At this moment, around 54% of any company's workforce is likely concerned about their personal financial state based on a new report from PwC. This average is down just 3% form 2017 in their latest Employee Financial Wellness Survey.
While this may come as a surprise to organizational leaders, this financial anxiety can be a major culprit in high voluntary turnover rates or unplanned absences and should be an ongoing concern in employee engagement efforts. Luckily, financial wellness offerings are becoming more accessible to the point of even being integratable with workforce management systems, such as Kronos Workforce Dimensions.
Financial Anxiety Poses Health Dangers
In Bank of America's 2018 Workplace Benefits Report, more than 50% of employees claimed to have put off important healthcare decisions because of money, such as medical appointments, tests, prescription refills and hospital visits. For employers, this habit could result in costly unplanned absences and negatively impact general morale.
While these decisions are sometimes due to lack of understanding of employee's overall benefits, the financial commitment often overshadows available coverage. In PwC's 2018 Employee Financial Wellness Survey, more employees listed personal access to a financial counselor (25%) than a clearer understanding of their current benefits (20%) as their most desired offering from employers.
By offering a source for financial guidance, employers will demonstrate an extended interest in protecting the overall health of their employees.
Financial Wellness is Becoming a Workforce Management Feature
Aware of the growing importance of financial wellness for workers of all stripes, Kronos recently announced a key partnership with financial services provider Even to include their financial wellness app among the many tools available through Workforce Dimensions. With these financial wellness tools integrated right into the system where payroll is processed, employees can now obtain clear budgetary guidance to solve cash flow issues between checks.
Even's tools can help Kronos Dimensions users meet their financial goals with confidence by budgeting spendable income, managing debts, securing automatic savings and more. By giving employees a clear picture of their financial health throughout each pay period, employers can alleviate many of the stressors that hinder daily productivity.
How Else Can Workforce Dimensions Transform Your Employee Relationships?
As Kronos partners who are well-versed in the newer Workforce Dimensions platform, we're always eager to uncover more ways that the cloud-based solution set can be tailored to unique business needs. The growing marketplace of integrations, such as Even's financial wellness app, are a huge opportunity for organizations to assess what their employee desires are, and how they can improve their overall engagement.
As the marketplace for talent heats up, now is a great time for organizations to approach their roles as employers with being transformative in mind, and we're always happy to help make that a reality. Reach out today to connect with our consultants about Workforce Dimensions and for making financial wellness part of your organizational advantage in the years ahead.