It is well documented that financial stress lowers productivity, engagement, and overall well-being – a fact borne our in our workplaces every day. And because they’re nearly five times more likely to be distracted on the job, finds PriceWaterhousecooper, each financially-stressed employee can cost a businesses $5,000 every year. Notably, more than half of nonprofit employees responding in Work for Good’s national survey stated they were financially uncomfortable. Too often, they are also unfamiliar with ways to manage debt and increase savings.
One effective way to correct that is with a financial wellness program – an option well within reach of every nonprofit, but largely overlooked. Financial wellness programs provide resources to help employees improve financial competency, confidence, and well-being. The result is lower stress, higher productivity, a decrease in turnover and absenteeism, and an increase in engagement – all of which leads, ultimately, to increased organizational impact.
As the next step in its ongoing mission to help nonprofits succeed, Work for Good’s parent company, the Georgia Center for Nonprofits (GCN), has just launched Mission:Money, a unique initiative designed to increase financial wellness among mission-minded professionals. This partnership between GCN and the SunTrust Foundation addresses a critical sector need by delivering free resources and training for employees and employers both.
Using the resources at missionmoney.org, you can design a win-win-win financial wellness program that improves productivity, helps employees in their work and home lives, and requires minimal investment. Support like a financial wellness program is also a big advantage for recruitment and retention in an increasingly competitive job market.
Mission:Money takes nonprofit employees through eight vital components of financial wellness, from establishing a foundation to understanding taxes, credit, retirement planning, insurance, education funding, big purchases, and employer benefits. It also includes an in-depth Employer Guide to help nonprofit leaders design an organizational financial wellness program.
Be sure to check out the all-new Mission:Money today, let your people know about the wealth of free information available to them, and watch for upcoming opportunities to participate in no-cost, online, and on-demand training.
Karen Beavor is president and CEO of Work for Good and the Georgia Center for Nonprofits.