ARE FINANCIALLY STRESSED EMPLOYEES IMPACTING YOUR BOTTOM LINE?
Did you know that your employees may have financial stress that is impacting your bottom line? According to a national study1, up to 30% of employees report that personal financial issues may cause them to be distracted at work. Of those affected by financial stress, 46% reported spending three hours or more each week at work dealing with their personal financial issues. The estimated employer cost for lost productivity of each financially stressed employee is $7,000 per year2!
Furthermore, if employees are focused on their present-day financial stress, they are not likely to be preparing properly for their retirement years in the future. According to another study3, business owners believe that more than 40% of their employees will not be able to retire on time. This presents a difficult situation for companies as they are not able to replace older, higher income employees with younger, lower income employees due to natural attrition. This could increase benefit costs for employers and increase turnover as younger employees do not have an opportunity for advancement.
HOW THE TRUST COMPANY OF TENNESSEE CAN HELP
For 30 years, The Trust Company has specialized in helping individuals, businesses and foundations reach their financial goals. Our highly personalized approach allows us to intimately understand what success means to you and to build a lifelong relationship that fosters success. We offer participant advice and education on numerous topics so your employees can have the peace of mind to know that they are taking the right steps in their financial future.
Our experienced team of Certified Financial Planners, a Certified Divorce Financial Planner, Chartered Financial Analysts, Certified Public Accountants, and Estate planning attorneys are available to provide personalized advice to your employees. We commonly assist participants with the following topics:
- Investment selection – Guidance on investment options and how to create an asset allocation appropriate for their unique situation
- Contribution recommendations – Recommendations on how much to save based upon your goals, time horizon, and anticipated future spending
- Traditional vs. Roth evaluation – Analysis on whether saving on a pre-tax or post-tax basis is more advantageous
- Rebalancing recommendations – Our team has conducted extensive research on the appropriate timing and methodology to rebalance your portfolio back to its target allocation
- Retirement resources – Assist you in determining ways to maximize your Social Security benefits and facilitate Medicare options
- Rollover guidance – Assist you in consolidating your financial accounts for convenience and transparency
We also offer group educations sessions for your employees to speak on topics that are of interest to them. We have a wide variety of presentations that can be tailored to their specific interests:
- Financial Planning
- Basic budgeting techniques
- Debt reduction strategies
- Retirement Plan
- 401(k) plan overview
- Investment 101
- Preparing for Retirement
- Maximizing Social Security
- Retirement income projections
- Other Topics:
- Talking to family about money
- Aging parents
- Creating a family financial governance structure
- Behavioral finance
Part of what makes us different is being an independent firm, our objective advice, credentialed experience and planning specifically for your employees’ needs. Please reach out to your Relationship Manager or call us at 865-971-1902 to discuss how we can help give your employees financial peace of mind.
- PwC 2017 Special Report: Financial Stress and the Bottom Line
- Financial Fitness Group, The Cost of Financially Stressed
- MassMutual’s 2017 Small Business Employee Financial Wellness study