The Impact of Financial Stress

Today I want to talk about the impact of financial stress and why you as an employer should care.

So the real question is, how can you as a company that sponsors a 401k or 403b plan, turn your plan from a liability into asset that gives you an unfair advantage and become a 401k superhero to your employees?

That is the question and these videos will give you the answers. I’m Jonathon Schultheiss and welcome to the Ultimate 401k Advantage videos.

So what is the real impact to your company of financial stress? And why does it matter?

Here are three reasons you should care?

#1 Loss Productivity

A study done by John Hancock in 2019 found that loss productivity and absenteeism from financial stress costs small employees an estimated $1m and mid-sized employers $19m a year.

What if you could help eliminate or reduce those loses? What could your company do with an extra $1m or $19m? To most companies that would make a major impact to their bottom line.

#2 Is that it increase your health care cost.

We know that financial stress could cause higher risk of health issues that range from heart attacks to headaches.

If your employees have more health care claims, your insurance renewals will increase.

# 3 Is Employee retention.

Studies show that the average American would have a hard time coming up with $400 to pay for an unexpected medical bill.

If your employees are struggling financially and they learn that your competitor just down the road is hiring and offers them $1,000 or $2,000 more a year, what do think they do?

What is the cost of turnover? SHRM says it costs employers over $600 billion a year.

Now image this. What if you could reduce your employee’s financial stress?

It could increase your employee productivity, reduce your health coast, and help you keep your employees and reduce turnover.

Do you think that might give you an unfair advantage in the marketplace?

If you would like to learn more about how to turn your 401k or 403b from a liability into an asset that gives you an unfair advantage, then you need to get a free copy of my new book, The Ultimate 401k Advantage. Click on the link and get your free copy today.