Banking
Differentiating Your Business The role of financial wellness BY KATIE K. WILKINSON ACQUIRING AND MAINTAINING ENGAGED, satisfied employees is key to any business’s success. In today’s labor environment, with top talent in high demand, employers are dealing with increased turnover while struggling to attract qualified candidates. In addition to competitive compensation and a medical package, implementing benefits like financial wellness and education programs can have a positive impact—on employees’ lives, on customer care and service, and ultimately, on the stability of a company’s bottom line. Your bank can be a key partner in developing financial programs and education. Employees experiencing monetary stress and anxiety are more likely to have health issues, impacting attendance and customer service. According to the Society for Human Resource 36
Management, financial stress results in a 34 percent increase in absenteeism and tardiness. Employees who worry about money miss nearly twice as many days per year as their unstressed colleagues. Financial uncertainty not only affects attendance and productivity at work but can also result in lower 401(k) participation, increased requests for payroll advances and loans, and resignations driven by competitive offers of attractive sign-on bonuses and raises. These are just a few examples of how financial anxiety and stress impact employees, customer service, and operational costs. While employees often bring specialized education or training to their roles, many have taken little or no coursework in financial literacy. Offering employees personal Novem b e r / Dec em b e r 2021 | DELAWARE BUSINESS
