessen your employees concerns by offering financial resources as part of their benefits package. You could:

Partner with a financial institution or financial planner for a series of lunch and learn budgeting sessions
Schedule an after hours team-building exercise that includes financial education
Offer retirement savings packages with automatic contributions through payroll deductions
Participate in workplace-based financial capability programs that offer access to various accounts, lower rates and non-predatory loans
Although offering an increase to your employees’ pay could also help ease their worries, providing resources to learn budgeting for their current income could be a big help, too. Plus, these types of benefits often lead to happier employees and increased job retention, which can improve all aspects of your business.

*If you’re interested in offering financial education and helpful accounts to your employees, Clearview can make it happen. When your business becomes a Clearview At Work partner, your employees will gain exclusive benefits. They can take advantage of checking accounts, savings accounts, retirement accounts and low-rate loans, plus they’ll receive free budgeting assistance and financial coaching from our partners at GreenPath Financial Wellness.

We’re happy to help your employees gain confidence in their finances, so they can focus on doing their best work with you and your organization. Call us at 1-800-926-0003 to learn more.
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