Employee engagement is the biggest challenge for businesses of all sizes.
One issue is many companies are saddled with employees who feel trapped. You need a workforce of eager employees, excited by the challenges and mission of your company. One way to increase employee engagement is by offering strong financial education programs.
Profile of Engaged Employees
Study after study has found engaged employees across every industry share several key characteristics. Engaged employees are more loyal, happier, and healthier than their coworkers. Therefore, your company can create engaged employees by focusing on building a culture that promotes loyalty, happiness, and good health. One unlikely model for employee engagement is the U.S. military. While the government still has the power to draft soldiers into military service, the United States has used an all-volunteer fighting force for more than 47 years. Besides, the military has found volunteers stay in the military longer, have fewer discipline problems, and perform better on and off the battlefield. Your employees will feel trapped at work because of financial issues. They are going to perform more like conscripted soldiers working against their will than eager volunteers.
Employee Engagement and Retirement
Retirement is a major source of financial stress, even for younger workers. The majority of workers in every demographic believe social security benefits will not provide an adequate retirement income. However, this same group also does not know where their retirement income will come from. This uncertainty is stressful. The older a worker is, the more stress retirement issues create. Stress creates a cognitive load. It steals processing power employees could be using to solve problems at work. Even the youngest employees who are the least stressed about retirement, therefore, still suffer some cognitive load issues due to low-key financial worries. You can lower this stress and increase employee loyalty by providing financial education to your team. As employees better understand their options for saving for retirement, and as they learn they do have power over their finances, they will become less stressed.
Creating Culture of Eager Employees
Stress affects mental and physical health. As you financially empower employees, they will feel greater loyalty for your firm. Because of this, they will be happier and healthier as well. Financial education helps create the conditions needed for engaged employees. When your team is making better decisions in their personal lives, they will make better decisions at work. Providing free financial education for your team will create a team of eager employees. This also creates a powerful synergy. A more engaged workforce is more productive and has less turnover. It also makes it easier to recruit the best candidates to join the team.
Instead of having a set of employees who feel trapped by their job, you will have a team that feels privileged to work together. Demographics show financial stresses and retirement concerns are only going to become more severe over the coming years. Increased student loans and the exodus of baby boomers from the workforce will only heighten the economic insecurity many people feel. Workplace financial education can help lessen tensions and improve the lives of your employees. Talk to OmniStar today about our Retirement Plans, and how we can help empower your employees.