Financial Stress: The Great American Killer

Financial Stress: The Great American Killer

Financial Stress: The Great American Killer

Financial Stress: The Great American Killer

According to the 2017 American Psychological Association study, “Stress in America,” money and work are the number two and number three sources of stress, affecting 62% and 61% of the population respectively. David Kilby, author of The New Productivity Engine, believes that “Money and work are amazingly intertwined. Stress from one negatively impacts the other, so you can hardly tell them apart.”

“Small amounts of positive stress play a vital role in motivation, adaptation, and our relationship and response to the world around us,” Kilby says in his book. “But excessive levels of negative stress can increase the risk of stroke, heart attack, high cholesterol, ulcers and depression.” Most tellingly he adds, “It can also lead to lost productivity on the job through presenteeism, absenteeism, accidents and illness.”

Two kinds of stress: One saves, one kills.

A hornet flies in your open car window on the expressway. Stress helps you maneuver to a safe exit and eject the critter. Then you calm down and carry on. This kind of short-term stress saves your life.

Stress over financial situations can last for very long periods of time. “It’s like your brain is keeping your body’s accelerator to the floor, and the engine is roaring round the clock even when it’s parked,” Kilby notes. “This kind of stress kills you.”

Employees use work time to solve personal financial emergencies.

According to different studies, about 75 percent of Americans do not have $1,000 available in case of an emergency. That means that a trip to the emergency room, a car problem, leaky roof or even a big credit card payment can trigger a high stress personal financial emergency. So, if Juan needs $976 today to deal with a situation, and he doesn’t have the money, what’s going to happen?

According to Kilby, one thing employers can count on is that Juan will be trying to solve the problem at work – instead of being productive. He will be using the phone and email, or even stepping away from work, stressed out, trying to solve the problem. For the employer, that’s a direct cost in terms of lost productivity, possible medical insurance claims, and other negative impacts of stress on the employee.

The likelihood of a personal financial emergency affecting employees is high.

The New Productivity Engine devotes an entire chapter to the subject of stress, underlining its importance in employees’ personal lives and in the workplace. One section outlines the stress levels on the Holmes-Rahe Life Events Scale. In terms of ‘Life Change Units,’ the death of a spouse ranks at 100, while a parking ticket comes in at 11. The higher the number, the higher the stress level on the individual and their overall health. A ‘Change in Financial State’ garners 38 Life Change Units, a significant impact.

With more than three-quarters of American workers living paycheck to paycheck, the likelihood of a personal financial emergency affecting employees is high. “And it’s not just people on the lower-income level,” Kilby points out. “Of the people that earn over $100,00 a year, 30 percent of them are also on the financial edge all of the time.”

Cost of stress is over $300 billion a year.

While many employers might throw up their hands and wonder, “What can I do about it?” – Kilby proposes an elegant solution: a financial wellness program as part of the employee benefit package.
“Independent research from different sources notes that annual cost of stress to U.S. employers is in excess of $300 billion a year. To show the value, that would buy 1.875 million bottles of the world’s most expensive wine (a 1787 Chateau Lafite), or 60,000 24-karat gold toilets, or pay the annual salaries of 8.8 million dental assistants,” Kilby says.

Relieving employees of all stress is neither possible or desirable, Kilby agrees. But relieving them of much of their personal financial stress through a financial wellness program enables both a healthier lifestyle and increased productivity. “Everyone wins in that scenario,” he states.

Financial wellness programs increase productivity and profits.

With profitability closely connected to productivity in most organizations, it makes sense that increased productivity means higher profits, or at least lower costs. Financial wellness benefits help employees better manage their money, build up savings, and access personal financial services that will help them in times of personal financial emergencies.

David Kilby says that “Personal financial emergencies will happen to just about everyone at one time or another. We can’t do a lot to prevent them.” However, we can do something about the negative stress and lost productivity that can accompany the crisis.

The implementation of a financial wellness program to take the sharp edge off an employee’s financial emergency – and stress – will go a long way to keeping productivity up, costs down, and employees engaged.

– David Kilby

 

David Kilby has been president of FinFit since it was founded in 2008. He has grown the company from a single idea into the nation’s leading Financial Wellness Benefit platform, servicing over 150,000 clients. Prior to FinFit, David led a multimillion-dollar financial holding company where he was inspired to find ways to help employees improve their financial health. He is committed to helping employees succeed today, and prepare to live healthier, more productive, financially stable lives.

Get in touch with him – he’d love to talk to you about your company, your employees and how he can help.

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Kristen Stringer

Vice President of Banking & Credit Services

Kristen Stringer came to FinFit in 2010 and has been instrumental in the development of the proprietary FinFit systems and processes. Kristen served as FinFit’s Director of Operations for 7 years before being promoted to Vice President of Banking and Credit Services. She is responsible for managing strategic partners including the Celtic Bank and Ares credit relationships, in addition to establishing new relationships in the sponsor bank market. Kristen also oversees the underwriting and credit areas and is involved with development of underwriting models and new credit products, expansion of credit offerings, auditing and compliance, and the overall performance of credit products.

