What’s your company’s biggest cost?
According to a study by PWC, financial stress could be costing you—big time.
The study found that one in three employees reports that their personal finances are a distraction at work—and 46% of those people said they spend three hours or more a week thinking about or dealing with their personal finances at work. This results in $5,000 in productivity loss a year per employee.
To combat this, U.S. employers are implementing financial wellness programs for their employees.
This doesn’t mean better insurance policies, 401k policies, or the occasional bonus—It means offering programs that teach employees how to manage their finances: budgeting within their means, growing a savings account, utilizing insurance, and more. Whether it’s free employee consultations, workshops, or online resources, see what you can do to reduce employee financial stress and increase productivity.