You can offer a perk that'll get five extra productive hours per week from your workers.
Sounds like a gimmick? It’s really not. The TIAA Institute, along with George Washington University, recently published their annual Personal Finance Index (P-Fin Index). In it they document that workers with poor financial literacy spend six work hours per week dealing with personal financial problems. Workers with average to good financial literacy spend only one work hour per week managing personal finance problems.
What are these workers spending those five wasted hours on? Here are a few possibilities:
- Checking balances online and juggling limited resources
- Talking or texting on their phones and dealing with creditors
- Being distracted by worry
- Focusing attention on how to solve financial problems instead of work problems
- Working on financial matters while on the job to hide them from their family
The study defines financial literacy as “… knowledge and understanding that enable sound financial decision making and effective management of personal finances. Thus, an individual’s financial wellness depends, at least in part, on his or her financial literacy.” It stands to reason then that people with higher financial literacy make better financial decisions on the whole. Reducing financial stress, in turn, leads to increased productivity and quality of work because employees can focus more on their work and less on their personal finances.
How can this work perk help you regain five hours of employee productivity each week?
By partnering with Hanscom FCU, your employees have access to a financial institution that encourages and promotes financial wellness. Here’s a few ways we do it.
- We deliver free financial seminars and webinars that educate on financial literacy.
- We provide a complete set of tools to help workers resolve financial concerns.
- We schedule programs to promote financial literacy.
- We offer credit and debt management counseling through BALANCE®.
- We give access to best-in-class financial products and provide award-winning service.
This free employee benefit goes far beyond helping employees who are in financial distress. By joining our field of membership, any employee who wants to can join Hanscom FCU to take advantage of our first-class products and services. We can help them manage their personal financial life in balance with their career. Instead of leaving the workplace to sign for a loan, employees can use email and sign their loan documents electronically...without leaving their desks! They can also pay bills online, transfer funds to billers, or send money to individuals. With these tools, time management becomes easier and employees' work can improve accordingly.
At Hanscom FCU, we see a future where people are engaged in their financial health, and educated and empowered to make the best financial decisions. They also know who they can turn to when they need unbiased guidance. With this part of their life in better balance, they can then pay more attention to work while they're at work.
According to Entrepreneur.com, employees waste on average 15 hours per week. I’ve seen other studies showing up to 21.8 hours per employee wasted each week. This free work perk can’t help you with all of it, but it can help you get started on getting five hours of that time back for productive use.