As part of small business week and also being a business owner ourselves, we feel that financial education and empowerment of everyone, including your staff, is extremely important. As a small business owner, do you ever feel that there’s more you can be doing to better and further the financial education of your employees? Creating a work environment where your employees are given the proper resources to understand the full scope of their benefits and become financially literate is key to creating a team that can make sensible and educated decisions regarding their financial futures.
It’s easy to let your finances get away from you, especially when you are busy with day-to-day life and feel comfortable paying bills with your current monthly income. However, as a business owner, we encourage you to help your staff see beyond that financial comfortability and challenge them to set themselves up for financial success by contributing to their 401(k) for retirement, seeking financial advice, and asking questions about all the benefits you may offer.
According to a report by Gallup, “56% of US employees reported themselves as thriving.” But they also found that “workers’ daily stress reached a record high, increasing from 38% in 2019 to 43% in 2020.” Additionally, GoBankingRanks asked respondents about retirement and their savings and “When asked to estimate how much money they had in retirement savings, close to half of all respondents — 45% — claimed they had no money put aside for retirement, while 19% said they’ll retire with less than $10,000 to their name.”
This data clearly proves that a stronger financial education is necessary, especially when it comes to retirement and setting financial goals. As a business owner and entrepreneur, it is easy to get sidetracked with miscellaneous tasks and other aspects of keeping your company running, but The Gallup report examines the importance of “focusing on employee engagement and wellbeing to build organizational resilience for tomorrow’s workplace.” If you find yourself too overwhelmed or don’t feel you have the necessary expertise to educate your employees regarding their finances, consider hiring a financial planner or 401(K) consultant as a guide. At Sherman Wealth, we specialize in 401(k) education and can also serve as a financial fitness coach for your company. If you feel that your staff needs more financial empowerment, coaching and guidance, contact us at firstname.lastname@example.org or schedule a complimentary 30-minute consultation to discuss your company’s financial needs here.