We know from current information that employees are struggling with stress, both at work and in their personal lives. Based on results from Canada’s employee assistance providers, on average, one in ten employees will feel the need at some point in the year to reach out for assistance. And increasingly the reason for them to reach out for assistance is around financial stress – how to plan for retirement, pay down credit card debt or student loans, create a budget, etc.
So why should an employer care? Based on a recent study by PricewaterhouseCoopers, it is estimated that 50% of employees are distracted by their personal finances at work and spend on average about 3 hours per week dealing with their finances. Regardless of how you may see this issue, that amounts to a significant loss in workplace productivity.
Based on some recent work at ZLC Financial, here are some areas that organizations can consider exploring further with employees:
Proactive employers recognize the risks related to their employees financial wellbeing and therefore the related risks to their businesses and want to help their employees by way of increased education and communication. If employers start to help their employees with financial wellbeing, those employees can then start to take care of themselves.
Each organization’s needs are unique and warrant a customized solution. We would be pleased to discuss your specific situation with you to identify the best strategy with respect to your employee benefits program. Should you have any questions on the above, please don’t hesitate to contact me or a member of our team.
At ZLC Financial we are not the world’s biggest benefits advisor but we are large enough to have the best people, resources and clients in Western Canada. Our goal is to work with you to find a better way for your employee benefits plan. We provide this value to you by leveraging one of the most skilled benefits teams in the city – almost 250 years of experience within our team of 12 employee benefits specialists. We have been working with businesses ranging from 4 to over 10,000 employees for the past 30 years.