Is your staff productivity reduced by financial stress?

What can you do to turn it around?

Recent statistics have shown that when your staff face personal financial stress, your business could suffer from poor productivity.

A recent survey reviewed over 450 organisations and found that employees under financial stress can spend up to 20 hours per month of their working time trying to resolve their personal financial problems.

It is a terrifying statistic for employers hoping for increases in staff productivity in these challenging economic times.

By bringing clarity and simplicity to your employees financial life, you can accelerate their financial success and assist them to obtain that extra measure of freedom that smart financial advice and wealth building deliver.

What can you do as an employer to reduce this drain on your business?

1.  Seek out financial education.  As an employer you could offer financial education to your employees, providing training to help them understand topics such as budgeting, the importance of saving, the difference between ‘good’ and ‘bad’ debt, insurance and superannuation.  There are a handful of firms nationwide that will come into your office and run tailored education programs.  These short courses provide education in financial literacy helping staff to understand their finances better and make improved financial decisions.

2.  Put in place a benefits package.  Depending on your industry, there are a range of benefits staff can access ‘before tax’, or in a way that can be supported by the employer.  If you put in place an Employee Benefits Package, staff might be able to access significant savings on superannuation fees, motor vehicle expenses, computers, life insurance and even meal expenses. In a corporate super plan as part of an Employee Benefits package, the fees and insurance premiums are often lower.

3.  Promote the benefits available to staff.  Many staff of companies with benefits programs are often unaware of the benefits scheme on offer.  But you can change this, helping your staff and increasing morale and productivity simply by promoting the benefits available.

Offering a structured financial Employee Benefits package to your staff will reduce their financial stress, make life transitions easier and help you to achieve a more productive, creative and effective work environment.

Article by Mark Sablatnig, Manager, Prosperity Wealth Advisers Pty Ltd.  Mark provides solutions about corporate super, group insurance and employee benefits to our clients from offices in Brisbane, Sydney and Newcastle.