Promoting Financial Wellness and Disciplined Spending Among Employees
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Transcript of Promoting Financial Wellness and Disciplined Spending Among Employees
Promoting Financial Wellness and Disciplined Spending Among Employees
2010 Total Rewards Conference & Exhibition2010 Total Rewards Conference & Exhibition
Elizabeth Halkos
Vice President Sales and Marketing
2010 Total Rewards Conference & Exhibition2010 Total Rewards Conference & Exhibition
Increasing Interest Rates
Continuing Mortgage Crisis
Shrinking Credit Lines
Failing Financial Institutions
The Global Economy
IncreasingCredit Card
Rates
2010 Total Rewards Conference & Exhibition2010 Total Rewards Conference & Exhibition
Increasing Unemployment
Rising debt
Record-high foreclosures
Record-high credit card charge-offs
Unstable Economic Climate
2010 Total Rewards Conference & Exhibition2010 Total Rewards Conference & Exhibition
Increasing concern over health care costs
Companies under stress and in trouble
Need to cut costs
Boost morale and performance of employees
Employer Environment
2010 Total Rewards Conference & Exhibition2010 Total Rewards Conference & Exhibition
Jobless rate is 10%
119 million are credit challenged
15-20% of employees have financial problems severe enough to negatively affect productivity
Employees on Defense
2010 Total Rewards Conference & Exhibition2010 Total Rewards Conference & Exhibition
75% of Americans experience moderate to high levels of stress
42% of Americans reported an increase of stress last year
Needed: Financial Health Care
2010 Total Rewards Conference & Exhibition2010 Total Rewards Conference & Exhibition
Causes of Stress
#1 Money & financial problems
#2 Work
#3 The economy
2010 Total Rewards Conference & Exhibition2010 Total Rewards Conference & Exhibition
Effect on Workforce
Poor health, fatigue, loss of motivation
Anxiety, headaches, depression
Indigestion, muscular tension
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Gender Differences
Women suffer most
Sleep deprivation
Overeating unhealthy foods
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Other Effects
Financial stress
mitigates the
effectiveness of
employee benefit
programs
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Financial Stress
Less satisfaction with pay
Wasted time at work
More absenteeism
Poor health
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Opportunity
Employees turn to employers for protection and assistance
Employers should find ways to ease stress and
improve quality of life for employees
2010 Total Rewards Conference & Exhibition2010 Total Rewards Conference & Exhibition
Opportunity
Engage employees in programs that
promote a better financial future
2010 Total Rewards Conference & Exhibition2010 Total Rewards Conference & Exhibition
Financial Literacy Programs
Teach employees to:
Manage finances
Make sound decisions
Understand debt literacy
Utilize discount and credit programs
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How to Implement
Offer financial literacy courses
In-house staff members
Outside experts
Lunch and Learns
After work sessions
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How to Implement
Help employees set financial goals
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Offer Budgeting Tools
Develop budgets
Monitor spending
Manage credit strategies
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Review Spending Options
Cash
Credit Cards - Credit CARD Act of 2009
Employee Purchase Programs
2010 Total Rewards Conference & Exhibition2010 Total Rewards Conference & Exhibition
Prepare for the Future
Create emergency fund
Plan ahead
Save for retirement
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Incorporate Total Rewards
Employee purchase programs like Purchasing Power
Group memberships
Telephone plans
Telecommuting options
Flexible work weeks
Casual dress code
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Promote Overall Wellness
Listening to music
Discounted gym memberships
Healthy eating programs
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The Ultimate Goal
“Anything companies can do to reduce that stress level for employees is something you have to look at.”
- The Wall Street Journal
March 18, 2009
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Motivate Employees
To take hold of their financial future
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Benefits to the Employer
Workers who are:
More engaged
More satisfied with their jobs
More financially secure
More happy
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Benefits to the Employer
Happier, more financially literate workers
+Increased productivity
= Strong, competitive organization
Happier, more financially literate workers
+Increased productivity
= Strong, competitive organization
2010 Total Rewards Conference & Exhibition2010 Total Rewards Conference & Exhibition
Benefits to the Employee
Less stress
Financial wellness
Needs are fulfilled
2010 Total Rewards Conference & Exhibition2010 Total Rewards Conference & Exhibition
Case Studies: Customers
"This was an excellent opportunity to purchase a top quality item at an affordable payment option."
- R . Kostak, Purchasing Power Customer, Gaming/Hospitality Industry
"I ordered a laptop computer after receiving a flyer at work. I love being able to order something I would not normally be able to afford because of interest rates on credit cards. I have so much going on with working full time, a child in kindergarten, another one at home, and a husband so not having to worry about one more bill has been great."
- M. Owensby, Purchasing Power Customer, Retail Industry
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Case Studies: Employer
2010 Total Rewards Conference & Exhibition2010 Total Rewards Conference & Exhibition
It’s a Win-Win!
Emerge from
the recession
with a stronger,
more productive
workforce