{"id":2900,"date":"2018-01-19T09:30:00","date_gmt":"2018-01-19T09:30:00","guid":{"rendered":"https:\/\/www.dailypay.com\/2018\/01\/19\/3-ways-that-offering-financial-wellness-benefits-will-improve-your-bottom-line\/"},"modified":"2023-06-14T23:24:51","modified_gmt":"2023-06-15T03:24:51","slug":"3-ways-that-offering-financial-wellness-benefits-will-improve-your-bottom-line","status":"publish","type":"post","link":"https:\/\/www.dailypay.com\/resource-center\/blog\/3-ways-that-offering-financial-wellness-benefits-will-improve-your-bottom-line\/","title":{"rendered":"3 Ways That Offering Financial Wellness Benefits Will Improve Your Bottom Line"},"content":{"rendered":"

Your staff is the engine that runs your organization. To run smoothly, you need a well-oiled machine — one where your employees show focus, energy and engagement. <\/span><\/p>\n

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But, when something is troubling your employees, it can stop your engine dead in its tracks.<\/span><\/p>\n

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There is one addressable, yet widespread, issue that can hinder workflow at your organization. The major stressor, according to the Consumer Finance Protection Bureau, is money and financial wellness for your employees. <\/span><\/p>\n

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A recent CareerBuilder survey finds nearly 80% of Americans are living paycheck-to-paycheck<\/strong>, and roughly 50% of people can\u2019t take care of a $400 emergency without borrowing money from someone or dipping into their 401(k).<\/span><\/p>\n

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Many employers have begun to <\/span>research and implement financial wellness programs<\/span> to help alleviate this common stress. And, according to Schwab Retirement Plan Services, 93% of millennials polled would take advantage of a financial wellness program at work<\/strong>. That is a tremendous number. \u00a0<\/span><\/p>\n

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Employees are asking for it, but why should employers listen?<\/span><\/p>\n

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1. Financial wellness improves productivity <\/strong><\/h2>\n

Millennials who care about financial wellness programs are proactively finding ways to battle debts. 24% of millennials cite student loan debt as the primary cause of their financial stress. 35% of millennials also say that financial stress has affected their job performance.<\/span><\/p>\n

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Millennials aren\u2019t the only demographic impacted by financial stress.<\/span><\/p>\n

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According to a study conducted by Financial Finesse in 2013, 66% of the 12,000 respondents they polled said they felt stress because of their day-to-day personal finances and 60% expressed concern about meeting future financial goals. <\/span><\/p>\n

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Women age 30 to 44 with household income below $60,000 and dependent children were identified as the most worried group. <\/span><\/p>\n

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This time spent worrying diminishes the focus of your employees.<\/strong> Without a singular attention at work, productivity decreases and mistakes are made. This level of disengagement can mean your employees are \u201csleepwalking\u201d through their day. They may be at work but they aren\u2019t present. This has a direct impact on your product\u2019s quality and therefore your bottom line.<\/span><\/p>\n

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A report by Health Advocate found that stress negatively impacts the economy by $300 billion each year.<\/span><\/p>\n

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2. Diminishes absenteeism<\/strong><\/h2>\n

It\u2019s difficult to leave financial stress at home. In most cases, your employees are bringing it into the workplace. As a result, absenteeism ensues. Absenteeism doesn\u2019t simply include when employees miss work, it also covers when someone is:<\/span><\/p>\n