An extensive survey of industry leaders in the HR field reveals the majority of employers (56%) do not have an adequate, data-based understanding of how their employees’ financial well being can affect job performance. In fact, only about 1 in 10 companies has a fair read on the employee perspective on this issue to a great extent.
Presumably this knowledge and understanding gap is partly to blame for the fact that only about 1 in 4 companies currently offer a relevant employee benefits package or support any sort of program to help employees address the financial wellness issues they may encounter. Despite nearly 100% of respondents agreeing that financial education and counseling are important measures to address and reduce worker financial wellness problems, only 4 out of 10 organizations currently offer any type of financial education or coaching, and only half that many offer one-on-one services.
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