Author: Briana Thornton

FinFit Financial Wellness for Back to School

A, B, C. Not Always as Easy as 1, 2, 3: Financial Wellness for Back to School

Back-to-school may look a little different this year. Whether your student will be attending school in person or online, there are now more preparations required to ensure a successful start to the school year. We applaud all of the school systems, administration, and staff that are going above and beyond to ensure students are set up for success this year. Regardless of how your child will continue their education this fall, it takes a village to make it happen. 

This article offers great recommendations for school supply lists by grade level and tips for how to create a successful at-home learning environment. Though we know all the suggestions, deals, and advice in the world won’t lessen the stress felt by parents. The typical school supply expenses may feel unusually hefty this year, with the average family planning to spend $790 – and that doesn’t even include additional expenses associated with at-home learning. Back-to-school preparations coupled with the financial challenges families are already facing as a result of the pandemic are bound to leave employees feeling overwhelmed. 

Financial wellness resources and services can help alleviate some of the burden families are shouldering as a result of COVID-19. While your employees prepare for a school year full of unknowns, they will appreciate the support a financial wellness benefits program can provide. 

How can you put your ABCs into practice as we head in to open enrollment and back to school season? 

Availability of resources.

Financial wellness services are valuable for all of your employees, no matter where they are on their journey to financial health. Whether your employees are looking to maximize their savings, optimize their budget or consolidate debt, they will find useful educational resources, professional coaching and financial services available in a holistic financial wellness program. 

If you wish to offer financial wellness services to your employees, we’d love to help.

Behavioral change.

A financial wellness program isn’t just about education. It’s more than planning for retirement. 

Financial wellness embodies the four pillars of spend, save, borrow, plan. In order to help employees achieve financial stability and improve their financial health, a financial wellness program must motivate them to make positive behavioral changes that will lead to healthy financial habits and decisions. 

Culture of caring.

Employees are struggling to maintain financial stability. 73% of Americans said their income was cut as a result of COVID-19. 55% of employees expect to postpone their retirement due to their financial situation. 

Offering a financial wellness benefit that creates awareness surrounding financial health, provides supportive resources and offers a savings program supported by the employer is a great way for your organization to demonstrate the importance you place on the well-being of your employees. When organizations create a caring, supportive environment, employees will rise to the occasion and co-create a company culture that will yield long-term financial success.  Elevating your team’s well-being will unlock their greatest potential, reduce stress, boost their performance, and allow each employee to grow. 

 

What steps should you take to offer FinFit to your employees? That IS as easy as 1, 2, 3:

  1. Contact our team or schedule a demo to learn how FinFit can benefit your organization
  2. Let us know how many employees you have, and we’ll give you a custom quote
  3. Commit to your employees’ financial well-being by saying “Yes, let’s do this!”
Change: Your Financial Well-Being Depends On It

Change: Your Financial Well-Being Depends On It

In one way or another, the coronavirus pandemic forced individuals to rethink their behaviors. From the way money was spent to the amount being saved, the disruption caused by COVID-19 demanded lifestyle and attitude adjustments. 

It is not the strongest or the most intelligent who will survive but those who can best manage change. 

-Charles Darwin

Change is a good thing. Change can also be uncomfortable. If it were easy, everyone would do it. Continually improving your well-being requires change. You’re never done being well. There is always room for improvement, and this is especially true when it comes to financial wellness. 

To set oneself up for a healthy financial life, individuals must be willing to make an honest assessment of where they stand at the present moment. Establish your baseline and determine the areas of opportunity. Your financial well-being relies on your ability to make the behavioral changes necessary to establish financial stability and continue to find ways to improve. 

How to Improve Your Financial Wellness

Financial wellness looks different for everyone, which is what drives the critical need for financial wellness programs to recognize the uniqueness of each participant and tailor the recommendations and services to best suit individual situations. 

Can you be more budget-conscious when it comes to what you’re spending?

Can you do a better job of tracking your incoming and outgoing funds? 

Can you contribute a few more dollars to a savings or investment account

Can you consolidate your student loans or outstanding debt at a lower price-point? 

Can you negotiate better rates on existing lines of credit?

Can you plan ahead for large expenses you know about?

Can you plan ahead for expenses you don’t know about?  

Can you find ways to save on current expenses? (i.e.: assess different cable/Internet plans before you take the easy way out and renew your current agreement) 

Can you be honest with yourself if your financial plan could use improvement? 

