Jay Sachetti joined Jeff O’Brien, partner at Husch Blackwell and Dyanne Ross-Hanson, president of Exit Planning Strategies talked about the market for mergers and acquisitions, exit planning opportunities for companies that don’t end up for sale and how companies can maximize their eventual sale price during an early October panel at the first Upsize on Tap event at Summit Brewing Co. in St. Paul.
When the state Legislature passed a law requiring employers to provide paid leave and safe time for employees, Justin Bieganek started hearing differing details from friends, colleagues and peers.
While studies have proven that fact to be true, imagine the benefits of having financially healthy employees who feel they are in control of their finances and have a real plan.
A recent online poll conducted by American Consumer Credit Counseling found that 44 percent of employees worry about their personal finances during work hours. That means about half of your employees are distracted from their duties and responsibilities worrying about their next house payment, college savings for their children or retirement.
One way to change those numbers is through employee engagement. When employees feel they are part of the decision-making process and the company has their best interest in mind, the result is improved output and employees that are passionate about the company.
Historically the conversation in employer-employee relationships has been built around “tools” that serve attraction, retention and incentive objectives. The ultimate retention tool is improved employee engagement. Progressive companies have acknowledged this fact and are providing options to employees that appeal beyond the paycheck.
Today, more and more employees are seeking guidance about their financial future and view additional insight from their employer as a positive benefit. Will you be the company that chooses to do more than offer a website or fact sheet?
Employees who feel the company cares about them and their future, will in turn care about the company’s future. This is engagement and it plays a key role in productivity.
Planning a financial future is not a paint by numbers exercise, it’s an art. Each employee’s plan is a blank canvas with an endless palette of possibilities. While most employees understand their salary, many don’t understand the bigger compensation picture.
Health coverage, insurance, bonuses, stock options and paid time off enhance the overall package. Engage in a conversation with employees about their benefits and the importance of financial wellness.
Personal wellness, in financial terms, is supported by the net worth (heart) and cash flow (blood) of each individual. A dialogue about financial wellness implies “us,” a partnership for engagement that sustains both and is aligned to company and individual.
We have accepted that change because smoking conflicts with corporate and individual health. While at first some may have thought that this was an infringement on personal choice, it is now seen as a productivity asset. Employee health and corporate objectives are both served.
With the rapidly changing economic climate, businesses are moving to flatter organizations and asking for more and better decisions to be made by all employees regarding their customer, their services and the market. Businesses are seeking to achieve more adaptability and effectiveness than the older command and control models.
These flatter organizations require more engagement from each employee to understand the company culture, want it to thrive and maintain the capability to do so. To thrive, organizations should focus their plans and strategies to improve their balance sheet and income statement.
Organizations are made up of people who need to do the same. To improve this alignment, partnership and engagement, employers should emphasize awareness, understanding and decision-making that supports personal financial wellness for employees.
By painting the full compensation picture, offering education, and being engaged in the dialogue, you are offering something that matches the importance of a healthy employee—a financially fit employee that will pay off now and in the long run.
Financial well-being is a crucial component to employee engagement. Financially healthy employees enhance their own bottom line while also enhancing the business as a whole. The employee who is no longer worried about their financial plan is now free to focus on the tasks at hand.
They know their voice matters, their contribution is noticed and the company is looking out for their future. Engaged employees no longer feel they are just doing a job, but they are working, together, for an organization.
Finally, reimagine the benefits of financially healthy employees, in control of their security, purposes and productivity, in partnership with the company and its mission. Why invest in anything else?
