How Does My Company Benefit?
One of the most prevalent issues that workers face today is financial stress. According to a study conducted in 2017 by Price Waterhouse Cooper, one of the world’s leading professional services networks, 53% of workers report being stressed by their finances, with those reporting stress tending to be younger and female. Across all generations and demographics, financial matters were the top cause of stress.1
Employee financial stress is costing your company a lot of money! 2
- Loss of productivity – Workers under financial stress spend an average of 20 to 28 hours a month researching personal financial issues at work.
- Employer cost: as much as $7,000 per employee per year.
- Workplace accidents – 60% to 80% of on the job accidents are stress related.
- Employer cost: on average $29,000 per workplace accident in lost productivity, uninsured costs, accident investigation, production slowdowns, and new employee training.
- Health and welfare issues – 75% to 90% of all doctor visits are stress related.
- Employer cost: on average $300 per day/per employee in lost productivity for each day an employee is absent. This does not include lost revenue or increased healthcare cost.
- Employee turnover – 40% of employee turnover is due to stress.
- Employer cost: between $3,000 and $13,000 to replace the average employee.
- HR department distractions – In the form of handling calls from bill collectors, processing 401k loans, processing wage garnishments, and so on…
- Employer cost: up to 10% of the Human Resource Department payroll budget.
Strong financial wellness programs decrease financial stress in workers.3,4
- Increase productivity and satisfaction – By simply providing basic financial literacy education to all employees, productivity levels increase, along with employee satisfaction.
- Increase performance for all employees – Financial literacy education optimizes employee performance across the board, regardless of each employee’s current financial situation.
- Increase retirement income – The Principal Financial Group found that workers who committed to and participated in a program increased their expected retirement income by an extra $905 a month.
- Increase financial wealth – Principal also found that “Estimated effects are sizable, particularly for the least wealthy, for whom attending seminars appears to increase financial wealth by approximately 18%.”
How do our employees benefit?
Each of your employees has a goal of building financial security for the future. However, ours is a money-centric society and the reality is that many of us grew up without the fundamental skills needed to properly plan for retirement or life’s other major milestones such as: buying a car, buying a house, or putting our kids through college.
We may have taken economics, math, and maybe even a course or two in finance, but few of us have been trained in critical areas such as: money management, budgeting, investment strategies, or estate and retirement planning.
Combine this overwhelming lack of knowledge with a barrage of media messages insisting we need a newer car, a bigger house, and designer dog food in order to “keep up with the Joneses,” and it’s no wonder so many Americans are facing financial difficulties. But who has the energy to pursue an economic education when simply staying afloat is all-consuming?
This is where we come in. Our workshops give your employees the opportunity to strengthen their skills and offer them valuable, vital information at no cost to them or your company.
How do I benefit?
Your goal is to find and retain top-notch employees who contribute productively to your company’s bottom line. Maybe you understand and appreciate the value of financial education but think that setting up a good program is a daunting task and will take too much time. We can help!
Most financial education programs provide materials and direction but place the majority of the actual work on the HR department, including teaching the material. They also charge you a pretty penny for their services.
We are different. We do most of the heavy lifting for you and we do it for FREE. Our educators will work with you to analyze the needs of your workforce, prep the material, teach the classes, and follow up with the employees. Our customer service department can create custom surveys, collect feedback, and answer any questions you may have. All we really need from you are times and places to conduct the training. We take care of everything else.
Shannon has taught a few workshops for us now and they have all gone very well. We had her came in during the holidays and just had her back again in March. She has been very helpful with our employees and we will continue having her conduct workshops for the foreseeable future.
Henry did a very good job with the presentations. He covered Savings Strategies, Learning to Budget, and Taking Fiscal Responsibility. 37 employees have attended so far and they all love it. We will definitely have him come back again!
Tamara & Denise came in and taught our employees some basic investment concepts like the effects of inflation, compound interest, risk tolerance, and various investment tools. Our employees left the workshop feeling better informed and more able to control their financial futures. Needless to say we want them to come back again very soon!
Frank did a personal finance workshop for us and the response was very positive, especially from our younger employees. They felt they were never taught this in school and are eager to learn more. We will continue to work with AFE so we can provide this valuable benefit to our employees.
My meeting with Brett and Mark could not have gone any better. They were very knowledgeable, informative, and flexible in terms of outlining what AFE had to offer. We plan on having them do a lunch and learn workshop coming up here shortly.
Clive Baveghems Ph.D
Mike’s workshops have been well taught, easy to understand, and insightful. I believe our students and even faculty have benefited greatly from the information presented. His workshops have garnered such positive reviews that we decided to give him some office space here so he has a place to work when visiting.