That’s what FinFit does. Our financial wellness program helps you answer the questions that affect your financial well-being and create a personalized roadmap to your financial success.

Short-Term Financial Wellness Decisions

Show yourself some grace.

Typically, this is the time of year you’d be considering what to do with your tax refund. We’re still here to support you in making the most financially-sound decisions based on your personal finance situation. 

But in the unprecedented and uncertain times we find ourselves faced with today, it requires a different type of attention to our finances. You likely have new variables to factor into the equation, requiring greater care and consideration. Short-term necessities have taken a higher priority than long-term planning. 

Short-Term Financial Wellness Decisions

Let’s focus on some short-term developments that will impact your financial decisions. Americans now have forgiveness on their tax return filing and payments as the deadline has been extended to July 15, 2020. 

If you are receiving money back, you’re probably thinking differently about how to make the best use of those funds. If you owe money, you can now keep that in your bank account until July. If you’ll be receiving some financial support from the government, you’ll have the opportunity to factor these funds into your short-term financial plan

The Pros of Working From Home

The new remote-work environments many organizations and employees find themselves in can have positive financial effects. You don’t have the temptation of eating out with co-workers, or at least you have food more readily available should you choose to make food at home instead of opting for take-out or delivery. You’re spending less on gas as America tries to unite apart, stay home, and social distance, only venturing out for essentials. You may have the opportunity to rethink your budget, evaluating where you could adjust your spending indefinitely given changes you’ve been forced to make recently. 

During these uncertain financial times, stress levels are heightened and it’s sometimes difficult to focus. How can you make the best of many new changes and scenarios you’re faced with? How can you use this time to organize your finances and position yourself for short-term financial success? Once you feel confident with your short-term plan, maybe you can start to think a bit further out. Don’t put too much pressure on yourself to plan for the future; if you are able to successfully navigate your current situation amidst everything going on, you’re doing just fine. 

Here are a few things to consider as you adjust your finances

Re-evaluate your budget (or create one)

Today’s economic situation is completely different from just a month ago. Identify what you currently have coming in through wages or unemployment insurance. Look at all adjusted monthly expenses, starting with necessary living expenses such as mortgage/rent, utilities, health insurance premiums and groceries. 

If you have additional funds coming your way, determine how you can maximize that. Stretch your available funds as far as possible by eliminating any expenses that are ‘nice-to-haves’.  

What is the state of your emergency fund? 

The standard best-practices, like ‘always have three to six months living expenses available,’ don’t necessarily apply right now. Your budget can help you identify what you pay out in necessary expenses each month. Once you determine what you have leftover, put away as much as you feel comfortable with. 

You may want to create more than one savings account, knowing you have a safety net in a shorter-term account that you’d be okay accessing. This will allow you to maintain a true emergency fund that you only intend to touch when absolutely necessary. 

Federal Student Loan relief

If you are paying off student loans, interest and payments on federal loans have been temporarily suspended. You now have the opportunity to put that money towards more immediate needs if you don’t have the current capacity to continue paying on your student loans. Take advantage of government programs and funding where you need to; you’ll be able to resume payments as soon as your finances stabilize.

Make your money work for you

If you are in a good place financially, consider making some small investments while the market is down. If you are in a position to leave that money alone for a number of years to give your investment a chance to grow (and the market to stabilize), and you’re comfortable with the risk, the return might prove well worth it.

Spread the love

If you are fortunate enough to be in a financially stable place, consider donating resources. Many Americans are finding themselves newly unemployed. Food banks and other charitable organizations are struggling to meet the demands of an increasing population of those in need. Check out the ‘We can all help’ section of our resource center for some ideas. 

 

Stay healthy. Stay positive. This too shall pass.

Is Your Google Business Listing Current?

COVID-19 Google Business Listing Updates

Is Your Google Business Listing Current?

If you have experienced changes to your business operations as a result of the coronavirus (COVID-19) pandemic, take a few moments to ensure your business is appropriately represented in Google search. Your customers will appreciate the update and you’ll be able to better service them by providing accurate information. 

Some business information you should consider:

  • Have you adjusted your business hours? 
  • Has your phone number changed due to a new remote-work scenario? 
  • Have you updated your website or company description? 
  • Have you added or changed the services you offer? 

