BY: BONNIE PANG,
SENIOR VICE PRESIDENT,
ATLAS INSURANCE AGENCY
FINANCIAL
WELLNESS
O
ne in three employees admits
to being less productive at
work because of financial
stress, according to the
MetLife white paper,
“Thriving in the Work-Life World.”
Incredibly, that means that within your
immediate work group, one or more
people are worrying about a high medical
bill, heavy student loan debt, or paying
their mortgage. Depending on which
generation they fall into—Boomers, Gen
Xers, or Millennials—there seems to be
certain major life stressors that interfere
with optimal work performance.
“The Employer’s Guide to Finance Wellness,”
an independent survey of 10,000 adults
commissioned by Salary Finance, found
that financial worries among employees
account, on average, for 3.4 hours of lost
time per week and 1.1 additional sick
days per year. Even when employees are
present, those with financial worries
are four times more likely to say they
feel depressed. Four in 10 employees
reported they would not be able to cover
an unexpected $400 expense. All told,
financial unwellness can be equated to a
loss of up to 14 percent of salary costs for
employers—or nearly $500 billion in GDP
annually—according to the US Bureau of
Economic Analysis.
Companies and their HR departments
are taking note with a burgeoning trend
toward financial wellness assistance, both
to help employees better manage their
finances and to increase productivity and
retention at work. Providing this type
of support is far more economical for a
company than losing valuable employees
and having to recruit and train new ones.
There are myriad programs available
to help employees, including financial
education, student loan repayment
programs, salary-linked short-term
loans, payday cash advances, employer-
matched savings programs, and Paid
Time Off (PTO) cash-outs. Some are
designed to teach employees the basic
tenets of personal finance and budgeting,
while others offer concrete programs for
reducing debt and saving money—often
with employer assistance. Employers
are also finding innovative ways in
which to deliver financial support to
employees. UNUM developed a student
loan repayment program funded by
applying the value of unused Paid Time
Off to student loan balances. Employee
Assistance Programs are also a critical
component of developing a well-rounded
financial wellness program by providing
emotional support as employees address
their financial concerns.
In the same way we advise companies
about the most appropriate medical,
life, and disability insurance products
available, Atlas Benefit Consulting can
research and develop financial wellness
programs that help employers support
employees by keeping them productive
at work and centered in their personal
lives. No two companies are alike in
their employee profiles and stress points,
so we work with each company to fully
understand their needs and develop the
best possible solutions.
BY: ALEKSANDR RAZLOGA,
ACCOUNT MANAGER,
ATLAS INSURANCE AGENCY
With tight labor markets, companies
know they have to develop benefit
strategies that can successfully attract
and retain valuable employees. Offering
financial wellness assistance programs
shows potential new hires that the
company wants them to succeed and
demonstrates a true commitment to its
people.
Contact Atlas at (808) 935-2943 for more
information about developing a cost
effective, impactful financial wellness
program that makes sense for your
business and your employees.
Bonnie Pang is Senior Vice President and
Manager of Atlas Employee Benefits. Bonnie
joined Atlas in 2007 and led the development of
the Benefit Consulting Practice to complement
the already successful Property and Casualty unit.
Bonnie has over 20 years of experience in health
insurance and employee benefits, working with
medium and large employers in construction,
hospitality, law, grocery, retail, nonprofit,
transportation, and education.
Aleksandr Razloga joined Atlas Benefit
Consulting in 2013 as a Benefit Analyst.
Aleksandr works with a variety of employer
groups ranging from mid-sized to large
employers. His experience includes Medical,
Dental, Life, Disability, Long-Term Care,
Individual Retirement Accounts, 401(k), and
Personal Lines. Aleksandr is a graduate
of Willamette University where he double
majored in Economics and History. He is
fluent in English, Ukrainian, and Japanese.
Aleksandr is an active member of the Atlas
Toastmasters Club.
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