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Statistics Canada reports that 35% of Canadians describe most days as \u201cquite a bit\u201d or \u201cextremely stressful\u201d due to financial issues<\/a>. As a result of that heightened financial stress, employers may be seeing a reduction in productivity and an increase in absenteeism and turnover.\u00a0 Investing in your workforce\u2019s financial literacy is a win-win for employers and team members.<\/p>\n Knowing where to start in a situation like this can be difficult.\u00a0 After all, financial literacy<\/a> is not something we\u2019re taught in school or something easy to understand.\u00a0 Consider a survey if you\u2019re unfamiliar with your organization\u2019s financial literacy level.\u00a0 Be mindful that not everyone has the same financial goals or is in the same stage of life.\u00a0 From buying a home to preparing for retirement, you want the resources you provide to be meaningful and relevant.\u00a0 It\u2019s not just about providing tools and resources.\u00a0 You want your financial literacy program to be as meaningful to your employees as possible.<\/p>\n Increasing your employees\u2019 financial literacy will allow them to make better, more informed decisions supporting their needs and goals.\u00a0 It will also raise awareness and understanding of your organization\u2019s comprehensive benefits package related to Retirement Savings Plans (RSPs), Health Spending Accounts and various insurance policies.\u00a0 With tailored resources, your employees will learn how to evaluate their options and leverage choices in unique ways that contribute to their own wellbeing.\u00a0 With this, the stress that often comes along with things like debt, credit management, loans, investing, budgeting, etc.<\/p>\n Once you have obtained a better understanding of your employees\u2019 needs in terms of financial literacy, you can begin delivering materials, resources, and references.\u00a0 Be sure to include a variety, as not everyone learns or retains information similarly.\u00a0 From hosting webinars and workshops to personalized coaching, your employees need to engage with the program in a way that makes them feel at ease.<\/p>\n Financial literacy programs will boost your organization by alleviating stress, facilitating a more focused workforce with positive morale.\u00a0 Employees can spend less time worrying about their minimum credit card payments and more time being productive and collaborative at work.\u00a0 In addition, this unique program offering will position you as an employer of choice by enhancing your commitment to your workforce\u2019s wellbeing.<\/p>\n As with many programs, you want financial literacy and how you support it to grow and evolve with you.\u00a0 It may take some time to strike the right balance, or you may find that over time the needs of your employees adjust to the ever-fluctuating world of cost of living, interest rates and inflation.\u00a0 Be sure to assess the program\u2019s effectiveness by soliciting employee feedback, reviewing program feature use, and making necessary adjustments along the way.\u00a0 Lastly, encourage participation and assure employees that confidentiality is top of mind.<\/p>\n To find out more about the wide variety of services RLB People\u00a0can provide you with contact the team at\u00a0people@rlb.ca<\/a>\u00a0or visit their website at\u00a0people.rlb.ca<\/a>.<\/p>\n<\/p><\/div>\n