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Following more than two years of pandemic-related disruptions to our everyday lives, 2022's economic turmoil and market volatility have added insult to injury. Workers are feeling stressed by generationally high inflation, precipitous market declines, and persistent headlines about a potential recession — and there doesn't seem to be relief in sight.
It hasn't been easy for employers, either, with the Great Resignation, the Great Attrition, labor shortages, and quiet quitting. And financial stress among employees can be an expensive burden for business, costing you more than $2,400 per employee in absenteeism and lost productivity.
|Financial wellness programs can be good for both the employee and employer
Your retirement plan, as part of your benefits program, has long been a means of helping your current employees and attracting new ones. Offering employees a holistic financial wellness program can help boost the power of your plan in the current labor market and environment of employee financial stress. Adding financial wellness resources can be a practical, cost-effective way to help reduce stress levels and mitigate lost productivity. In fact, 74% of employees say that financial wellness programs help reduce their financial stress.
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