Did you know that 60% of Americans experience a financial emergency every year?
That means at any given company, more than half of their employees are likely to experience something similar this year. These employees carry the stress of unpaid medical bills, unexpected car repairs and during COVID-19, these financial challenges were only exacerbated.
It’s estimated that U.S. businesses lose up to $250B in wage productivity to financial stress every year.
Often financial emergencies make it difficult, near impossible, for people to afford basic living expenses like groceries, rent or mortgage, or medical bills. It’s inevitable that people carry the worry and burden of these financial hardships with them wherever they go, work is no exception. Ultimately, when employees are stressed about their financial life, it can have a negative impact on their job performance. So what can companies do to support the financial well-being of their employees?
Recently, Canary’s CEO, Rachel Schneider and Chief Product Officer, Aliza Gutman, shared insights from our annual Impact Report to share common employee financial hardships and how employers can support their teams. Check out the full webinar to learn how your organization can strengthen your workplace community and create a culture of caring for each other.
If you are looking at innovative offerings to help your employees weather financial emergencies we invite you to learn more about Grant Circle, our platform for company-sponsored employee assistance funds.
