By: Aaronnette McFarlin, MSA
Today, we are all challenged with finding ways to manage our personal and work lives. Economic struggles affect us as well: loss of a job, unexpected illness, mortgage, family status changes, life events, and natural disasters. The 2014 SHRM Survey on Financial Wellness and Education found that financial challenges affect work productivity in 7 out of 10 employees. Employees are experiencing more personal financial challenges now compared with 12 months ago.
Organizations recognize the importance of financial wellness because of the savings it can bring to an organization. 72% of human relations professionals who participated in the SHRM Survey responded that their company’s financial education initiative has been somewhat or very effective in improving their employees’ financial wellness. Employees with high levels of wellbeing are likely to have high productivity and are far less costly to employers. “Whereas an employee with self-reported low wellbeing can cost an employer as much as $28,800 in lost productivity annually through sick day usage alone, employees who have high levels of wellbeing may cost an employer as little as $840/per year in lost productivity.”
Companies often offer basic investing and retirement financial literacy through their retirement vendors. Best practices suggest companies should also include online webinars, in person workshops, one-on-one financial coaching, and online tools that assist employees improve their knowledge about their financial wellness. The Emory WorkLife Resource Center offers financial education and resources to faculty, staff and graduate students through the Emory’s Finance Matters program to help employees manage overwhelming financial challenges. Online articles, in person workshops, half-day retirement seminars are scheduled throughout the year. The WorkLife Library, along with telephonic consultations available through e4Health are also available to employees as part of the Emory Finance Matters program.
The Emory WorkLife Resource Center financial web resources webpage is designed to provide greater support to employees who are experiencing financial stress and hardship. The center wanted to increase awareness to resources within and outside of Emory to help them manage their finances and know where to turn when they needed help. The site points out resources to help them plan for their financial future.
Contact Aaronnette McFarlin at (404) 727-8432 if you have questions about the new web page or financial programs available at Emory.