5 Signs That Your Employees Are Financially Stressed

emp fin stressDo you think your employee’s personal financial situation matters to your company? What if I said over 1/3 of your workforce spends on-the-clock hours dealing with their personal financial situation? The reality is that financially stressed employees are less productive and less engaged at work, and that affects your bottom line. Providing financial wellness programs that address a variety of issues from debt management, college cost, and budgeting can not only help your employees become more active at work, but it can also increase loyalty as it shows them you care about them as a person not just a worker.   Take a look at the following 5 warning signs that your workforce may be financially distracted.  Do you need to implement a financial wellness program?   Are you curious just how much you could increase productivity? Contact me to discuss.

Caleb BagwellCaleb Bagwell/Employee Education Specialist
John Maxwell Certified Leadership Coach
Grinkmeyer Leonard Financial
Toll-Free: 866.695.5162 / Office: 205.970.9088
Birmingham: 1950 Stonegate Drive / Suite 275 / Birmingham, AL 35242
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Millennials in Manufacturing

Attracting Millennials is probably the easy part of this equation, after all we are all looking a job, or at least our parents hope we are. Finding the ones with the talent you need, that will stick around and then engaging them to point of productivity is what takes a bit of finesse. Millennials are the largest and most misunderstood generation and we have seen first-hand the challenges that can arise when trying to connect with this new breed. Focusing on manufacturing, industrial, and construction related businesses, we have seen the challenges that these companies face when it comes getting good talent and keeping it, especially when it comes to the newer generation.   We have identified 12 steps that will help your company get on the right path when it comes to getting the most out of your Millennials.

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calebCaleb Bagwell/Employee Education Specialist
John Maxwell Certified Leadership Coach
Grinkmeyer Leonard Financial
Toll-Free: 866.695.5162 / Office: 205.970.9088
Birmingham: 1950 Stonegate Drive / Suite 275 / Birmingham, AL 35242
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Financial Wellness for Your Employees

Employee Financial WellnessFinancial Wellness has come into focus recently as employers have been exposed to the negative side effect of fiscally unhealthy employees. We have seen health and wellness programs around for decades doing such things as giving out pedometers to employees to encourage them to take more steps, offering desks that you can stand at, and even offering discounted gym memberships. Those are all great strategies to improve physical wellness but the burden of financial stress on employees and what that does to their productivity has largely been overlooked.

shutterstock_129454907Financial Wellness is a term used to describe and answer to a cry for help. For many years, companies and financial advising firms have been focused on retirement readiness, but people were trying to tell us we cannot begin to prepare for retirement if we can’t keep our heads above water today! Unfortunately, for a long time those cries fell on deaf ears as the industry went through a period of “plan design tactics” where they would automatic enroll people in their 401(k) plan and even increase their contribution every year automatically. Both auto-enrollment and auto-escalating contribution are usually great ideas but this did not address the real problem or get to the heart of the participant’s pain today.

Financial Wellness programs, at least the good ones, should be focused on educating and encouraging employees to gain financial freedom through processes that are easily implemented and offer some form of personal accountability.   The benefits not only for the employee but also for their employer are staggering. When employers implement these sort of personal finance education, it sends a clear message to the employees:

“You are valuable, you deserve financial freedom, and
we care about your ability to retire successfully. “

For more information on employee education programs including personal financial wellness topics for your employees, contact me. 

 

calebCaleb Bagwell/Employee Education Specialist
John Maxwell Certified Leadership Coach
Grinkmeyer Leonard Financial
Toll-Free: 866.695.5162 / Office: 205.970.9088
Birmingham: 1950 Stonegate Drive / Suite 275 / Birmingham, AL 35242
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Leadership Vocabulary

Increase productivity and employee engagement TODAY by integrating these phrases into your daily vocabulary.   Leaders have to “walk the walk” and “talk the talk“.  Make sure you are talking the right talk.

