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Journal for Studies in Management and Planning
Available at
http://edupediapublications.org/journals/index.php/JSMaP/
I SSN: 2395-0463
Vol ume 04 I s s ue 02
Februa ry 2018
Available online: http://edupediapublications.org/journals/index.php/JSMaP/ P a g e | 30
Managing Financial Wellness At Work: Today’s Reply to
Tomorrow’s Requirements
Dr.Kollu Srinivas
Assistant Professor, Dept. of MBA, Gandhi Academy of Technical Education, Kodad, Telangana,
India
Abstract: A majority bear in mind their financial situation to be “best fair” or “negative.” At
night many Americans ponder how to make ends meet. They worry over children, household,
and pals who've misplaced jobs. When morning comes, these identical Americans take their
locations in factories and workplaces in which they may be predicted to do their great to compete
across a global economic system. But these workers don’t depart their cash concerns at domestic.
Finances. A great deal to keep. When to borrow. How a lot coverage to carry. Which financial
savings cars to use. Where to open an account. How to recognize if you are on track to reach
your goals. These are only a for most people, it's far one of the most challenging components in
their lives. How to shop. How few of the questions that plague the common individual. This
review is intended to serve as resources for employers who are interested in promoting employee
financial well-being by helping their employees develop the skills to better manage. The study
also notes promising trends such as an increased focus on developing employee emergency
savings.
Keywords: Benchmark, Financial Solutions, employee financial, financial services
1. Introduction:
Most banks provide an expansion of financial services and products and let clients “shop” for
those that appear maximum useful to them. There’s clearly not anything wrong with that!
Benchmark, however, is just a little one-of-a-kind in its technique. Benchmark believes humans
often want and might gain from a little more assistance and/or guidance in choosing even
primary financial merchandise and services. We additionally accept as true with in designing
sure economic services and products in particular for various age corporations. And we trust in
providing instructional material that may help people learn about exceptional economic options
and strategies.
At Benchmark, with the intention to rejoice its 45 anniversary these 12 months, we delight
ourselves in serving clients “for lifestyles.” For starters, this indicates imparting them with
products, offerings and applications suitable for every degree in their lives. Beginning at an early
age, young humans can take benefit of a program that enables them broaden a sturdy basis in
economic control. As they get older, they're transitioned right into software that facilitates build
self-assurance in making vital economic choices. This maintains into adulthood and via the
Page 2 of 6
Journal for Studies in Management and Planning
Available at
http://edupediapublications.org/journals/index.php/JSMaP/
I SSN: 2395-0463
Vol ume 04 I s s ue 02
Februa ry 2018
Available online: http://edupediapublications.org/journals/index.php/JSMaP/ P a g e | 31
various levels – college, new career, marriage, new own family, retirement making plans, and
many others. – that the path of life usually follows. But what about individuals who come to
Benchmark in mid-life? The financial institution actually welcomes many adults looking for new
checking bills, savings vehicles, mortgages, and other loans. Instead of presenting these human
beings with “options,”
Benchmark group of workers members take the time to discover why they are starting a brand
new account or in search of a new mortgage, how it'll be used, and what the individual’s account
control preferences are. In different phrases, they are looking for to fill a want as opposed to
“promote” something. They want to help every consumer locate the goods and services that
quality suit their situation and way of life.
2. Reasons to Choose Benchmark in our next loan:
o Couple and businesswoman going over loans
o As a community financial institution, our focus is lending to neighborhood citizens and
businesses.
o Because we are locally owned, we will provide us with a brief, fair choice.
o Our creditors are neighborhood those who care approximately us and recognize the
location.
o We have continually been an accountable lender – no funny enterprise here!
o We will take some time to thoroughly solution all our questions. Our “Ask a Lender”
program invites you to sit down with a loan representative earlier than us even fill out the
primary piece of office work and ask all of the questions you have about loans in trendy.
o We will stroll us thru the loan method and explain it each step of the manner – no
dashing you into signing something we don’t apprehend.
o Our lenders are skilled, informed experts who will work to get you the pleasant charge
and phrases possible.
o If we've got issues or issues after our mortgage closes and bills begin, we will be right
here for us. There will continually be someone who can take a seat down with you and
help find a solution.
o Benchmark is continually recognized as a top-rated community financial institution
nationally! As our pledge states, we are able to usually go the more mile for us!
3. Promising practices in workplace financial wellness:
Employers are deeply aware of the financial stress most Americans struggle with every day.
Many companies are moved to help employees navigate their financial troubles because they
consider it “the right thing to do.” But employers who are motivated to take the next step and
develop comprehensive financial wellness programs do so for different reasons. Some have a
tradition of supporting employees that developed from the philosophy of a founder or influential
leader early in the organization’s history. Others have been moved to act by the struggles of an
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Journal for Studies in Management and Planning
Available at
http://edupediapublications.org/journals/index.php/JSMaP/
I SSN: 2395-0463
Vol ume 04 I s s ue 02
Februa ry 2018
Available online: http://edupediapublications.org/journals/index.php/JSMaP/ P a g e | 32
individual employee or by an executive’s personal interest in financial education. In addition to
personal and philosophical reasons for taking on this challenge, many businesses believe
financial wellness programs generate greater engagement, loyalty and productivity. These are
some of the themes that emerged from discussions with employers:
1) Employers are keenly aware of the financial stress facing many employees and they are
genuinely interested in helping the people who work for them.
2) Customer-centric businesses are worried that financially stressed employees will not
provide the level of service required to succeed in a competitive marketplace.
3) Human resources professionals are concerned matching funds in 401(k) programs are
being used to meet short-term emergencies, undermining an expensive benefit program.
4) Many employers believe financial wellness programs are an important way for
employers to show they genuinely care about employees and are an effective way to
reduce employee turnover and build loyalty.
3.1 The power of peer-to-peer support:
Andrew Rosenkranz became interested in providing financial counseling and money
management training for his employees because he was running out of answers. Like many
business owners, Rosenkranz found his employees at Pacific Market Research66 often turned to
him for advice. While the company has provided support and advice to employees on a case-by- case basis, it has limited resources, and is unable to do so comprehensively, or to provide the
level of support needed to effectively solve more complex financial issues. In some cases,
workers have asked about high-cost loans and other expensive financial products. Rosenkranz
noted that many Pacific Market Research employees had only a limited financial education and
little access to professional advice. They often turn to friends who may have little more
experience with financial decisions.
As challenges grew, Rosenkranz turned to a program run by Neighborhood Trust Financial
Partners to help employers offer financial skills training and counseling to employees. The
training included individual counseling and classroom instruction in budget basics as well as
other financial skills such as setting up direct deposit and dealing with debt collectors.
Rosenkranz says: “A lot of these people are so overwhelmed and are in such a bad financial strait
that they don’t know where to start so they ignore the problem. The most effective part of the
program was real-time help. For example, a counselor with the program might meet with an
employee and walk them through a credit report and then offer to call about a bill while the
employee listens in and learns to negotiate a reasonable payment plan.” Rosenkranz found some
of the most important and lasting outcomes from the program came from positive peer pressure
at work. Employees formed teams of two or three or four people encouraging each other and
trying to hold each other to solid financial principals. Work teams that went through training