Kristen holds a bachelor’s degree in business with a concentration in finance, and is currently pursuing her MBA at Old Dominion University. She began her career at HSBC Bank in the customer service and collections departments and later was responsible for process improvement and project management. She was selected to lead numerous special projects including a foreclosure avoidance project that liquidated over $2 million dollars in less than three months. In her spare time, Kristen enjoys photography and is an avid sports fan.

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David Kilby

President/CEO

David Kilby has been President/CEO of FinFit since its founding in 2008. He has grown the company from a single idea into the nation’s largest, most comprehensive Financial Wellness Benefit platform. Chosen as one of the top 100 companies to work for three years in a row (2014-16), FinFit pursues a mission of changing employees lives one employee at a time. Prior to FinFit, David led a multi-million-dollar financial institution holding company, where he was inspired to find a way to help employees get more financially fit. At KPMG Peat Marwick, Norfolk, Virginia, he worked with a variety of public and private organizations in a variety of industries including automotive, chemical manufacturing, consumer finance, managed health care, retail, real estate and wholesale organizations.

David received his CPA designation in the Commonwealth of Virginia in 1991 and graduated from Old Dominion University. Today he serves as the President of the Ability Center of Virginia, a charity devoted to helping children and adults with disabilities serve productive lives. He is also an active member with the Young Presidents Organization, an active Board Member of Old Dominion University Business School, a member of the American Institute of Certified Public Accountants and Virginia Society of Certified Public Accountants.

Jennifer Creech

Senior Vice President of Strategic Partnerships

Jennifer Creech brings more than 20 years of sales and marketing experience to FinFit. Jennifer is accountable for the overall sales initiatives, client acquisition and strategic relationships. She is also responsible for client retention strategies and the development and management of sales agents.

Jennifer previously served as VP/Director of Marketing at Bank of Hampton Roads/Hampton Roads Bankshares, Inc. As an officer of the bank, she was responsible for the development and implementation of the bank’s sales and marketing programs and was a member of the Retail Leadership Committee to expand the retail banking division.

Jennifer is currently the President of It’s A Surprise and offers support to various community charities.

Kristen Gaskins

Director of Client Engagement and Awareness

Kristen Gaskins brings more than 20 years of sales and marketing experience to her role as Director of Client Engagement and Awareness. She leads a dynamic team of onboarding specialists whose focus is ensuring employers understand the benefits of FinFit and are ready to roll it out to their employees. She works closely with the FinFit marketing department to craft and measure the omnichannel onboarding experience, working to retain and engage existing partners, clients and employees.

She’s a Virginia Beach native who enjoys travel and cooking, just not at the same time.

Cliff Kiel

Senior Vice President, Sales

Cliff Kiel brings almost thirty years of industry experience to the sales team. He joined the company in 2017 to oversee new revenue channels for the business. Cliff is based in Atlanta, Georgia, overseeing sales and business-to-business prospect marketing. Cliff leads the broker and employer growth strategies for the company.

Prior to his tenure with FinFit, Cliff served four years with Purchasing Power as Vice President, and General Sales Manager. He was instrumental in onboarding many Fortune 100 clients. Under his tenure leading the sales team, the company's revenue doubled and he recorded record sales years for the organization. Prior to Purchasing Power, Cliff worked for leading health and welfare companies such as MetLife, United HealthCare, CVS Caremark, Cigna, Value Options, and Alere.

He earned his BA degree from the State University of New York at Oneonta, and his Certificate in Healthcare Management from the State University California, Irvine.

Cliff has been a featured speaker at the annual Voluntary Benefits Conference and many other leading conferences.

Paul Grosch

Chief Technology Officer

Paul Grosch is a seasoned technology executive with over 20 years of experience growing business through software development, infrastructure management, data analytics and customer support. He brings a wealth of experience with strengths in areas such as technology process standardization, measurement and disciplined innovation. Paul has worked across a broad spectrum of industries including construction, retail, hospitality, financial services and Department of Defense.

Paul joined the FinFit team in Q3 2018. Prior to joining FinFit, Paul served as the Vice President of Information Technology for Gold Key Hotels and Resorts, the largest and most demanding hospitality developer, owner and operator in the Mid-Atlantic. Paul led the technology team through a series of rapid growth, innovation and exit cycles. This included the $168MM sale of Gold Key Resorts in and recent sale of oceanfront Hilton properties valued over $87MM. Paul has also led state of the art development projects within Lockheed Martin and the Department of Defense.

Paul Grosch obtained his Bachelor and Master of Science in Computer Science from Old Dominion University. He holds an MBA from University of Virginia Darden School of Business. He is a Certified Project Management Professional (PMP) and Certified IT Service Management Expert (ITIL).

