TimeMAPS for Employers
"Employers are recognizing that employee financial education
can have a positive, tangible impact on the bottom line."
James E. Buckley, KPMG Peat Marwick
Compensation & Benefits Practice
As an employer, you understand your employees are valuable assets. Without them, your
company wouldn’t be able to function. They answer the phones, interact with clients,
design/assemble products and provide the services your clients pay for. Unfortunately,
many of them are extremely distressed as a result of their lack of financial education.
"Thirty million workers – one in four – are suffering
serious financial distress."
“Financial Stress Among American Workers”, March 2005
Garman, E.T. and others
There is a direct correlation between employee productivity and your bottom
line and when employee productivity declines, your bottom line suffers.
Typically, this happens when employees spend significant amounts of your time
and resources addressing their financial problems.
"Thirty to 80% of financially distressed workers spend time
at their place of employment worrying about personal finances and dealing
with financial issues instead of working."
“Financial Stress Among American Workers”, March 2005
Garman, E.T. and others
Many employees suffer from an assortment of health problems due to the stress of
constantly having to deal with their financial problems. This correlates to
increased health care cost for your company and lost time for the employees,
both of which decrease your bottom line.
"A large proportion of those who are financially distressed,
40% to 50%, report that their health is negatively impacted by their
financial worries and problems."
“Financial Stress Among American Workers”, March 2005
Garman, E.T. and others
"Workers with money woes have worse health, spend more
time at work on the issue and also are absent more frequently."
“Money Worries Hinder Job Performance”
Stephanie Armour, USA Today
The benefits of providing financial education for all employees in the workplace
has been clearly documented in multiple research studies completed in the last
10 years. The research clearly shows that anywhere from 30% to 80% of employees
are distressed about their financial situation and it is not only the employees
who are paid the least.
“Employers are now realizing that most employees, including some
of their highly educated employees, have little or no financial education.”
“The Business Case for Financial Education”, 1997
Patterson, M.P.
Companies providing financial education for their employees in the workplace
have experienced significant increases in overall employee productivity and
thus, a significant improvement in their bottom line.
“More than half of mid and large employers say they provide
employee financial education because it improves their productivity by
reducing financial stress.”
“The role that financial education companies play in participant behavior in 401(k) plans”
Ernst & Young LLP Human Capital Practice, 13, November 2004
Many employers conduct brief training sessions to introduce employees to
employment benefits such as retirement plans and health benefits, but
these do little to overcome the financial distress employees are experiencing.
Research has shown employees want and need comprehensive financial education.
They want to learn about all the financial topics that can adversely affect
their lives now and in the future.
“The findings of this study demonstrate that workers are
interested in workplace financial education on a lot of personal finance
topics, rather than narrowly focused retirement education. Workers are
interested in financial education on investments and retirement and
also on budgeting, employee benefits, credit management and consumer
protection laws ..."
“Workers Want More than Retirement Education at Their Workplace: A Report of Research Findings”
So-hyun Joo and E. Thomas Garman
Providing comprehensive financial education in the workplace can provide
many benefits to the employer and it is very cost effective. General
benefits include: less employee turnover, reduced absenteeism, less
employee time spent on financial problems and increased employee productivity.
Depending on the education provided to the employees, additional benefits
can include: increased participation in 401(k) plans, reduced health care
costs, fewer accidents and fewer Worker’s Comp claims.
“Thus an employer gains $3 in value for every $1 spent
on comprehensive financial education programs
for their workers.”
“Workers Want More than Retirement Education at Their Workplace: A Report of Research Findings”
So-hyun Joo and E. Thomas Garman
Why you should purchase TimeMAPS for your employees?
- Affordable
- Comprehensive solution for providing financial education in the workplace
- Utilizes a hands-on, interactive approach to learning
- Can be implemented quickly
- Content is updated annually
- Addresses topics employees want to learn about
- Suitable for classroom or self-paced independent use
If you would like to discuss how TimeMAPS can be used to provide comprehensive financial
education in your workplace, please feel free to contact us.
We'll be happy to share our experiences and knowledge with you.