Financially confident employees drive business performance

Posted on May 09, 2024 | Sponsored Content | 0 Comments

 

Michelle Creed, VP, RBC Group Advantage– Atlantic

It may not be something you’ve considered, but your employees’ financial wellness can actually influence your company’s performance. Think about it. Rising inflation has affected mindsets as well as waIIets of so many, including the people you rely on at work.

If you’re one of the employers who has offered salary increases and bonuses to get people over the hump, you might be interested to learn that the most recent RBC Workplace Realities Poll found that employees are looking for more than a paycheque: Almost one-quarter (24 per cent) want employers to provide financial advisors and debt management services to show them how to better handle their money; another 20 per cent want employers to offer any support they can for financial wellbeing.

What’s more, even though employers and employees agree that companies have been placing a higher priority on mental and financial health, the poll found that between 25-30 per cent of employees consider themselves to be “very” or “extremely” stressed about paying their bills and managing their finances.

Additional RBC research confirmed that in Atlantic Canada, over half (53 per cent) of residents here report they’ve never been more stressed about money; three in four (75 per cent) say their ability to save for the future is one of their top financial concerns; and most (86 per cent) admit they’d be happier if they had more confidence in their financial future.

“Employees who spend less time worrying about their finances are generally more engaged at work – and employers can see this reflected in their bottom line.”

Companies that go above and beyond, to help their employees get the tools they need to achieve financial wellbeing, are doing their employees – and themselves – an enormous service that can pay dividends down the road.

Says Michelle Creed, VP, RBC Group Advantage – Atlantic: “Employees who spend less time worrying about their finances are generally more engaged at work – and employers can see this reflected in their bottom line. Fewer sick or mental health days and less time off work due to financial stress are good for everyone – employees and employers.”

Creed adds that a group savings program can heIp employers support financial wellness for their employees, but to do so effectively, it’s crucial the program is a comprehensive one. That means taking care of employees’ financial needs – from savings and investments to everyday banking – and providing professional advice that helps them plan for the future and make informed decisions about their money.

“RBC Group Advantage, for example, works with employees individually, providing simple and practical advice based on their unique goals and objectives,” says Creed. “Also, by continuing to support employees long after they’ve signed up for our program, we help them adjust their contribution levels and investments as their needs change.”

Offering a full range of saving and investment options that lets employees be as hands-on or hands-off as they want is an important part of building trust and wellbeing in the workplace. Advisors can meet with your employees right at your workplace and also set up seminars to give them the opportunity to learn from other financial experts.

In the end, it’s important to choose the right group savings and financial planning partner for your employees and your company – one that will be with you during all stages of your business journey, working with you every step of the way to ensure that you’re supporting the financial wellbeing of your employees and your business.

To learn more, visit rbc.com/groupadvantage.


Disclaimer: This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. The information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.

Leave a Reply

Your email address will not be published. Required fields are marked *

Comment policy

Comments are moderated to ensure thoughtful and respectful conversations. First and last names will appear with each submission; anonymous comments and pseudonyms will not be permitted.

By submitting a comment, you accept that Atlantic Business Magazine has the right to reproduce and publish that comment in whole or in part, in any manner it chooses. Publication of a comment does not constitute endorsement of that comment. We reserve the right to close comments at any time.

Advertise

With ABM

Help support the magazine and entrepreneurship in Atlantic Canada.

READ MORE

Stay in the Know

Subscribe Now

Subscribe to receive the magazine and gain access to exclusive online content.

READ MORE
0
    0
    Your Cart
    Your cart is empty