and high turnover costs employers · 2019-12-11 · 2 more than 75% 89% of employees are looking...
TRANSCRIPT
financial-elements.com | 877.742.2022 | [email protected]
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MORE THAN
75%
89% OF EMPLOYEES ARE LOOKING FOR ADDITIONAL DIGITAL FINANCIAL WELLNESS TOOLS
STUDENT LOAN DEBT IS IN EXCESS OF
AND FAR EXCEEDS CREDIT CARD DEBTD O L L A R S1 BILLION
Source: PwC’s 2017 Employee Financial Wellness Survey
FINANCIAL SICKNESSRELATING TO HEALTHCARE ABSENTEEISM
AND HIGH TURNOVERCOSTS EMPLOYERSBILLIONS
OF EMPLOYEES
TO PAYCHECKLIVE PAYCHECK
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Your Observations• Are employees retiring on time with
adequate savings? • Do employees request salary advances? • Does one age group dominate your workforce? • Do participants opt out of auto-enrollment? • Do you notice a high number of calls regarding
loans, in-service distributions, or hardship withdrawals?
• Do participants take out loans from your retirement plan?
Yes No
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Millions saw the apple fall, but Newton asked why?
Bernard Baruch
2015 FINRA National Financial Capability Study
5 Facts about Student Loans pewresearch.org 2016
Nearly one-in-five adults (ages 30 to 44) are paying back student loans.
More than half of credit card users are making the minimum monthly payment; paying late fees; paying over the limit fees.
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The majority of Americans suffer from financial stress, which costs plan sponsors billions of dollars in hard and soft costs.
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52%of employees are
stressed abouttheir finances
28%of financially stressed
employees are distracted at work
46%of distracted employees
spend >3 hours per week on personal finances at work
BAD EMPLOYEE FINANCES
POORPERFORMANCE
COST TOEMPLOYER
Source: PwC’s 2017 Employee Financial Wellness Report
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Why is this a workplace problem to solve? • Financially sick employees cost
employers millions.• Happy, healthy employees
results in lower turnover, less absenteeism and increased productivity.
• It’s the right thing to do.
FINANCIAL WELLNESSholistic and defined by health not wealth
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SOLUTION[Financial Wellness Program]
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We break down complicated financial concepts into elements to
increase financial literacy and reduce employee financial stress.
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We put our energy towards…• Utilizing the ‘human element’ to provide proactive
coaching and accountability to inspire behavior modification.
• Educating employees about how the financial elements work together to create financial wellness.
• Explaining how everyday financial decisions can impact each employee’s long-term financial well-being.
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Let’s identify and correct a primary cause of financial anxiety – overspending.
Easing employees’ debt load may help them start to save for retirement earlier.
We will help employees get their investment mix in line with their long-term strategy.
Education and guidance are critical elements in successful investment decisions.
Together we can improve an employee’s ability to react to the unexpected.
We help plan because college costs will almost certainly continue to rise.
We talk about starting early – remaining committed – getting the employer match.
We organize benefits to help provide a safety net for today and security for the future.
The Elements
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METHOD[Individualized Employee Interaction]
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Through our dedicated method and periodic check-ins, mentors will bond with employees to create a financial plan and change behaviors to help reach the desired outcome.
+ =EMPLOYEE
MENTOR
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Financial Elements is an employee wellness solution powered by people and amplified by technology.
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RESEARCH[Understanding Each Employee’s
Current Financial State]
Our online assessment takes employees through a series of questions to help identify opportunities and prioritize the elements that need to be addressed.
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• User friendly interface.• Gamified financial wellness
scoring.• User specific engagement
and action items. • Action driving goals and
daily to-dos. • Budgeting, cashflow and
account aggregation. • Bank level security protocols.
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THE HUMAN ELEMENT[Personalized Financial Guidance]
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Each person holds so much power within themselves that needs to be let out. Sometimes they just need a little nudge, a little direction, a little support, a little coaching, and the greatest things can happen.
Pete Carroll
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MentorsOur mentors are financial professionals with innovative ideas for assisting employees in easing financial anxiety and ultimately planning for a secure retirement.
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Employee Centered Human Interaction Our method of coaching employs techniques that are consistent with the concepts and principles of effective behavioral change.
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RESULTS[Data Driven Impact Studies]
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Success is a science; if you have the conditions you get the results.
Oscar Wilde
• Periodic snapshot of company wide progress.
• Participation activity highlights.• Feedback loop and
recommendations for improved engagement and progress.
• Plan benchmarking.
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No matter your business model or existing infrastructure, Financial Elements can connect participants, sponsors and mentors to create a lasting impact for your employees and your business.
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financial-elements.com | 877.742.2022 | [email protected]