Research also finds that employees with access to financial wellness programs have more job satisfaction and higher levels of trust than those without access
Mercer, a global consulting leader in advancing health, wealth and careers, and a wholly-owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), today released the second installment of the Inside Employee Minds (IEM) Financial Wellness survey, which found that employers could lose up to $250 billion in lost wages due to employees’ stress about their personal finances.
Employees reported spending approximately 150 hours annually of their work time worrying about money. On a total US wage bill of $5 trillion, this could be costing employers up to $250 billion in lost wages each year. The survey also finds that employees with access to financial wellness have over twice the job satisfaction and higher levels of trust than those without access.
“Financial stress has a clear cost to employers and the survey shows offering a financial wellness program has both tangible and intangible rewards for employers looking to differentiate their brand, improve the engagement of their people and add to the bottom line in terms of enhanced productivity.” said Betsy Dill, US Financial Wellness Leader, Mercer.
“Driven by the above factors, we are seeing a significant increase in the number of employers developing financial wellness programs. These programs differ from employer to employer based on the make-up of their workforce, the industry in which they compete and their eagerness to differentiate themselves in the increasingly difficult war for talent.” said Ms. Dill. “The potential opportunity cost resulting from financially stressed employees is weighing on the minds of many CHROs and CFOs. There is a real call to action across corporate America to address this issue now.”
Go to www.mercer.com/insideemployeesminds for more information about the survey findings.
Mercer delivers advice and technology-driven solutions that help organizations meet the health, wealth and career needs of a changing workforce. Mercer’s more than 22,000 employees are based in 43 countries and the firm operates in over 130 countries. Mercer is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With more than 60,000 colleagues and annual revenue over $13 billion, Marsh & McLennan helps clients navigate an increasingly dynamic and complex environment. For more information, visit www.mercer.com. Follow Mercer on Twitter @Mercer.