Many working Americans are vulnerable to costly credit schemes. There’s also growing pressure from senior leadership to take decisive action on workers’ financial wellness.
An April 10 Employee Benefit Adviser article by Bruce Shutan discusses how relieving employee credit stress can improve engagement and quotes Purchasing Power CEO Richard Carrano on the topic. Carrano recommends that brokers and advisers initiate a conversation with their employer clients about establishing a financial wellness platform.
“Fretting about one’s financial future is easily recognizable as a detractor to employee engagement that could manifest as absenteeism and other more material concepts. With companies being more data-driven, it’s now easier than ever to actually measure the value of employee engagement,” Carrano explained. “When examining financial literacy, the hope is that employees will be able to apply any newfound knowledge in their daily life,” he added.
The article discusses how our employee purchase program can be an antidote to costly credit options and the role our financial wellness platform can play in providing resources for budgeting, credit reports and personal financial coaching.
Employers who take steps to foster the financial health of employees will have workers who perform better and are more engaged at work.