Here is how you can update your business information:

  1. Log in to Google My Business and select your business page. If you have yet to create a Google business listing, you can add or claim your business listing
  2. Select Info from the menu on the left.
  3. Enter the updated information in the section you want to change. A few notes from Google regarding the updates:
    • Removing information from our active servers could take up to 60 days. It also may stay in their backup systems longer.
    • You can’t remove information that’s also publicly available or comes from other sources.
    • You can’t edit editorial summaries or keywords from the web that appear next to your business.
  4. When you’ve finished editing the sections, click Done.

Once your business listing is current, you can create posts to update your customers (and Google) with timely business details. Posts can generate more engagement for your business listing. Learn more about creating posts here

Now, you may be wondering why it’s so important to have a current Google business listing or even have one at all. It starts with understanding the benefit of having a Google business listing. 

Anytime you search for a business that has a Google My Business listing, the listing is one of the top search results. The listing is complete with reviews, a link to the website, company photos, the company’s address, phone number, and hours. Plus, each company can add posts to keep their customers and prospects up-to-date on whatever is going on with the company. During critical business times like this, it’s important that you are keeping in contact with customers letting them know of your updated hours and operations. 

Google prioritizes those businesses that have business listings, moving them higher in search results which, in turn, gets more eyes – and clicks – on their website. Keeping your profile updated shows Google that it is an active business account.

5 fintech financial political Trends to Watch in 2020

5 Trends to Watch in 2020

As CEO/President of FinFit, I am afforded incredible insight into the consumer financial markets and the financial health and habits of employees. We have learned directly from employees what they are experiencing financially, how they’re handling their personal financial situations, and the compelling products, services, and benefits within the market. Here are five trends I believe will be the most impactful for 2020.

Market volatility

The political environment, as we are all aware, is both hostile and polarized – with no better evidence than the recent market fluctuations. 2019 commentary in the marketplace called for 25% increases or decreases in the market depending on how things shake out this November. That’s huge. 

With close to $4 trillion in assets within these funds making up 20% or more of all mutual fund assets (typically a holding of publicly traded stocks), a substantial decline in the stock market could be devastating to many. Given this real risk, we should expect 2020 to have substantially more activity within these accounts and I encourage our members to be active in their management of investments. 

A recent study done by Fidelity Investments indicated that the average 401(k) balance now stands at $106,000. For many, this is their largest unleveraged asset. These are real risks with meaningful impact to a substantial asset; don’t let it ride – be involved. As an employer, encourage your employees to monitor their retirement accounts and be proactive.   

Your data, your choice

Did you know that just four years ago we were creating more data in 24 months than had been created during all human existence? Here’s the crazy thing – we’ve accelerated that accumulation of data. The discussion surrounding the collection of personal information/data is never-ending. Who owns it, who secures it, who’s responsible for it, what can you do with it, what happens when you don’t use it correctly, etc. 

The value of your data, meaning your financial, social, medical, geographic and other elements that define you and your activities has immense value to a large populous of organizations. Historically, various vendors accumulated personal data for free, bundled it up and sold off to the highest bidders. 

We’re now seeing a considerable political and regulatory weight regarding the economics and use of the data. I would expect that we will soon see more stringent activity regarding ownership of the data and allowing individuals to retain their data if they so wish. 

Instead, individuals will have control over this precious asset (their data) that can be sold or traded (permanently or temporarily) to their desired organizations for use only if agreeable to the provider of data. An example: you may choose to sell your data to a hospital investigating their impact on patient behaviors but elect not to sell your data to a political party who wants to determine how best to earn your vote.  

It’s raining, it’s pouring

The [old, young] person isn’t snoring. They are using mobile banking and financial technology to ensure they have a healthy rainy-day fund. From saving apps to employer-based incentive programs to government and private business initiatives, there is a focus on changing a scary statistic.

 According to a 2019 GOBankingRates survey, 58% of Americans have less than $1,000 in savings. This means that any significant financial challenge would require outside resources to solve, or else it would result in catastrophic financial failure. 

The good news is that many FinTech companies are developing and supporting platforms and technologies that will allow for seamless savings; these programs will alter behaviors and ensure individuals are encouraged to develop rainy day funds while establishing positive, healthy saving habits. This is a fantastic step in the right direction, and I am excited to see the impact.

The next step will be to ensure that the behavior of saving is equally met with a behavior of maintaining. Raiding savings for wants versus needs will not accomplish the intention of behavioral change. Technology is making us stronger; coupled with education and motivation, Americans will be unstoppable.   

