Employers should offer workers financial education
Beyond making payroll, how much should employers do to help assure their paid workers are sensibly and efficiently handling their pay?
The answer could determine the success of the company.
Financial stress in households often is high, especially those living paycheck to paycheck. Employers can and should help in ways that don't necessarily involve high costs.
It's not a matter that is discussed enough publicly. It was earlier this week during a workplace financial literacy event staged by nonprofit lender Accion Texas Inc. and the San Antonio branch office of the Dallas Federal Reserve Bank.
Only a handful of employers attended the event at the Bright Shawl, beyond those who were speakers, which was a shame. The number of area employers who should study this issue probably could fill the Alamodome.
Do employees have savings for personal emergencies? Do their families have proper insurance coverage? Are they saving for retirement? Do they understand how much babies cost if they are starting a family? Are they identity-theft victims? Do companies warn employees to avoid predatory lenders?
Employers should care not just because it is humane. Absenteeism and employee turnover rates are symptoms of employee financial stress. That hurts the bottom line at companies.
Free resources employers can use to provide workers with financial education include credit counseling services, the United Way, the Federal Deposit Insurance Corp., the Federal Reserve and the Texas Department of Banking.