Today, September 26, is Human Resource Professional Appreciation Day. Allow us to take a moment to salute all these individuals for what they do to help people all year long. One of the critical things more and more human resource (HR) professionals have been focusing their efforts on is ways to relieve the financial stress of employees. With inflation, high interest rates, and average hourly earnings barely topping the Consumer Price Index since 2020,* it’s little surprise that more than half of employees spend time worrying about their finances at work.** And lose a day a week at work stressing about money.†
In their efforts to help employees reduce financial stress, there is a group HR may have overlooked: people who work in HR. Did you know HR pros lose 12 hours weekly worrying about money?‡ This raises the question, how do HR professionals balance being an employee advocate with being accountable to business needs if they spend more than a day a week worrying about their own financial well-being? Imagine how much more you could accomplish if you got that day back.
Let us offer a solution that can help all employees in every profession, including HR pros: a financial wellness program.
A financial wellness program offers training and learning opportunities that expand your understanding of money and how to manage it to reduce financial stress and increase financial health. A comprehensive program includes education, guidance, and budgeting resources.
Our free financial wellness program includes financial education training, on-site learning sessions, and more. Employees want financial wellness. Research found that 76% of employees look to their employers to help with financial wellness.1 Yet only 2 in 5 employers currently offer a financial wellness program.2 Increasing financial know-how empowers HR professionals and employees to manage their finances more effectively, reducing financial stress and improving productivity. You’re happy. Employees are happy. Management is happy.
Offering a financial wellness program should be stress-free. Adding ours to a benefits package costs a business nothing. No employer contribution is required. It’s easy to implement. Everything is in place, from online education programs to in-person Lunch & Learns, there’s no admin work because we know HR pros are stretched thin enough already. All interactions are between you and your employees with the Credit Union, respectively.
Here’s another way a financial wellness program can help HR pros. Financial wellness can reduce absenteeism and improve retention (yours and your employees). Employees who don’t feel financial stress are less likely to be looking for a new job (18% versus 36%).3 Reducing turnover means less time spent on recruitment and training, which is good for your stress level and your business.
As an added financial bonus, joining the Credit Union opens the door to higher savings yields and lower loan rates on credit cards and auto and home loans banks can’t offer, and friendly people ready to help you grow your financial independence. Combined with our financial wellness program, and it’s easy to understand how we can help reduce financial stress so you can be more productive.
Final thoughts.
When taking care of others, remember to take care of yourself. This idea applies to your financial well-being as well. HR professionals should remember to include themselves in their pursuit of creating a positive work environment.
If you’re an HR pro looking to improve financial wellness personally and professionally, visit our benefits page to learn more and to schedule an appointment.
If you’re an employee of a business not offering a financial wellness program and would like your HR leader to reach out to us, we’d love to hear from you as well. Complete this form, and we’ll connect with you soon.
Happy HR Professional Appreciation Day! Wishing you and everyone you work with good financial health.
*Wile, Rob, “Inflation vs. wages: How rising prices stack up against growing pay,” NBCnews.com. 25 June 2024. Accessed 10 September 2024.
**, 3 PwC 2023 Employee Financial Wellness Survey
†Zaki, Adam, “1 in 4 employees say financial stress lowers their productivity: Report,” Cfo.com. 28 February 2024. Accessed 9 September 2024.
‡BrightPlan, “2023 Wellness Barometer Survey: Financial stress is hurting relationships, well-being & organizational success.” Accessed from Flexwage.com on 10 September 2024.
1,2 Mayer, Kathryn, “Employee financial wellness drops to new low,” 9 October 2023. Accessed 10 September 2024.