Personal assets = additional income

We have all followed the incredible success stories around Uber and Airbnb. The premise of these operations (and their copycats) is that individuals can leverage personal assets that are underutilized. 

The most substantial investments of middle America are typically their home and/or their vehicle(s). Why not leverage these underutilized assets to create personal financial value? I think it’s brilliant. These are tangible assets; individuals have far more intangible assets and I believe we will begin to see these “other” assets leveraged for value. 

I mentioned the value of personal data, but what about your time, relationships and experiences? All these intangible assets can bring value to others and ultimately additional income to the individual offering access to them. 

Employers embracing employee well-being

Call it culturally conscious or the millennial impact, but the ability to gain personal fulfillment and happiness from work reaps positive, productive outcomes. Employers are recognizing this desire and embracing the idea that if they are to compete for the best talent in the marketplace, they must adjust their corporate strategy to identify with employees on a personal level. 

Employees want to work for more than just a paycheck. 

Not long ago, employers believed that outside of a paycheck and a retirement savings option, their involvement in the financial affairs of their employees was off-limits. We should expect to see 2020 be a record year for employers delivering financial education, services, support and benefits to their employees. 

Employers can’t avoid the fact that employees are more challenged financially than ever before. The statistics are prevalent across every news source. Every aspect of millennials’ financial existence is incredibly more complex than it was for their parents’ generation. But since the inception of the Internet (amazing that was only 30 years ago) and continuous technological improvements, employees will have efficient access to educational resources and support systems to ensure they are more informed and capable of creating financial stability in this complex world. Employers will develop more trusted relationships with their employees, and an employee base that is more stable and more productive.

 

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.

3 Key Ways to Retain Your Best Employees

3 Key Ways to Retain Your Best Employees

Building a successful company requires having an engaged and motivated team. Your team members need to be focused, productive, and invested in your company’s long-term vision. Sound ideal? 

If you’re committed to building a positive company culture where your best employees are inspired to exceed expectations, they’ll stay with your company. Make your organization a place employees want to be, not somewhere they’re counting the hours to leave. 

A positive company culture is made up of its collective employees and a supportive environment, which allows its people to grow and thrive. When your organization establishes and nurtures this supportive environment, employees will rise to the occasion and co-create a company culture that will yield long-term financial success and stability for all parties involved.  

Once established, a positive culture will enable your company to attract and retain the best team members in a very competitive job market.

Employee Retention

Let’s talk about retention. Retaining your best employees is critical to establishing a solid foundation of consistency, internal cohesion, and stability. These elements will elevate the entire team morale and nurture your company’s growth. 

If that isn’t enough motivation, the alternative to retaining the best employees is turnover which can be devastating to a business and its bottom line. 

The cost of replacing employees is incredibly expensive. According to the Employee Benefit News (EBN) report, it costs employers 33% of a worker’s annual salary to hire a replacement if that worker leaves. For instance, if an employee’s salary is $45,000, it will cost $15,000 to replace the individual. 

This cost includes the resources needed to find a new hire, the time it will take to train the new hire on their role, and the administrative and miscellaneous expenses incurred during the onboarding process. All of this can be avoided if your organization invests in its culture – according to the Work Institute’s 2017 Retention Report of 34,000 participants, 75% of employee turnover is preventable. 

Want to retain your best employees? Here’s how…

Offer a financial wellness program

Rising student loan debt and increasing living costs are adding a lot of pressure to employees’ already maxed out financial obligations. While many companies offer 401(K) matching, employees are looking for guidance that goes above and beyond dollars in their bank account. 

They want expert advice on how to save up for a home, when to open a trust for their children, how to talk to aging parents about their finances. They need a low-maintenance, reliable money and budget management tool. 

A financial wellness program provides the educational support and financial resources employees need to thrive financially and the motivation to remain within an organization that demonstrates that it cares about their well-being. 

Provide professional development opportunities. 

The best employees are personally committed to becoming the best versions of themselves. They are eager for challenging projects, continuing education that allows them to improve their skills and develop new ones, and feedback on how to elevate their executive presence.

Companies that provide these resources to their employees will keep their best team members inspired to remain at their job with the promise of personal improvement and career advancement.

Make self-care a priority. 

Whether it is offering 16+ weeks of parental leave like Facebook and Square or unlimited PTO like Grant Thornton, employees want to grow with companies that care about their personal well-being. 

