Download - 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


Increasing Interest Rates

Continuing Mortgage Crisis

Shrinking Credit Lines

Failing Financial Institutions

The Global Economy

IncreasingCredit Card

Rates


Increasing Unemployment

Rising debt

Record-high foreclosures

Record-high credit card charge-offs

Unstable Economic Climate


Increasing concern over health care costs

Companies under stress and in trouble

Need to cut costs

Boost morale and performance of employees

Employer Environment


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


75% of Americans experience moderate to high levels of stress

42% of Americans reported an increase of stress last year

Needed: Financial Health Care


Causes of Stress

#1 Money & financial problems

#2 Work

#3 The economy


Effect on Workforce

Poor health, fatigue, loss of motivation

Anxiety, headaches, depression

Indigestion, muscular tension


Gender Differences

Women suffer most

Sleep deprivation

Overeating unhealthy foods


Other Effects

Financial stress

mitigates the

effectiveness of

employee benefit

programs


Financial Stress

Less satisfaction with pay

Wasted time at work

More absenteeism

Poor health


Opportunity

Employees turn to employers for protection and assistance

Employers should find ways to ease stress and

improve quality of life for employees


Opportunity

Engage employees in programs that

promote a better financial future


Financial Literacy Programs

Teach employees to:

Manage finances

Make sound decisions

Understand debt literacy

Utilize discount and credit programs


How to Implement

Offer financial literacy courses

In-house staff members

Outside experts

Lunch and Learns

After work sessions


How to Implement

Help employees set financial goals


Offer Budgeting Tools

Develop budgets

Monitor spending

Manage credit strategies


Review Spending Options

Cash

Credit Cards - Credit CARD Act of 2009

Employee Purchase Programs


Prepare for the Future

Create emergency fund

Plan ahead

Save for retirement


Incorporate Total Rewards

Employee purchase programs like Purchasing Power

Group memberships

Telephone plans

Telecommuting options

Flexible work weeks

Casual dress code


Promote Overall Wellness

Listening to music

Discounted gym memberships

Healthy eating programs


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


Motivate Employees

To take hold of their financial future


Benefits to the Employer

Workers who are:

More engaged

More satisfied with their jobs

More financially secure

More happy


Benefits to the Employer

Happier, more financially literate workers

+Increased productivity

= Strong, competitive organization

Happier, more financially literate workers

+Increased productivity

= Strong, competitive organization


Benefits to the Employee

Less stress

Financial wellness

Needs are fulfilled


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


Case Studies: Employer


It’s a Win-Win!

Emerge from

the recession

with a stronger,

more productive

workforce