37% of full-time employees say they think about or deal with financial issues
while on the clock at work
How can my business benefit from LifeSpan’s workforce retention services?
LifeSpan’s team will work with you to develop a coordinated package of workshops, individual coaching, and related resources that address the needs of your business. LifeSpan customizes our activities to address the unique needs of your workforce, provided onsite at your workplace. Let us talk to you about improving your employee engagement and retention; contact Mary Day, Coaching and Financial Wellness Manager.
Having LifeSpan’s services available in your workplace means your employees can address the distractions of money and life worries without having to take time away from their job.
Examples of issues that impact employee productivity:
- Relationships and conflict
- Childcare and parenting
- Budgeting and financial concerns
- Basic needs (food, housing, etc.)
- Work performance
- Behavioral health and substance abuse
Employees bring their financial stress to work with them in the form of lost productivity. 72% of employees admitted to worrying about personal finances while at work, with 33% doing so more than once per week.
Employee personal financial needs impact the entire business and productivity. When employees face unpaid debt, payroll and human resources staff may be called upon to implement a garnishment process. Employers are required by state law to comply with various types of wage withholding orders and notices:
- unpaid student loans
- delinquent taxes
- child support
What is the true cost of employee turnover to your business? This Employee Turnover Calculator allows you to input your own information to get a true number. LifeSpan can assist your business in improving employee retention in many diverse, specialized ways.
Wellness in the Workplace
Hannah was stressed, feeling hopeless and helpless due to her mother’s new debilitating medical condition. She went to her office’s Human Resource department with every intention of needing to quit her job and help with her mother full-time.
As an expert specialist in her field, the loss to Hannah’s company would be devastating for both time and financial cost.
Hannah was sent to LifeSpan’s on-site Life Coach; where she received referrals to multiple community organizations, began receiving services for her mother, and was able to continue working full-time.
Imagine that your mortgage and utility costs doubled because you earned a promotion. This is the kind of challenge some employees face. Many low-income employees qualify for work support benefits that help cover the costs of basic necessities. As earnings increase, families begin to lose these benefits – often before they earn enough to replace these benefits. To avoid losing these financial supports, some employees may refuse a shift or call off near the end of the month.
They need help to navigate this transition to employee benefits; to budget for co-pays and other anticipated costs. An onsite financial counselor can explain this in a workshop and provide confidential individual coaching to help your employees transition from public benefits to employee benefits, while they grow with your company.
When an employee has personal financial concerns; they are distracted and that impacts the productivity of your business. Employees who meet with a Lifespan financial coach can:
- get better control of their finances
- learn what choices impact their credit score
- learn how their credit score impacts other expenses
- stop living paycheck to paycheck
- avoid using payday or title loans
- pay down balances on their credit cards
- get student loans out of default
- prepare for a life-changing event such as marriage, divorce, the birth of a child, new job or job loss
- get ready to transition into retirement
Credit card debt is the number one reason cited for borrowing from a retirement account.
Compared to the interest rate on their credit card, a loan from their retirement account may seem attractive. However, if they fail to repay the loan by the due date, they may incur penalties they cannot afford. Also, while they are borrowing, they are not earning on this loan amount towards funding retirement.
Federal law allows workers to borrow up to 50% of their account balance, with a maximum of $50,000. The loan is tax-free and, unlike with most outright distributions, there is no early-withdrawal penalty of 10 percent if you are under age 59½.
When an unexpected expense arises – a car repair or medical bill – employees may come to payroll or human resources for a solution, such as borrowing from a retirement account or from a hardship fund if your company offers one. While helping employees out with a loan can get them over a rough patch, you can provide more effective support by connecting the employee with financial coaching to help them take control of their finances and set realistic financial goals.
Coaching and Financial Wellness Manager
Call Now(513) 868-9220
Mary Day has been with LifeSpan since 2017. She graduated from Bowling Green State University with a Bachelor of Science Degree in Education. Mary has experience as a seasoned leader of advocates and other professionals. She leads AARP’s BankSafe initiative in Ohio, partnering with financial institutions to equip frontline staff to prevent senior financial exploitation. In her free time, Mary enjoys volunteering for local animal rescue organizations as a foster “parent”.