PwC announced that they’ll institute company-wide shutdowns on various holidays to give all employees the opportunity to really disconnect. Seem drastic? Maybe. But in today’s culture, employees are looking for benefits that make employers stand out. They want to work somewhere extraordinary. 

 

You may not be able to offer unlimited PTO or shut down your organization. But you can offer a financial wellness program that affords your employees the ability to establish a solid financial foundation. Your employees deserve the chance at a promising financial future. Be an employer that cares.

How to create effective financial education for employees. Are Your Financial Education Resources Effective?

Are Your Financial Education Resources Effective?

Financial stress affects all employees, regardless of income level. Although a company may compensate its employees well, the rising costs of living and tuition place a seemingly endless burden on families trying to juggle financial responsibilities. You can help your employees navigate these stressful areas by offering financial education resources. 

Employer-sponsored financial education is often the motivation your employees need to take a harder look at their finances. If they know you’re invested in their personal well-being and can trust the resources you share, it’s significantly more valuable than information they could Google (but likely won’t). 

Employees are looking for guidance to make more informed, financially sound decisions as they plan for major expenses: purchasing a home, preparing for their children’s college costs, funding their own retirement, and many other financial decisions that they face daily. 

Stress’s Impact on Employee Productivity

A recent survey of over 10,000 employees revealed that financial stress negatively impacts an employee’s productivity. The lost productivity represents between 11 and 14 percent of payroll expenses per employee, per year. That’s not a small percentage of your outgoing expenses. 

The Goal of Financial Education

As you build out your financial education offering, it is imperative to maintain a holistic perspective by providing a comprehensive approach to financial management. Financial well-being, often interchanged with financial wellness, should be at the forefront of all financial education efforts, according to the Consumer Financial Protection Bureau. 

The CFPB defines financial well-being as “a state of being wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future, and is able to make choices that allow enjoyment of life.” 

This government agency, which is responsible for consumer protection in the financial sector, shares questionnaires on its website to help measure financial wellbeing to provide a baseline for organizations interested in elevating the financial well-being of its community.

Creating Comprehensive Financial Education

Each of your employees is at a different stage in their financial journey. It’s important to recognize the various needs of your employees and provide them with comprehensive resources that tailor their financial wellness experience to their personal situation. 

Luckily, a holistic financial wellness program that utilizes data, technology, and AI will do the heavy lifting for you. All you have to do is offer the benefit.  

Here are steps you can take to make effective financial education available for your employees:

Step #1: Assess the financial status of employees

Use the questionnaire provided by the CFPB along with the guidance of an expert partner in the financial wellness industry to create an anonymous survey to determine the needs of the employees. An employee survey will inform which elements of the program are most relevant to your employees and you can focus on those when you roll out the benefit. 

Step #2: Ask employees what financial success looks like for them. 

Do they wish to own a home, start a family, become savvy investors, pay off debt in the next year? Understanding employees’ goals (or helping them to realize their own goals) will give you both the opportunity to identify the resources they’ll find most valuable. 

Step #3: Offer a variety of options to accommodate different learning styles

Some employees learn best during live workshops while some prefer webinars in the comfort of their homes. Some would rather read articles or take online assessments. Meet the employees where they are by providing a variety of resources they can choose from. 

Step #4: Partner with a financial wellness expert. 

It is impossible for your HR team to become experts overnight on all things financial wellness. This makes it a difficult task if you’re trying to piece together a financial wellness suite of services. In order to offer employees the best resources possible, find a partner like FinFit that specializes in holistic financial wellness.

Step #5: Incentivize employees to participate. 

Like any benefit, employees must be willing to engage in order to reap the rewards. Create monthly challenges and other fun activities to incentivize employees to participate in the financial education resources. The financial wellness partner can also offer ideas on how to engage employees. 

 

We know from experience that without #5, your employees are unlikely to see the full value of a financial wellness benefit (which means you won’t either). 

That’s why the FinFit platform includes member rewards for your employees. Weekly trivia, points-incentives and a member referral program encourage your employees to participate and spread the word. In return, they can exchange their points for cash and prizes. 

We’d love to help your organization bring financial wellness to your employees – schedule your demo.

The Hidden Dangers of Financial Stress on Your Employees

The Hidden Dangers of Financial Stress on Your Employees

The real issue at the heart of financial challenges: stress. The Financial Health Institute defines financial stress as “a condition that is the result of financial and/or economic events that create anxiety, worry, or a sense of scarcity, and is accompanied by a physiological stress response.” The Institute goes on to describe “Chronic Financial Stress,” as ongoing (yet frequently intermittent) financial stress.

