An employee with a worried mind — especially a mind fixated on financial matters — will not be functioning at their best on the job. Many surveys are probing the extent of the damage financial stress exacts from productivity.
Now comes research that says bosses are beginning to take notice of this phenomenon and are prepared to address. And it comes from a somewhat surprising source: benefits brokers.
FinFit, a provider of employer-based financial assistance and wellness programs, asked life and health insurance brokers nationwide to share trend information on the types of benefits employers are exploring beyond traditional health coverage.
“Many employers are concerned that existing benefit packages are not adequately meeting employees’ most critical needs, particularly with regard to financial stability in an economy that remains challenging,” FinFit reported. “Respondents also reported growing interest in offering employees a financial wellness program as part of a comprehensive benefits plan designed to reduce turnover and increase productivity.”
The survey found that “nearly half of respondents said their clients have expressed interest in a benefit that would offer short-term loans to help employees cover unexpected emergencies and health care expenses.” Other survey highlights include:
- 60 percent of survey respondents said they have noticed greater concern among employers about the financial well-being of employees.
- 68 percent of respondents strongly believe the employers they work with would be interested in participating in programs that help employees cover the cost of health care coverage premiums and/or deductibles.
- 47 percent of respondents have noticed that employers are offering a wider range of benefits aimed at helping employees improve their financial literacy and economic stability.
“We have recognized the pressing need for financial wellness programs in the workplace that help people better manage difficult financial circumstances and get back on track quickly,” said David Kilby, president of FinFit. “Unexpected emergencies can create a great deal of stress for individuals and families, especially those who don’t have a savings account or access to cash. This type of program helps employees address financial hardships immediately, and this enables better focus on the job and increased productivity.”
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Dan Cook
Dan Cook is a journalist and communications consultant based in Portland, OR. During his journalism career he has been a reporter and editor for a variety of media companies, including American Lawyer Media, BusinessWeek, Newhouse Newspapers, Knight-Ridder, Time Inc., and Reuters. He specializes in health care and insurance related coverage for BenefitsPRO.
