Statistics Canada reports that 35% of Canadians describe most days as “quite a bit” or “extremely stressful” due to financial issues. As a result of that heightened financial stress, employers may be seeing a reduction in productivity and an increase in absenteeism and turnover. Investing in your workforce’s financial literacy is a win-win for employers and team members.
Knowing where to start in a situation like this can be difficult. After all, financial literacy is not something we’re taught in school or something easy to understand. Consider a survey if you’re unfamiliar with your organization’s financial literacy level. Be mindful that not everyone has the same financial goals or is in the same stage of life. From buying a home to preparing for retirement, you want the resources you provide to be meaningful and relevant. It’s not just about providing tools and resources. You want your financial literacy program to be as meaningful to your employees as possible.
Increasing your employees’ financial literacy will allow them to make better, more informed decisions supporting their needs and goals. It will also raise awareness and understanding of your organization’s comprehensive benefits package related to Retirement Savings Plans (RSPs), Health Spending Accounts and various insurance policies. With tailored resources, your employees will learn how to evaluate their options and leverage choices in unique ways that contribute to their own wellbeing. With this, the stress that often comes along with things like debt, credit management, loans, investing, budgeting, etc.
Once you have obtained a better understanding of your employees’ needs in terms of financial literacy, you can begin delivering materials, resources, and references. Be sure to include a variety, as not everyone learns or retains information similarly. From hosting webinars and workshops to personalized coaching, your employees need to engage with the program in a way that makes them feel at ease.
Financial literacy programs will boost your organization by alleviating stress, facilitating a more focused workforce with positive morale. Employees can spend less time worrying about their minimum credit card payments and more time being productive and collaborative at work. In addition, this unique program offering will position you as an employer of choice by enhancing your commitment to your workforce’s wellbeing.
As with many programs, you want financial literacy and how you support it to grow and evolve with you. It may take some time to strike the right balance, or you may find that over time the needs of your employees adjust to the ever-fluctuating world of cost of living, interest rates and inflation. Be sure to assess the program’s effectiveness by soliciting employee feedback, reviewing program feature use, and making necessary adjustments along the way. Lastly, encourage participation and assure employees that confidentiality is top of mind.
To find out more about the wide variety of services RLB People can provide you with contact the team at [email protected] or visit their website at people.rlb.ca.
