New Report Exposes Growing Hidden Epidemic Among Companies
The report titled "What Employee Financial Stress Is Costing Your Company, And How You Can Stop It Now!" details 5 specific ways that EFS is negatively affecting both the company and its employees. These include reduced employee productivity and increased incidents of workplace accidents, health-related issues, employee turnover and HR department distractions.
"All companies, both big and small, are facing this problem, and the sooner they take some simple steps to address the problem, the sooner they can improve employee productivity, satisfaction and reduce costs," says Ned Lenhart, President of Financial Literacy Partners. "We now live in a time where even dual income households are experiencing greater financial stress than ever before. I see this a lot because despite the increased incomes, employees and their families have a serious lack of quality information on how to soundly manage their finances."
One of the five examples from Lenhart’s report of how EFS costs companies — reduced employee productivity — shows that a financially stressed employee spends up to 20 hours per month dealing with financial stress-related thoughts and issues. These issues could include employees spending time dealing with calls from creditors, arranging debt consolidation loans, or worrying about outstanding bills and retirement plans.
The report by Financial Literacy partners is available via free download at www.LifetimeFinancialLiteracy.com.