Pete Ostberg

Chief Operating Officer

Pete Ostberg joined FinFit in 2017 after spending 20 years in the payroll industry. Pete is responsible for overseeing all business operations, ensuring FinFit has effective operational procedures in place. He also conducts market research and analyses to strengthen FinFit’s product portfolio by adding new and exciting offerings to help employees become more financially stable. Pete is focused on growing the number of valued partners and ensuring the successful implementation of FinFit with each one.

Prior to FinFit, Pete worked at Paychex in a variety of roles. He has in-depth knowledge of tax payments, payroll, insurance, operations, business analysis, and product management. During his tenure there, he helped to strategically position new products as they were brought to the market. Pete has a degree in Political Science from SUNY Geneseo and in his spare time, he enjoys spending time with family and traveling.

David Hockstad

Senior Data & Financial Analyst

David Hockstad came to FinFit in 2015 and has led the development of FinFit’s custom underwriting algorithms and employee assessment questionnaire. As Senior Data and Financial Analyst, David is responsible for identifying portfolio trends and KPIs, implementing business intelligence tools, creating visual ad hoc reports, and enhancing predictive modeling capabilities. David also assists various departments in finding actionable insights in their data, be it understanding successful company demographics, employee contact methods, or customer propensity to borrow.

David obtained his Bachelor’s from Lee University. After graduating in 2012, he began his career at PNC Bank as a commercial underwriter where he was responsible for optimizing business cashflow and underwriting loans.

Kim Miller

Director of Marketing

Kim Miller joined FinFit in early 2018 to build their marketing department, re-energize the brand and establish FinFit as the industry expert. She is an experienced marketing director with a demonstrated history of developing brand identities, increasing brand awareness and creating optimal customer experiences. Skilled in strategic product development, content creation, user experience, cross-channel marketing and customer engagement, she is passionate about moving the business forward and establishing FinFit as the industry leader.

She started her career at Brunner, a national advertising agency, helping to create a digital footprint in the emerging space. She supported a variety of brands including Consol Energy, Cub Cadet, Longhorn, Aquafresh, WesBanco and Huffy, and worked in every discipline from project and account management to copywriting to site architecture.

She moved to Virginia in 2010 and joined Dominion Enterprises, working in the marine, automotive and powersports divisions during her tenure. She helped build and grow their marketing departments, create brand identities, develop sales processes and tracking capabilities, and drive the product development for both B2B and B2C audiences.

Bill Hall

Chief Compliance Officer

Bill Hall serves as Compliance Officer for FinFit and is responsible for identifying, assessing, mitigating and monitoring all legal, regulatory, operational and reputational risks for the company.

Bill brings extensive legal and regulatory compliance experience to FinFit, primarily in the financial services industry. After beginning his legal career as an Associate Attorney with Womble, Carlyle, Sandridge and Rice in Winston-Salem, NC, Bill had a 19-year career in the Law Department at United Guaranty Corporation in Greensboro, NC. At United Guaranty, Bill served as Vice President and Associate General Counsel, as well as International Group General Counsel.

Bill earned a B.A. degree, cum laude, from Davidson College and a J.D. degree, with honors, from the University of North Carolina School of Law. Bill is licensed as an attorney in the state of North Carolina.

Brooke Saunders

Director of Human Resources

Brooke joined FinFit in early 2013 and focuses on key areas such as Talent Management, Employee Development and Training, Benefits, Payroll and Compensation, Business Strategy, Employee Relations and developing programs to increase employee engagement.

Brooke is a graduate of Old Dominion University and started her Human Resources Career at Robert Half International as a Staffing Manager in 2002. She worked there for 3 years and recruited, hired, interviewed, and placed administrative workers into office positions for her clients.

Brooke has years of experience in the hospitality field, where she served as both Human Resources Director and Resort Marketing Recruiter for large organizations such as Gold Key Resorts and LTD Limited. Her skills included the development of effective recruiting programs, handling all associate relations and counseling, tracking all worker’s compensation claims and other various HR functions to support the HR Manager.

Matt Fahy

Chief Financial Officer

Matthew Fahy serves as Chief Financial Officer for FinFit, with responsibility for the overall financial management of the company, including accounting, financial planning and analysis, credit and treasury functions and tax.

Matt brings extensive financial and operations management experience to FinFit, primarily in the technology industry. Before joining FinFit, Matt served as CFO and Executive Vice President of Global Services for AgilQuest Corporation, a Workplace Management Enterprise SaaS company. Prior to that, he served as CFO for Public Access Technologies, Inc. and QualityClick.com Inc. and oversaw the rapid growth of these Internet companies. Matt was also a Senior Manager for KPMG in the Information, Communications and Entertainment practice serving public and private media, entertainment and technology clients. Matt began his accounting career with Paul Scherer & Company, a boutique CPA firm in New York City serving Advanced Publications and Newhouse Broadcasting Corp., the largest privately held media company in the world.

Matt is a graduate of The Ohio State University with a Bachelor of Science in Business Administration, specializing in Accounting & MIS. Matt received his CPA designation from the state of Ohio in 1993.

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