TrueNorth Compass - Financial Wellness
Helping your employees make better financial decisions through their working years is more important than ever. Many employees are struggling with serious financial problems - worries that are almost impossible to leave at home each work day. In fact, 70% of American workers say financial concerns are their most common cause of stress.
While many employers consider offering financial wellness programs to their employees because it is “the right thing to do”, it also makes good business sense. There is ample evidence of the impact of financial stress in the workplace:
- 61% of Americans report having serious financial problems
- 22% of employees admit to skipping work to deal with a financial problem
- 39% of workers concerned about their finances spend at least three hours per week thinking about or dealing with financial matters while at work
- The average employee loses 28 hours of productivity each month due to financial stress
Given these statistics, it is not surprising to learn that:
- 40% of employees say they want help to achieve financial security (that number doubles among workers reporting that financial problems have affected their productivity)
- 89% of employees take positive action when they participate in a financial wellness program
- The return on investment to employers from comprehensive health wellness programs, though hard to pinpoint, reportedly ranges from $1 to $3 or more per dollar invested
These findings suggest a real opportunity to make a positive impact on your employees’ overall well-being while reversing the effects of financial distress on your bottom line. That’s the value we can help you deliver with TrueNorth Compass for Financial Wellness, a program designed to:
- be comprehensive - rather than focusing on one topic, like retirement, it helps put together all the pieces of a person’s financial life;
- address need to balance short-term needs and long-term goals;
- provide training on financial concepts;
- promote basic financial behaviors, such as budgeting, financial goal setting, debt reduction and credit score management;
- be delivered online, with telephone support
be part of the full complement of employee benefits solutions available to you through The IMA Financial Group, Inc. and its affiliates.
Contact us today to learn more!