Helping Employees with Financial Stress Through Education

Financial stress is one of the top stressors for workers today. Money worries can negatively affect the overall quality of life, impacting job satisfaction and performance. For small business owners, offering financial education resources is one way of tackling this issue. Financial education that empowers your staff can contribute to a happier and more engaged workforce. Here are four reasons why you should consider offering financial education as an employee benefit:
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Reducing Stress
When your teammates are burdened with financial stress, they can feel overwhelmed, leading to anxiety and depression. By offering financial education, you can help employees gain more control over their finances. This support can lead to a healthier workforce.
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Boosting Productivity
When employees are preoccupied with worries, their productivity can suffer. By providing financial literacy training, companies empower teammates to handle debts, bills and other obligations with more information and resources. When teammates understand concepts like budgeting, debt management and investment strategies, they have more emotional bandwidth to focus on their work.
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Improving Employee Retention
Employees who feel supported by their employer are likelier to stay with a company than those who don’t. Offering financial education can signal that the organization cares about its teammates’ well-being, which can help build loyalty and reduce staff turnover. Lower turnover saves the company on hiring costs over the long term, making it a win-win.
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Fostering a Positive Workplace Culture
Offering financial education promotes a culture of support. Supporting teammates leads to a more positive and collaborative work environment where staff can feel valued and motivated. Teammates who manage to reduce financial stress through financial competency can contribute to a positive feedback loop of supporting other teammates, leading to a collaborative work environment. A positive workplace culture can also make your company a competitive destination for job seekers.
Cadence Bank@Work
If you’re interested in providing financial education to your workforce, you don’t have to do it alone. Cadence Bank can help with our Bank@Work program. Cadence Bank partners with qualifying* businesses to provide exclusive financial wellness benefits to their teammates. By becoming a participating Bank@Work employer, Cadence can potentially offer financial education training to your teammates.
Best of all, Cadence Bank@Work is offered at no cost to qualifying businesses, and program setup requires no administrative effort. Together, we can help your employees reach their financial goals. Ready to learn how we can help you? Visit us online to learn more!
Sources:
Reimagining HR: Financial Education For Employees
Want To Boost Employee Engagement And Retention? Address Financial Stressors
Using Financial Wellness Offerings To Ramp Up Employee Retention
Top Stressor for Workers is Finances
* To qualify for the Cadence Bank@Work program, a business must have at least five (5) employees.
This article is provided as a free service to you and is for general informational purposes only. Cadence Bank makes no representations or warranties as to the accuracy, completeness or timeliness of the content in the article. The article is not intended to provide legal, accounting or tax advice and should not be relied upon for such purposes.
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