Debt is like fat. It is easy to add and very difficult to take off. Being in debt may sound like a personal issue, something employees might feel the company was intrusive if it wanted to address. Companies know employees in difficult financial circumstances can do things damaging to the firm, like embezzling or selling confidential information. Addressing employee debt can lead to happier employees who will hang up when competitors come calling to hire them away.
Helping employees manage debt is one aspect of financial wellness. Here is the good news: First, there is a need: A survey by Bank of America shows 62% of employees are stressed about finances. 91% of employers see higher employee satisfaction when they offer help in managing well-being.
Second, employees want this help. The Bank of America study found 80% of employees felt the company should be playing a role helping with financial wellness. In a study by Talent LMS, "Financial Wellness in the Workplace" 73% of employees who get it when available feel it makes them more safe and secure. The numbers make a good case: Job satisfaction is at 83% for those receiving guidance vs. 63% for those who did not get it.
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Bryce Sanders
Bryce Sanders, president of Perceptive Business Solutions Inc., has provided training for the financial services industry on high-net-worth client acquisition since 2001. He trains financial professionals on how to identify prospects within the wealthiest 2%-5% of their market, where to meet and socialize with them, how to talk with wealthy people and develop personal relationships, and how to transform wealthy friends into clients. Bryce spent 14 years with a major financial services firm as a successful financial advisor, two years as a district sales manager and four years as a home office manager. He developed personal relationships within the HNW community through his past involvement as a Trustee of the James A. Michener Art Museum, Board of Associates for the Bucks County Chapter of the Fox Chase Cancer Center, Board of Trustees for Stevens Institute of Technology and as a church lector. Bryce has been published in American City Business Journals, Barrons, InsuranceNewsNet, BenefitsPro, The Register, MDRT Round the Table, MDRT Blog, accountingweb.com, Advisorpedia and Horsesmouth.com. In Canada, his articles have appeared in Wealth Professional. He is the author of the book “Captivating the Wealthy Investor.”