Typically, as financial stress increases, a person’s state of financial health decreases, creating a damaging effect on physical health. Chronic financial stress is the most common intersection where financial and physical health collide.

Symptoms of Financial Stress

The impact of financial stress on one’s physical health is far-reaching. Healthline.com, the #1 health information site in the U.S. with over 70 million visits per month, states that stress and anxiety can have several physical manifestations:

  1. Headaches
  2. Depression
  3. Heartburn
  4. Infertility
  5. Weakened immune system
  6. High blood pressure
  7. Extreme fatigue
  8. Insomnia
  9. Panic attacks
  10. Upset stomach

While these may seem like personal issues for employees to manage on their own, these ailments will affect an employee’s productivity and focus at work. If they are experiencing any one of these symptoms, they will be preoccupied while at work if they have not already chosen to take a sick day. If the employee does not have access to paid sick leave, the stressful conditions are further compounded.

A John Hancock study revealed that financial stress is triggering physical and psychological symptoms like anxiety and sleeplessness for roughly 60% of workers.

A Solution to Cash Flow Problems

One of the most common challenges for employees dealing with financial stress is managing their cash flow. The periods in between paydays can be fraught with anxiety and waiting until money hits their accounts to pay for bills throughout the month. 

One rapidly growing service that gives employees more control over their cash flow is early wage access. Early wage access providers, like FinFit, give employees the ability to access their earned wages before payday. When supported by appropriate financial education and guidance around responsible usage, early wage access programs can help employees plan ahead to manage bill due dates.

Often, employees have the funds coming – the funds just aren’t available when they need them. Instead of missing payments, being hit with late payment fees, or taking on additional high-cost debt just to pay the bills, early wage access is a valuable employee benefit

If employees are struggling to make ends meet, pay student loans, or cover an aging parent’s financial needs, it can be daunting to think rationally and make level-headed financial decisions. Even positive transitions such as starting a family, buying a new home or planning for retirement can induce stress.

This is where a financial coach can be helpful. These certified financial counselors provide nurturing guidance and expert recommendations to employees going through major transitions.

FinFit offers free one-on-one financial coaching to all members to help them navigate their financial journeys. These are some common counseling questions frequently answered by our financial coaches; if you offer financial coaching services for your employees, share these common questions to help them get started. 

Whether employees are going through a major life transition, faced with cash flow challenges or something in between, they are likely experiencing some level of financial-related stress. Your employees need your support along their journey to establish financial health and well-being.

FinFit members have 24/7 access to tools and resources to help them reduce financial stress and elevate their financial wellness.

Help your employees reduce stress and become more productive, happy employees by offering FinFit

Your Employees Matter: A FinFit Member Spotlight

Your Employees Matter: A FinFit Member Spotlight

Our mission is to help individuals accomplish their financial goals and position them for success. When members share with us that we’ve made their lives easier and better, we have achieved what we set out to do. We are passionate about helping employees improve their financial health. 

In this member spotlight, we celebrate Lillian’s success. She has been a FinFit member since December 2018 and is employed with G4S.

One of the keys to G4S’ continued success is their focus on giving their employees the tools and resources to thrive. Building and maintaining a successful company requires investing in your team and culture. It is our job as organizational leaders to help employees overcome these financial struggles by giving them access to resources and solutions to empower them to establish financial stability. In the absence of solutions, employees will continue to suffer (and so will our organizations).

 

Since implementing FinFit, we have received an extremely positive response
from our employees. G4S employees have been asking for assistance with
their current financial challenges, as well as educational resources to help
them better plan for the future.

-Thom McBride | Director, Employee Benefits

The cost of not investing in the financial well-being of your employees? Loss of focus, productivity, and higher turnover. 

Lillian was experiencing some financial challenges. The G4S human resources department made her aware of FinFit, their employee financial wellness benefit offered at no cost to employees. 

The FinFit platform is designed to support employees as they navigate their personal journey towards financial wellness. Lillian started by taking her personal financial health assessment. With a better understanding of her current state of financial health, she felt more in control of her decisions and her ability to change course. Many times, lack of financial confidence stems from lack of awareness, and with this new insight Lillian felt empowered to take steps to improve her financial well-being.

