Workplace Productivity

Workplace Productivity

August 30, 2018
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As I began to write this, I had a brief thought about how the world has changed so dramatically since the time of my parents. The work world used to be so different. Get a job, keep it for 30+ years, and collect your pension and social security at 65. We all know that pensions are few and far between now. Study after study shows that money stress can be as bad for workplace productivity as back pain. The latest study, released by PwC, found that a quarter of U.S. workers said financial worries caused them health problems. Forty percent said finances distracted them at work and 15 percent said these problems made them miss work, according to the research that was conducted in February 2018, and surveyed 1,600 working U.S. adults aged 21 to 75.

You might be wondering, “What is being done to remedy this issue? Am I just expected work forever in lieu of the mental and physical stressors?”

Luckily, no. Many companies are starting to realize that a retirement plan, or 401(k) is not enough. Employers recognize that their workforce has present day needs, that need to be taken care of so that they are able retire healthily someday. A study released by Fidelity Investments and the National Business Group on Health in May of 2018, revealed that 90 percent of the 162 companies they follow have elected to include financial wellness programs along with the option of participating in a 401(k). Approximately three quarters of these companies also offer a form of stress management training.

Our team is composed of qualified plan advisors, financial planners, and investment managers. As you may know, North Star SWP advises on many 401(k) and 403(b) retirement plans for local companies and some non-local entities. The goal is to raise awareness and educate the employees participating in the employer-offered retirement plan. In addition to the standard group seminars and lunch lectures, our advisors schedule one-on-one meetings for any of the employees who would like to meet. We discuss not only the current savings plan, but also offer advice regarding budgeting, paying off debt, and saving for health-related expenses. For more in-depth, extensive financial planning, we offer a complimentary appointment with our Financial Planner. North Star aims to be present with you throughout all the various cycles of life and retirement. We want to help our clients who may suffer from the same struggles that were mentioned above, to have more predictable outcomes when the time to retire has come. In our world, we try to navigate the most prosperous plan in order to find financial soundness later in life.

We will be hosting multiple events in the coming months, some casual and some formal educational sessions, so be on the lookout for those invitations. We are most hopeful that we can create some additional value to you, and help to navigate your financial future.

 

This information was developed as a general guide to educate plan sponsors, but is not intended as authoritative guidance or tax or legal advice.  Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.  In no way does advisor assure that, by using the information provided, plan sponsor will be in compliance with ERISA regulations.  Securities offered through LPL financial, Member FINRA/SIPC. Investment advice offered through Crey Keitzer, a registered investment advisor and separate entity from LPL financial.

 

Resource:

https://www.reuters.com/article/us-world-work-financialwellness/the-next-frontier-in-workplace-wellness-financial-health-idUSKCN1IP1GR