Being a business owner ourselves, we feel that financial education and empowerment of everyone, including your staff, is extremely important. As a small business owner, do you ever feel that there’s more you can be doing to better and further the financial education of your employees? Creating a work environment where your employees are given the proper resources to understand the full scope of their benefits and become financially literate is key to creating a team that can make sensible and educated decisions regarding their financial futures.
It’s easy to let your finances get away from you, especially when you are busy with day-to-day life and feel comfortable paying bills with your current monthly income. However, as a business owner, we encourage you to help your staff see beyond that financial comfortability and challenge them to set themselves up for financial success by contributing to their 401(k) for retirement, seeking financial advice, and asking questions about all the benefits you may offer. We know that you are most likely too busy and pre-occupied to answer financial wellness and financial benefit questions from your staff, which is why we encourage you to seek small business financial planning and employee education coaching services.
We’ve found that companies who offer financial wellness programs have less anxiety-ridden and financially stressed employees. According to a nationwide survey from Bank of America, “91% of employers see higher employee satisfaction when they offer resources to manage overall wellbeing.” This finding reinforces the need for stronger financial education, especially when it comes to retirement and setting financial goals in our country as well as within our firms. Reducing the financial anxiety of your employees should not only increase their workplace satisfaction but efficiency and work product.
As a business owner and entrepreneur, it is easy to get sidetracked with miscellaneous tasks and other aspects of keeping your company running, but it’s important to not only make sure your employees are happy, but also are on the road to financial success. If you find yourself too overwhelmed or don’t feel you have the necessary expertise to educate your employees regarding their finances, consider hiring a financial planner or 401(K) consultant as a guide to financially empower your staff.
