One of the major causes of lost productivity among Canadian workers and lost profitability for Canadian businesses is employee financial stress. Over the past 30, we’ve seen significant declines in Defined Benefit Plans and personal savings by Canadians, in particular Ontarians, have been decreasing over the past 30 years as well. Canadians have been living with financial stress for years as a result. This is translating into lost profitability for Canadian Businesses.
(Click on the link below for more info. on the impact of employee financial stress)
In another study conducted by a Federal Government task force on the financial literacy of Canadians, employers who simply implement some financial education/financial health program in the workplace get a 3:1 return on their investment in the form of higher employee morale leading to increased productivity and less strain on company benefit plans.
Addressing the Issue – Tackling Employee Financial Stress