 

calebCaleb Bagwell/Employee Education Specialist
John Maxwell Certified Leadership Coach
Grinkmeyer Leonard Financial
Toll-Free: 866.695.5162 / Office: 205.970.9088
Birmingham: 1950 Stonegate Drive / Suite 275 / Birmingham, AL 35242
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The 4 Generations of Employees Who Work for You

The 4 Generations of Employees Who

Work for You
and How to Communicate with Them

4 gen

 

calebCaleb Bagwell/Employee Education Specialist
John Maxwell Certified Leadership Coach
Grinkmeyer Leonard Financial
Toll-Free: 866.695.5162 / Office: 205.970.9088 
Birmingham: 1950 Stonegate Drive / Suite 275 / Birmingham, AL 35242

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Are You Saving Enough for Retirement?

9.jpgBased on current statistics produced by the social security administration, the social security trust fund will be completely depleted by 2033 if nothing changes. At that point, it is estimated that the incoming social security tax will be able to cover around 70% of the obligations it has at that time. Meanwhile, 97% of surveyed people believe Americans are not saving enough to live comfortably in retirement. Does anyone else see a problem here?

There are many studies that we can quote that prove, for various reasons, that we have a hard time delaying gratification. I would rather point to one of the most obvious developments that support that conclusion: the credit card. I am not here to debate the validity of using or not using a credit card; however, stop to think of the origin of its creation? A line of credit that would enable you to purchase something now, that you can’t afford now, so that you can have it now, instead of waiting until you can save the money to pay cash. What about now? Do you see a problem here?

Saving money for retirement literally means asking someone to delay gratification. The money they responsibly put into an employer sponsored retirement plan like a 401(k) or 403(b) is money that they cannot spend now. For most people, their working life is happening simultaneously while they are starting and growing families, buying new houses, and trying to juggle a calendar that looks more like phone book than a to do list. Ok, tell me is anyone seeing a problem here!?

I found it interesting that 69% of people asked about retirement saving said they would love to hear more about the topic in this year’s presidential debate. Listen, regardless of what side of the political aisle you sit on, we all need to realize that saving for retirement is on you, me and we. We need to actively work to empower America’s workers to take charge of their own financial lives by teaching them how to appropriately use the money that they work so hard to earn by setting a budget that includes

retirement savings. I believe the best way to reach people is to meet them where they are, AT WORK! Companies that foster a culture that supports financial education and literacy send a clear message. Our company philosophy is to not only provide your employees with the right tools to help achieve financial balance, but we care enough to teach them how to use those tools. At Grinkmeyer Leonard Financial, we offer group education presentations that start with Investing 101. Our intro presentation highlights basic financial terms and concepts and couples them with appropriate right-brained exercises that will ultimately invoke action! From there we go all the way through advanced topics like Social Security planning and retirement draw-down strategies. We combine the entire system with one-on-one participant sessions where your employees have the opportunity to get advice on their personal financial situations.

Contact me if you would like to hear more about our employee education program.

-Caleb

 

calebCaleb Bagwell/Employee Education Specialist
John Maxwell Certified Leadership Coach
Grinkmeyer Leonard Financial
Toll-Free: 866.695.5162 / Office: 205.970.9088
Birmingham: 1950 Stonegate Drive / Suite 275 / Birmingham, AL 35242
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Retirement Ready? Most are not.

According to the Survey of Consumer Finances, over 75% of 401k participants are not putting away enough to comfortably retire.  Does that sink in?  That fact keeps me up some nights.   At Grinkmeyer Leonard Financial, we care about our retirement plan participants and want to educate them so they can retire when they are ready and do so without so much financial worry.   Education is paramount to let people know the what they need to do to prepare now for a happy retirement later.   A 3% contribution most likely will not get participants the comfort level they are looking for.

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calebCaleb Bagwell/Employee Education Specialist
John Maxwell Certified Leadership Coach
Grinkmeyer Leonard Financial
Toll-Free: 866.695.5162 / Office: 205.970.9088
Birmingham: 1950 Stonegate Drive / Suite 275 / Birmingham, AL 35242
Contact Caleb

Follow Caleb on LinkedIn

Follow Caleb’s Blog