In the recent article titled Addressing Financial Wellness of Hourly QSR Workers HUB’s Matt Escalante and Chris Jamail addressed how financial insecurity in hourly employees is costing companies more than they realize. 

This article explores how employee financial insecurity, particularly high amongst hourly workers, can affect a businesses’ overall productivity and profitability. When workers feel financial stress, it affects their physical and mental health, lowers productivity, increases absenteeism, reduces their focus and overall on-the-job effectiveness. The article shares a statistic that “American employers lose a lot of money to the productivity-sapping financial stress of workers: $500 billion annually.”  

Matt and Chris urge employers to address this problem by designing a program that supports and engages employees on their journey to improving their financial wellness. They present three steps an organization can follow to design a plan to improve the financial wellness of employees. Additionally, after the implementation, they stress the importance of continuing to monitor the plan for effectiveness, communicating its relevance to employees, and being aware of new financial stressors among workforce segments that additions to the plan can address when needs arise. 

While the process may take time and consistently evolve, building a financial wellness program that matters to employees and addresses their unique needs can improve the workforce’s health, outlook and performance- and the organization’s, too. 

At HUB RPW, we work with organizations of all sizes to provide employees access to personal financial coaches and money tools to move from surviving to thriving. HUB FinPath is our financial wellness platform designed to enhance the financial well-being of employees, thereby supporting employers in fortifying their workforce’s financial health. HUB FinPath is tailored to meet the specific needs of your staff, ensuring flexibility and adaptability. Our seamless onboarding process welcomes each new client, and our robust support system guarantees the program’s success. We handle all the details, making it effortless for your employees to develop better financial habits.