With a step-by-step action plan and the FinFit budgeting tools, she became equipped with the tools and knowledge she needed to make positive behavioral changes. The FinFit team was by her side during the entire process to answer any questions she had and help her understand the resources she had access to.

 

I would like to thank the FinFit organization for helping me regain my financial independence and restoring my peace of mind. FinFit has given me the ability to pay my bills on time, improve my credit score greatly and I don’t have to worry about not being able to take care of my family. My self-confidence has greatly improved since using the FinFit app to manage a better budget and using the FinFit Dashboard. My family has noticed that my work attendance has greatly improved right alongside my overall health due to not becoming stressed and overwhelmed by not meeting my financial obligations. I have recommended FinFit to my family members, friends and co-workers. Your company is truly wonderful! Thank you again for all that you have done to help myself and my family!

-Lillian

It is an emotional process for employees to take positive, meaningful steps to improve their finances. Lillian’s situation is not unlike countless individuals living paycheck to paycheck, struggling to find the balance to achieve their financial obligations while planning for the future. The difference is: Lillian has FinFit. Employees want to know that they are cared for and that their goals matter. Be an employer like G4S that cares about their employees’ health and well-being. Offer FinFit.

How to Help Your Employees Recession-Proof Their Finances

How to Help Your Employees Recession-Proof Their Finances

As the new decade unfolds, economists are going back and forth about whether there is an impending recession. The World Bank reports that there will be gradual growth over the next year despite trade tensions. However, employees are feeling some negative effects.

Even with the unemployment rate at a 50-year low, many traditionally strong companies like Lowe’s and HP are experiencing layoffs largely as a result of automation and outsourcing. Whether it’s a recession, downsizing, budget cuts, or an increase in the cost of benefits, employees are vulnerable to intense feelings of stress and anxiety as they worry about the stability of their financial future

The Impact of Financial Stress on Employees

For those employees fortunate enough to weather the storms, watching the news and witnessing other organizations go through layoffs can lead to fear about the possible doom of a recession. This terrifying chronic feeling is commonly referred to as financial stress. Most individuals are completely dependent on their place of employment to provide the means for them to have a roof over their head, food on the table, health insurance, etc. 

Financial stress has a widespread impact including employees’ emotional well-being and productivity at work. Financially stressed employees spend 2-5 hours during their work-week dealing with personal finances. Additionally, the amount of sick time that employees take as a result of the physical effect that financial stress can have on their health increases substantially. Stress and anxiety can increase the risk of a heart attack and/or weaken the immune system, resulting in employees having to take more sick leave due to tangible physical ailments. 

 In addition to a decrease in productivity, research indicates that employees’ financial behaviors shift drastically when they believe that a recession may be on the horizon. One example is employees slashing their retirement contributions. The share of millennial workers saving 2% or more of their income in retirement accounts plunged by 39% from the last half of 2018 to the first half of this year. That figure dropped by 32% among Gen X employees and 22% among baby boomer workers. When employees stop investing in their future, they place themselves in a vulnerable position that could have an impact on their financial health and ability to save.

Responsibility as an Employer

As an employer, it is imperative to create an honest, transparent environment so employees know where they stand within the company. Implementing a financial wellness program, especially before employees feel financially stressed, will go far in creating a healthy company culture. As our country experienced previously, markets can collapse unexpectedly. Therefore, HR departments should be proactive in providing financial wellness benefits to support employees. If your employees start asking and you don’t have a solid strategy, it’s too late.

Preparation is the best protection against a recession. Even if your organization is fortunate to have weathered an economic downturn, that doesn’t mean the effects won’t be felt by your employees. It’s crucial to envision yourself in your employees’ shoes – what are they thinking? What is their level of confidence in your organization? Now is the time to educate your employees, give them the tools to organize and manage their finances and improve their financial situation. Provide them with resources and knowledge to track their spending, create budgets, establish savings accounts and see where their paycheck is going will set them up for life-long success. If they start preparing and saving now, they’ll be better equipped to handle financial challenges if a downturn happens. Providing a holistic financial wellness program is the best way to help your employees recession-proof their finances.

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FinFit Loans are issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC. Loans subject to credit approval. Residents of Colorado, Connecticut, Iowa, Vermont, West Virginia, Nevada and Massachusetts are not eligible for loans. Nothing in this advertisement constitutes an offer or solicitation for loan products to residents of those states. Actual time it takes for loan approval dependent upon loan verification set up with your employer.

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